🚛 TMB Commercial Vehicle Loan – Eligibility, Interest Rate, EMI, Documents & Apply Guide (Truck & Transport Loan)

📌 What is TMB Commercial Vehicle Loan?

The TMB Commercial Vehicle Loan is a business finance scheme offered by Tamilnad Mercantile Bank (TMB) to help individuals and businesses purchase commercial vehicles such as trucks, lorries, buses, tippers, and light commercial vehicles (LCV).

This loan is ideal for transport operators, logistics companies, MSMEs, and fleet owners.

💰 Loan Amount (TMB Commercial Vehicle Loan Limit)

• Maximum loan amount: Up to ₹2.5 crore (₹250 lakh)
• Financing available for:
• 🆕 New commercial vehicles
• 🚛 Used commercial vehicles (based on condition)
• Loan amount depends on income, vehicle type, and repayment capacity

🚚 Vehicles Covered Under TMB Loan

TMB Commercial Vehicle Loan can be used to purchase:

• 🚛 Trucks and lorries
• 🚌 Buses (passenger transport)
• 🚐 Light Commercial Vehicles (LCV)
• 🚜 Tippers, trailers, and earthmovers
• 🚗 Cars for commercial use
• 📦 Logistics and delivery vehicles

📊 TMB Commercial Vehicle Loan Interest Rate

• Interest rate: Linked with MCLR/RLLR (bank lending rate)
• Approx range: 10% – 12% per annum
• Final rate depends on:
• Credit score
• Business profile
• Vehicle type
• Loan structure

⏳ Repayment Tenure (EMI Period)

• Term loan tenure: Up to 5 years (60 months)
• Working capital facility: 1–3 years (renewable)
• EMI based repayment system available

👨‍💼 Eligibility Criteria

Eligible applicants include:

• Individual transport operators
• Proprietorship businesses
• Partnership firms
• Private limited companies
• MSME logistics and transport businesses
• Fleet owners

👉 Applicant must have stable income or transport business activity

💵 Margin / Down Payment

• 🆕 New vehicle: 15% – 25% margin
• 🚙 Used vehicle: Up to 40% margin required
• Margin depends on vehicle value and risk profile

🛡️ Security / Collateral

• Primary security: Vehicle hypothecation
• Additional collateral may be required for:
• High-value loans
• Used vehicles
• Insurance coverage of vehicle is mandatory

📄 Documents Required

To apply for TMB Commercial Vehicle Loan:

• Aadhaar Card / ID Proof
• PAN Card
• Driving License
• Vehicle quotation or invoice
• Income proof / business proof
• Bank statements (6–12 months)
• GST registration (if applicable)
• Transport permit (if required)

🌟 Key Features of TMB Commercial Vehicle Loan

• 🚀 High loan limit up to ₹2.5 crore
• 🚛 Financing for all commercial vehicles
• 💰 Supports transport and logistics businesses
• ⚡ Fast approval and simple documentation
• 📉 Competitive interest rates
• 🔄 Flexible EMI repayment options

🏦 How to Apply for TMB Commercial Vehicle Loan?

1. Visit nearest Tamilnad Mercantile Bank branch
2. Submit loan application form
3. Provide vehicle quotation and documents
4. Bank verification and approval
5. Loan sanction and vehicle purchase

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