Tamilnad Mercantile Bank Vehicle Loan

Can you please get details of Two Wheeler loan offer Tamilnad Mercantile Bank Ltd to customer’s?

[shikha]

Yes I will get Tamilnad Mercantile Bank Ltd, Two Wheeler loan facility for customer’s so that you can check it.

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).

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.

Rate of Interest
BR + 5.50% (15.90% p.a.) Irrespective of Amount.

Current Base Rate for Lending (BR) is 10.40% 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.

Loan Quantum
75% of the "On Road Price" of the vehicle upto a maximum of Rs. 1,00,000.00

Loan application documents:
Proof of Income (IT Return / Balance Sheet / Salary Certificate / Others).

Quotation from registered vendor.

Copy of Permanent Driving Licence.

Address:-
Tamilnad Mercantile Bank Ltd
57, V.E. Road, Tuticorin, Tamilnadu, India. Zip: 628 002.

Phone:-
+91 (461) 232 1382 / 232 1929 / 232 1932.