| Tamilnad Mercantile Bank Ltd Car Loan |
|
|
| Introduction |
|
| Tamilnad Mercantile Bank Ltd. car loan scheme is popular since it offers quick processing of loans for the purchase of new cars at low interest rates and simple documentation and conditions. It also offers loans for the purchase of second hand cars not older than 4 years. |
|
|
|
|
| Highlights |
|
| |
New Car |
Used Car |
| Loan Type |
Term Loan |
Term Loan |
| Ex-Showroom/On Road |
On Road |
On Road |
| Loan Amount |
Maximum loan amount is Up to Rs. 150 Lakhs for New Vehicle.
|
For used cars, the maximum loan amount is Rs 15 lakhs.
|
| Tenure |
Min. - 12 months.
Max. - 60 months.
|
Min. - 12 months.
Max. - 60 months.
|
| Interest Rate |
12.75 % |
12.75 % |
| Preferred Manufacturers |
Chevrolet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota |
Bajaj, Chevrolet, FIAT, Ford, GENERAL MOTORS INDIA, Hero Honda, HINDUSTAN MOTORS, Honda, Hyundai, Indus, Kinetic, Mahindra, Maruti Suzuki, Mercedes Benz, Mitsubishi, Nissan, Reva, Royal Enfield, SAN Engineering, Skoda, Suzuki, Tata Motors, Toyota, TVS, Yamaha |
|
|
 Fees & charges
Fees & charges
|
|
| |
New Car |
Used Car |
| Stamp Duty |
As Per Actuals |
As Per Actuals |
| Late Payment Penalty |
2 % |
2 % |
| Pre-Payment Charges |
0.25 % |
0.25 % |
| Legal, Repossession and Incidental Charges |
As Per Actuals |
As Per Actuals |
|
| Comment on Charges |
margin- 15% processing charges-1% |
margin- 30% processing charges-1%
penal interest - 2% |
|
|
|
Application Process
|
Application Process |
|
|
|
Loan Application Letter to be accompanied by: 1. Proof of Income (IT Return/Salary Certificate/Others). 2. Quotation. 3. Letter from Third Party Guarantor, if applicable. |
|
|
|
|
|
|
Show All Auto Loans
|
|
|
|
Twitter