Car Loan

• Interest Rate / PLR
• Personal Loan
• House Rent Loan
• Short Term Edu. Loan
• Education Loan
• Doctor Loan
• Two Wheeler's Loan
• Car Loan
• Home Loan
• Gold Over Draft
• General Credit Card
• Pensioner Loan

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

• To buy New Car / Four Wheeler for personal or professional use.
• To buy Pre Owned (Used / Second Hand) Cars in good working condition and not more than 4 years old.

Eligibility

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 1.5:1 or more.

Loan Quantum

Up to Rs. 20 Lakhs for New Vehicle and up to Rs. 3 Lakhs for purchasing Pre Owned Cars.

Margin

15% of "On Road Price" for New Vehicle / 40% of the Purchase Value or Market value of Pre Owned Cars whichever is lower.

Guarantee

Third party guarantee required.

Repayment

Maximum of 36 months Equated Monthly Installments. For Salaries persons, EMI should not exceed 40% of take home salary.

Security

Hypothecation of Vehicle to be financed.

Rate of Interest

• TMB Car Loan - PLR - 1.50% (11.50% p.a.).
• Non-scheme Car Loan - PLR - 1.00% (12.00% p.a.).
• Current Prime Lending Rate (PLR) is 13.00% 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

• For Loan up to Rs. 3 Lakhs - Rs. 500.00.
• For Loan above Rs. 3 Lakhs - Rs. 1000.00.

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 application has to be accompanied by:

• Proof of Income (IT Return / Balance Sheet / Salary Certificate / Others).
• Quotation from registered vendor.
• Letter from Third Part Guarantor, if applicable.

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.