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| COMPARE : CAR LOANS |
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| Tamilnad Mercantile Bank Ltd Car Loan |
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| Introduction |
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| The car loan of the bank is meant for purchase of new car/four wheeler for personal as well as professional use. The loan is also available for purchase of pre owned cars but not more than 4 years old. |
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| Highlights |
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New Car |
Used Car |
| Loan Type |
Term Loan |
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| Ex-Showroom/On Road |
On Road |
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| Loan Amount |
For pre owned cars, the maximum avaliable loan amount is Rs 15 lakhs.
Upto 36 Months - 13.00%
Over 36 months and upto 60 months - 13.50%
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| Tenure |
Min. - 36 months.
Max. - 60 months.
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| Interest Rate |
13.75 % |
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| 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 |
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 Fees & charges
Fees & charges
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New Car |
Used Car |
| Stamp Duty |
As Per Actuals |
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| Late Payment Penalty |
2 % |
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| Pre-Payment Charges |
0.25 % |
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| Legal, Repossession and Incidental Charges |
As Per Actuals |
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| Comment on Charges |
margin- 15% on road price, processing charges-1% |
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Application Process
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Application Process |
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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. |
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Show All Auto Loans
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