Two Wheeler's 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 Loan for Two Wheelers Scheme under TMB Retail Loan Products.

This self explanatory scheme helps individuals with appropriate 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 Wheelers.

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. 50,000.00.

Repayment

Maximum of 35 months, EMI should not exceed 40% of take home salary.

Security

Hypothecation of Vehicle to be financed.

Rate of Interest

• PLR - 2.50% (10.50% p.a.) Irrespective of Amount.
• 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

Rs. 150.00 per Loan

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.
• 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.