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Two Wheeler Loan

ride your dream machine and do more in life

Learn more about our Loan for Two Wheelers Scheme under TMB Retail Loan Products.

This self explanatory scheme helps individuals with a monthly income to avail of loans for purchase of two wheeler for their personal use. The processing is quick, documentation is simple and rate of interest is low.

Purpose
To purchase any type of New Two Wheeler.
Eligibility
  • The employees who produce an undertaking letter from the Employer to deduct and remit the installment amount every month or an undertaking letter from the employer to credit the salary only in the account of the employee maintained at our branch.
  • The applicant should have permanent Driving License.
  • The employer of the applicant should be approved by the Regional Manager specially for this purpose.
  • Any individual with minimum net income of Rs. 75,000 p.a. (including the income of the spouse).
Loan Quantum
75% of the "On Road Price" of the vehicle upto a maximum of Rs. Rs. 50,000.00.
Repayment
The repayment period may be fixed up to the maximum of 35 months. EMI should not exceed 40% of take home salary and ADSCR should be minimum of 1.50:1 for others.
Security
Hypothecation of Vehicle to be financed.
Rate of Interest
  • BR + 5.50% (16.25% p.a.) Irrespective of Amount.
  • Current Base Rate for Lending (BR) is 10.75% p.a.
Penal Interest
Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing Charges
1.00% of Limit sanctioned without any maximum cap.
Documentation
Simple documents as per our Bank Norms.
Other Stipulation
  • Hypothecated Vehicle should be adequately insured.
  • The Bank’s hypothecation charge should be noted in the RC Book.
  • Duplicate key and RC Book copy should be obtained and kept along with the loan documents.

Loan EMI Calculator:

Base Lending Rate 10.75% p.a. updated Sep 12, 2011.

For a Two Wheeler Loan of Rs. 50,000 repayable in 35 equal monthly installments at an interest rate of 16.25% p.a., the equated monthly installment (EMI) payment shall be around Rs. 1,803.23. Click for Monthly Amortization Chart.


Loan application documents:

  • Proof of Income (IT Return / Balance Sheet / Salary Certificate / Others).
  • Quotation from registered vendor.
  • Copy of Permanent Driving Licence.
  • Undertaking letter from the employer to deduct and remit the installments from the salary or an undertaking letter from the employer of the applicant to credit the salary in the account of the employees maintained at the bank branch and the letter from the employer to adjust the salary amount credited to the installment, interest and charges.

All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.