Tamilnad Mercantile Bank Limited Car Loan Interest Rate at 10% to 11.50%

INTEREST RATE10% to 11.50%
LOAN TENUREMax. 84 EMI
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDNo
PRE CLOSURE CHARGESAs decided by the bank from time to time
Note: Updated on Feb 2023, for latest interest rates, please visit bank website.

About Tamilnad Mercantile Bank

Tamilnad Mercantile Bank Limited is a private sector bank in india. It has headquarter in Tuticorin. Tamilnad Mercantile Bank Limited was founded on 1921. It has 527 branches and

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Tamilnad Mercantile Bank Limited which includes Tamilnad Mercantile Bank Limited Official Website, Tamilnad Mercantile Bank Limited ATMs accross the India, Tamilnad Mercantile Bank Limited Branches accross the India, Tamilnad Mercantile Bank Limited Contact Numbers, Tamilnad Mercantile Bank Limited official EmailID, Tamilnad Mercantile Bank Limited Headquarter and Tamilnad Mercantile Bank Limited Headquarter Address. Find Tamilnad Mercantile Bank Limited Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.

Other Products of Tamilnad Mercantile Bank Limited:

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
RD Interest RatesBank ATMs
PPF Account 

Tamilnad Mercantile Bank Car Loan Purpose

To provide term loan for purchasing a car|four-wheeler for personal use. This may either be a new one or used one.

Tamilnad Mercantile Bank Car Loan Eligibility

  1. Age: 21 to 60 years.
  2. Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
  3. Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.

Tamilnad Mercantile Bank Limited Car Loan Documents Required

  1. Applicant's latest photograph.
  2. Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  3. KYC (Know Your Customer) Documents.
  4. Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
  5. Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
  6. Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
  7. Bank Statement or Bank Pass Book of having entries of last 6 months

Tamilnad Mercantile Bank Car Loan Amount

Maximum Rs. 1.5 Crore for new cars and Rs. 15 lakh for used car

Margin

10%

Tamilnad Mercantile Bank Car Loan Repayment

Maximum 7 years

Security

Hypothecation of Vehicle to be Financed.

Tips to Manage Car Loan in a Better Way

(1) Make Proper Schedule for EMIs to be paid

You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.

(2) Never Skip any Payment

Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.

(3) Keep Loan Tenure Small

You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.

(4) Make one Extra Payment Every Year

You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.

(5) Refinance your Car Loan

You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.

Benefits of Car Loan

  • Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
  • No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
  • Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
  • Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.

Contact details of Tamilnad Mercantile Bank Limited, Tamilnad Mercantile Bank Limited SMS balance check number, Tamilnad Mercantile Bank Limited SMS banking, Tamilnad Mercantile Bank Limited mobile banking, Tamilnad Mercantile Bank Limited toll free number,Tamilnad Mercantile Bank Limited toll free number 24*7, Tamilnad Mercantile Bank Limited miss call number.

  • MISSED CALL NUMBERS - 9211937373
  • CUSTOMER CARE NUMBERS - 18004250426, 9842461461
  • CONTACT NUMBERS - 18004250426, 9842461461

Tamilnad Mercantile Bank Limited Contact Details

  • BANK OFFICIAL WEBSITE - www.tmb.in
  • CONTACT NUMBERS - 18004250426, 9842461461
  • EMAIL ID - customerservice@tmbank.in
  • MISSED CALL NO. - 9211937373
  • CUSTOMER CARE NO. - 18004250426, 9842461461
  • TOTAL BRANCHES - 527
  • HEADQUARTER - Tuticorin
  • BANK ADDRESS - 57, V.E. Road, Tuticorin-628002, Tamil Nadu
Tamilnad Mercantile Bank EMI Calculator Tamilnad Mercantile Bank Branches  
Tamilnad Mercantile Bank Car Loan FAQsCar Loan Document Required

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