Tamilnad Mercantile Bank Used Car Loans

TMB Used Car Loan

Processing Fee
1

1% of sanctioned amount

Loan Amount
₹ 1 - 15 Lacs
Tenure
1 - 5 Years

Description:

How much margin is mandatory to be paid in order to avail the TMB Car Loan for purchasing a second-hand car?

A 30% margin money of purchase value or market value of the second-hand vehicle, whichever is less.

 

How do I repay my used / second-hand car loan?

You can repay your used / second-hand car loan in EMIs (Equated Monthly Installments). Repayment of the loan should not exceed 40% of Take Home Salary for salaried persons, and a minimum ADSCR should be 1.50:1 for others.