Tamilnadu Mercantile Bank Two Wheeler Loan:
Loan is extended to all applicants eligible as per Tamilnadu Mercantile Bank Two Wheeler Loan eligibility criteria. It is offered at a competitive Tamilnadu Mercantile Bank Two Wheeler Loan rate.
Tamilnadu Mercantile Bank Two Wheeler Loan Interest Rate:
Applicable Tamilnadu Mercantile Bank Two Wheeler Loan rate is as following:
- Effective ROI is at 15% per annum
- Base rate is at 9.50% per annum
Tamilnadu Mercantile Bank Two Wheeler Loan Eligibility Norms:
- Salaried applicants should have a permanent driver’s licence, and whose employer is approved of, by Regional Manager of bank.
- Above should have a minimal income of Rs.75, 000 per annum
- Non-salaried class, such as self-employed business persons and professionals
Quantum Of Tamilnadu Mercantile Bank Two Wheeler Loan:
- Loan extended at Tamilnadu Mercantile Bank Two Wheeler Loan interest rate may cover up-to a maximum of 75% of value of vehicle
- Upper cap at quantum is at Rs.50, 000 for loan to be disbursed to applicants who are eligible as per Tamilnadu Mercantile Bank Two Wheeler Loan eligibility conditions
Procedure To Be Followed While Applying For Tamilnadu Mercantile Bank Two Wheeler Loan:
- Persons, who are eligible under Tamilnadu Mercantile Bank Two Wheeler Loan eligibility conditions, may apply by visiting any branch of bank.
- Security is also required as a hypothecation of vehicle.
- Processing fee is also levied on loan amount at 1%; it is independent of Tamilnadu Mercantile Bank Two Wheeler Loan interest rate.
- Documents required to avail of loan at Tamilnadu Mercantile Bank Two Wheeler Loan rate:
a) Proof of income / salary
b) Copy of driver’s licence
c) Letter of undertaking by employer of borrower to deduct EMI form salary every month, towards bank.
d) Identity proof
e) Age proof
f) Proof of residence
Tenure Of Tamilnadu Mercantile Bank Two Wheeler Loan:
Prescribed time for the purpose of repayment of loan, inclusive of interest at Tamilnadu Mercantile Bank Two Wheeler Loan rate is 35 months.
Repayment Of Tamilnadu Mercantile Bank Two Wheeler Loan:
- EMI for purpose of repayment at Tamilnadu Mercantile Bank Two Wheeler Loan interest rate will only be allowed such that it does not stretch beyond 40% of gross income.
- Entire amount of loan to be repaid in a maximum of 35 equated monthly installments.
Delay In Payment Of Emis Of Tamilnadu Mercantile Bank Two Wheeler Loan:
- Any delay in payment of EMI, that comprises of interest at Tamilnadu Mercantile Bank Two Wheeler Loan rate attracts a penalty of 2% on loan amount.
- Above fee is over and above Tamilnadu Mercantile Bank Two Wheeler Loan interest rate
Product Page URL Of Tamilnadu Mercantile Bank Two Wheeler Loan: know more about above loan product, at http://www.tmb.in/r_twowheeler.htm, including Tamilnadu Mercantile Bank Two Wheeler Loan eligibility criteria.
Branch Office Address (In Table):
City | Branch | Address | Phone number |
Delhi | SHAHDARA | 26/22, STREET NO.12 MAIN, 60 FEET ROAD, VISHWAS NAGAR, SHAHDARA-EAST DELHI 110032 | - |
Mumbai | VASHI | PLOT NO.179, BANKING COMPLEX BLDG. APMC MARKET, SECTOR 19 VASHI MUMBAI-400705 | - |
Kolkata | KOLKATTA | 58-D, NETHAJI SUBAS ROAD, II FLOOR, KOLKATTA-700001 | - |
Chennai | T.NAGAR | 25, VENKATNARAYANA ROAD, T.NAGAR, CHENNAI-600017 | 044-28131091 |
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