Tamilnad Mercantile Bank Car Loan

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Tamilnad Mercantile Bank Car Loan Key Features

Tamilnad Mercantile Bank Car Loan Interest Rate Starts @ 7.35%
Min Loan Amount Rs. 100,000
Max Loan Amount
(Loan to Value)
Loan up to Rs. 150 Lakhs
Loan Tenure 1 year to 7 years
Lowest EMI / Lac Rs. 1,665
Minimum Net Monthly Income Rs. 10,000
Minimum ITR for Self Employed Rs. 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges 0.25%
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Tamilnad Mercantile Bank Car Loan

Tamilnad Mercantile Bank provides car loan with minimal documentation, reasonable interest rates and fast processing.

Tamilnad Mercantile Bank provides Car Loans at an affordable rate of interest to the consumer for purchasing their dream car either new or second hand. It is an easily available loan which can be got by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of Tamilnad Mercantile Bank Car Loan

Tamilnad Mercantile Bank Car Loan

Tamilnad Mercantile Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum Rs. 10,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Tamilnad Mercantile Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.35% 11.65%
Processing fee 0.40% of the principal amount 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.1000 per instance Rs.1000 per instance
Foreclosure Charges 0.25% 0.25%
Penal Interest 2% per month 2% per month
Part Payment charges NIL NIL
Cheque/Instrument Swap Charge NIL NIL
Documentation Charge NIL NIL
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges Rs. 1.50 per Rs.1000 Rs. 1.50 per Rs.1000
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Tamilnad Mercantile Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Tamilnad Mercantile Bank Car Loan EMI Calculator

The applicant has a choice to check the EMI’s before getting a Car Loan. You can easily check out through the link below:

Car Loan EMI Calculator

Tamilnad Mercantile Bank Car Loan Types

Tamilnad Mercantile Bank provides different types of car loans to its customers. The customer has the option of choosing the offer which equips your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  If you wish to purchase a new car, this is the scheme for you. You can get a Car Loan from Tamilnad Mercantile Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to purchase a used car then you can choose this proposal which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this scheme if you need urgent money where you can keep your cars as security with the bank.

Tamilnad Mercantile Bank Car Loan Pre Calculated EMI

How to Apply for Tamilnad Mercantile Bank Car Loan?        tamilnad mercantile bank car loan

  1. Visit Dialabank and fill a form.
  2. Our Bank’s representatives will call you and guide you throughout the entire processing of a car loan.
  3. You can compare different offers from banks and opt for the one which suits your needs.
  4. Thus, you can easily apply for a Car Loan through Dialabank and enjoy best offers.

Tamilnad Mercantile Bank Car Loan for Top Selling Cars

Other Available Products from Tamilnad Mercantile Bank

Tamilnad Mercantile Bank Personal Loan Tamilnad Mercantile Bank Gold Loan Tamilnad Mercantile Bank Home Loan
Tamilnad Mercantile Bank Credit Card Tamilnad Mercantile Bank Two Wheeler Loan Tamilnad Mercantile Bank Education Loan

FAQs for Tamilnad Mercantile Bank Car Loan

✅ What is Tamilnad Mercantile Bank Car Loan?

Tamilnad Mercantile Bank Car Loan is a car loan offered to you for buying a car whether new or used.

✅ How can I get Car Loan from Tamilnad Mercantile Bank?

You can get a car loan from Tamilnad Mercantile Bank by visiting the nearest branch of Tamilnad Mercantile Bank. You will get satisfaction to apply from anywhere.

✅How does Tamilnad Mercantile Bank Car Loan work?

Tamilnad Mercantile Bank offers car loan at attractive interest rates. You can get a car loan easily and quickly. Tamilnad Mercantile Bank provides flexible loan tenure duration.

✅What is the Car Loan Interest Rate in Tamilnad Mercantile Bank?

The interest rate in Tamilnad Mercantile Bank for a car loan starts at 7.35%.

✅How to check Car Loan status in Tamilnad Mercantile Bank?

You must visit the Tamilnad Mercantile Bank branch to examine your car loan status. Also, you can utilize the net-banking facility provided by Tamilnad Mercantile Bank.

✅How to calculate Car Loan interest in Tamilnad Mercantile Bank?

For the calculation of your car loan interest in Tamilnad Mercantile Bank, the following information is required:

  • Loan amount
  • Interest Rate
  • Loan tenure

You can calculate interest and EMI through EMI calculator available at Dialabank’s website.

✅What is the maximum loan amount I can avail on Car Loan from Tamilnad Mercantile Bank?

You can avail a maximum loan amount for a car loan from Tamilnad Mercantile Bank is up to Rs. 150 lakhs.

✅What is the loan tenure of Tamilnad Mercantile Bank Car Loan?

The loan tenure period of Tamilnad Mercantile Bank for a car loan is up to 7 years.

✅Can I get 100% Car Loan from Tamilnad Mercantile Bank?

You can get a loan up to Rs. 150 lakhs for a car loan from Tamilnad Mercantile Bank. To avail a 100% Car loan, you must visit the online platform of Dialabank.

✅How much processing fee is applicable on Tamilnad Mercantile Bank Car Loan?

The processing fee is 0.40% of the principal amount on Tamilnad Mercantile Bank for getting a car loan.

✅What are the EMI options available on Tamilnad Mercantile Bank Car Loan?

The EMI options on Tamilnad Mercantile Bank for a car loan are Step-up EMI and Balloon EMI.

✅What are the charges for Prepayment in Tamilnad Mercantile Bank Car Loan?

Tamilnad Mercantile Bank prepayment charges are up to 0.25% for availing a car loan.

✅Can I get a top-up loan on my existing Tamilnad Mercantile Bank Car Loan?

Yes, you can get a top-up loan on your existing Tamilnad Mercantile Bank car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.

✅Do I need to provide a guarantor to avail a car loan from Tamilnad Mercantile Bank?

Yes, you can avail a guarantor for getting a car loan from Tamilnad Mercantile Bank. It will increase your car loan eligibility.

✅How to get the Tamilnad Mercantile Bank Car Loan Statement?

For getting a car loan statement of Tamilnad Mercantile Bank, you can use Tamilnad Mercantile Bank’s mobile banking app. Also, you can visit Dialabank online.

✅How to pay Tamilnad Mercantile Bank Car Loan interest online?

You can pay your car loan interest through the net -banking services of Tamilnad Mercantile Bank. If you want a low-interest car loan, you must visit Dialabank online and fill a form there.

✅What if I can’t pay the interest on Tamilnad Mercantile Bank Car Loan for 3 months?

If you can’t pay the interest on Tamilnad Mercantile Bank Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will reframe.

✅How can I apply for EMI Moratorium on Tamilnad Mercantile Bank Car Loan?

You can apply for EMI Moratorium on Tamilnad Mercantile Bank through visiting the nearby branch of Tamilnad Mercantile Bank or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅What is the number for Tamilnad Mercantile Bank Car Loan agent?

The number for Tamilnad Mercantile Bank Car Loan agent is +91 9842 461 461.

✅Can I close Tamilnad Mercantile Bank car loan online?

You can close your car loan from Tamilnad Mercantile Bank by using the net-banking page of Tamilnad Mercantile Bank. You have to log in with your details on the net -banking page and pay your car loan.

✅What is Tamilnad Mercantile Bank Car Loan Customer Care Number?

The customer care number of Tamilnad Mercantile Bank for car loan queries is 1800-425-0426.

✅How can I get NOC from Tamilnad Mercantile Bank for a car loan?

You can get a car loan NOC from Tamilnad Mercantile Bank when you clear your car loan amount.

Table of Contents

Menu