

Learn more about our Car Loan Scheme under TMB Retail Loan Products.
Our car loan scheme is among the most popular of all the retail loan schemes since it offers quick processing of loans for the purchase of new cars at low interest rates and very simple documentation and conditions.
Purpose
Eligibility
Individual/Partnership Firm/Limited Company/Trust: Individual with a minimum gross income of Rs.1,20,000.00 per annum (Including the income of spouse). For others the average debt service coverage ratio should be 1.50:1 or more.
Loan Quantum
Up to Rs. 50 Lakhs for New Vehicle.
For Purchasing Second Hand Cars: Restricted up to Rs.15.00 Lac
Margin
15% of "On Road Price" for New Vehicle / 30% of the Purchase Value or Market value of Pre Owned Cars whichever is lower.
Guarantee
Third Party Guarantee. May be waived for appropriate cases.
Repayment
5 Years. Equated Monthly Installment. For salaried persons -EMI should not exceed 40% of Take Home Salary/Net Income
Security
Hypothecation of Vehicle to be Financed.
Rate of Interest
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
Prepayment Charges
At the rate of 0.25% of amount prepaid. In case, where the loan is closed by way of Take Over by 0ther Bank alone will attract prepayment Charges. However, no prepayments charges will be levied in cases where the loan is closed by the borrower from own sources of funds.
Documentation
Usual documents as per our Bank Norms.
How to Apply
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.
Other Stipulation
Loan application has to be accompanied by:
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.