Tamilnad Mercantile Bank Car Loan

Updated: 06-02-2018 07:33:29 AM

Tamilnad Mercantile Bank – Overview

Tamilnad Mercantile Bank (TMB) Limited, then Nadar Bank Limited was registered in May 1921 by a group of enthusiastic men, who constituted as the Board of Directors of the bank. Shri M.V. Shanmugavel Nadar was elected as the first Chairman of Tamilnad Mercantile Bank. The Bank changed its name to Tamilnad Mercantile Bank to widen its scope beyond the Nadar community. TMB is the only bank in India declaring constantly higher rate of dividend to its shareholders from the beginning. TMB has been honored with the ‘Best Bank Award’ among all Private Sector Banks under the Atal Pension Yojana for the year 2015 to 2016.

The bank, headquartered in Tuticorin (Thoothukudi) in the state of Tamil Nadu in India, started off with having only 4 branches until 1947 at Madurai, Tuticorin, Virudhunagar and Sivakasi. Today, it has 487 full-fledged interconnected branches all over India. Further, the bank has 10 Regional Offices, 4 Currency Chests, 6 Central Processing Centers, 1 Service Branch, 11 Extension Counters, and 1019 ATM throughout the country. The bank offers a variety of products that include deposits and loans.  Tamilnad Mercantile plans for vehicle loans for four and two wheelers, personal loans, home loans, and education loans are among the common offerings.

Tamilnad Mercantile Bank Car Loan

Car loan from Tamilnad Mercantile Bank is among the popular of all the retail loan schemes since it offers pre-approved car loans, quick processing of loans for the purchase of new cars at low interest rates and simple documentation. TMB provides car finance plans for new and pre-owned cars for both personal and commercial use. Quick processing, competitive car loan interest rates and easy documentation make the car loan schemes of Tamilnad Mercantile an attractive deal. The bank offers high car loan amount eligibility to its customers, which helps them in fulfilling their dream of owning the best car.

Features of Tamilnad Mercantile Bank Car Loans

The attracting features of car loans offered by Tamilnad Mercantile Bank that make them a popular choice among car loan borrowers are:

• Purpose

-For finance of Tamilnad Mercantile Bank loan for a new car for personal or professional use

-To buy pre owned cars not more than 4 years old

• Loan Quantum

-Up to Rs.150 Lac for new car

-Up to Rs.15 Lac for pre-owned car

• Margin is 15% of “On Road Price” in case of a new car and 30% of the market value of pre-owned cars whichever is lower.
• Repayment tenure for a car loan is up to 5 Years
• The bank approve and disburse car loans swiftly
• Processing Charges- 1.00% of limit sanctioned without any upper limit
• Prepayment Charges- At the rate of 0.25% of amount prepaid