Bank Tamilnad Mercantile Bank Personal Loan
Tamilnad Mercantile Bank was established by Shri T.V. Balagurusamy Nadar, the then President of the Nadar Mahajana Sangam while the bank opened its doors to the public in Ana Mavanna Building at South Raja Street, Tuticorin, in the year 1921. They had four main branches by 1947, in Tuticorin, Madurai, Sivakasi and Virudhunagar along with an international branch in Colombo, Sri Lanka established in 1937. With a current structure of 432 full-fledged branches all over the country, 11 Extension Counters,10 Regional Offices, 1 Service Branch, 6 Central Processing Centres, 3 Currency Chests and 900 Automated Teller Machines, Tamilnad Mercantile Bank has come a long way, today.
If you are looking for personal finance solution, the Tamilnad Mercantile Bank could be the perfect solution, with a trust and experience of this 93 year old bank. The Tamilnad Mercantile Bank Personal Loan is said to be one the most useful loans that can be taken from this bank. From financing an important utility at home such as household appliances, going for a foreign holiday with family or buying that golf gear you have been ogling over at the golf showroom for days. the bank offers this loan under minimum requirements and the documentation is basic and simple.
Why Choose Tamilnad Mercantile Bank Personal Loan
Tamilnad Mercantile Bank Personal Loan is easy to apply for, and has a lot of advantages in terms long repayment tenure as well as eligibility and documents. This particular scheme can be taken to fulfil those small dreams that you always had second thoughts about, because it was not a priority for the moment. The Tamilnad Mercantile Bank Personal Loan can be used for buying air tickets or to simply purchase that piece of furniture that is absolutely essential for your living room. Simplistic banking makes this a worthwhile product.
Flexible Personal Loan Tenure: When you have the leverage to pay your loans in EMIs spread over several months, you really don’t have to be worried about your monthly finances after taking the loan. TAmilnad Mercantile Bank Personal loan assures you just that. The maximum loan repayment tenure is up to 60 months.
Flexible Loan Amount: You could borrow any sum of money, up to Rs. 1 lakh, allowing you to fulfil your small financial requirements with ease. If your you hold a salary account with the bank, and paying directly through your salary account, you have the further advantage of loaning an amount of up to Rs. 2 lakhs.
Attractive Rate of Interest: Rate of interest for repayment of your Tamilnad Mercantile Bank Personal Loan is more convenient with interest rates starting at 14.60%, making it convenient on your pocket in the long run. For an instance, if your loan amount is Rs. 50,000 and you choose to repay it in 60 equal monthly installments at an interest rate of 14.60% p.a., the equated monthly installment (EMI) payable amount is only Rs. 1,179.02, approximately. You can use the EMI calculator provided by BankBazaar for a quick idea about a Tamilnad Mercantile Bank Personal Loan that suits your financial needs.
Eligibility Advantage: It is easy to get a Tamilnad Mercantile Bank Personal Loan as long as you fall under very simply criterias that most salaried individuals can afford. You need to be less than 54 years of age, hold a permanent position in your workplace and preferably confirmed employee at a reputed educational institution, services in Govt. departments or hold positions in renowned corporate houses or companies.
Features of Tamilnad Mercantile Bank Personal Loan
Tamilnad Mercantile Bank Personal Loan gives you the freedom of a hassle-free financial solution that may be small, but perfectly affordable and suitable for your financial situation. Whether it is a new car music system or expensive apparels for a wedding that you must be prepared for the TMB personal loan is very handy as comfortable scheme for an individual’s personal needs. For starters, the loan’s features are attractive, having one less finance to worry about:
Flexible Tenure: you can take the liberty to choose a loan repayment tenure of up to 5 years, payable through monthly EMIs.
Flexible Loan Amount: Choose an amount that you need and nothing more or less. You can choose a sum of up to Rs 1 lakh. If you wish to make the payments directly from your salary account with the bank, you get the privilege of loaning an amount of up to Rs. 2 lakhs.
Comfortable Security Features
You can primarily hypothecate assets created out of the loan proceeds, in case loan is sanctioned for purchasing goods such as Consumer Durables or household articles.If necessary, suitable third party guarantee might be a requirement. A collateral security is not a prerequisite. if the individual’s employer does not undertake to deduct and remit the instalment or EMI is not deducted from the salary account maintained by the bank branch, it is required to obtain a guarantee from two appropriate persons.
Competitive Interest Rates: The interest rates for a Tamilnad Mercantile Bank Personal Loan are reasonable and add up to small amounts if taken over a long tenure. If you choose a longer tenure (up to 60 months) repayment of the loan does not affect your monthly expenses, aggressively.
Eligibility for Personal Loan Application: There are a few basic parameters that are required to be eligible for availing a Tamilnad Mercantile Bank Personal Loan :
- He/she should be at least 21 years of age at least, but less than 54 years.
- He/she should ideally hold a salary account with Tamilnad Mercantile Bank. If not he should be a confirmed employee of a reputed organization or institution.
- He/she should be able to present a proof of income and certificate from their employer of the Take Home Salary.
- It is required to present undertaking from the employer to withdraw and remit the instalment amount from the his/her salary each month when the employer is agreeable for the same.
Documents Required: To avail a Tamilnad Mercantile Bank Personal Loan, you would require the following documentation:
- Filled and signed application Form
- Proof of identity/ Address proof: passport, voter’s ID or driving license
- Proof of Income & Certificate from the employer for the take home salary
- Quotations under circumstantial requirement, as directed by the bank
- Undertaking from the employer to withdraw and remit the instalment amount from the his/her salary each month when the employer is agreeable for the same.
- Consent letter for guaranteers from third party (2 persons), if necessary.
- Proof of the employer’s undertaking to ensure that without the permission or consent of the bank, the applicant will not be relieved from the service under VRS.
Tamilnad Mercantile Bank Personal Loan Interest Rates
Tamilnad Mercantile Bank Personal Loan interest rates are affordable and flexible in tenure this a hassle-free and convenient personal loan scheme:
Read on to more about the interest restes charge in the Tamilnad Mercantile Bank Personal Loan :
| Loan Parameter | Value of Parameter |
| Interest rate | If the employer subtracts and remits the instalment amount every month or - BR + 4.00% (14.60% p.a.). If the borrower remits the loan instalment and no undertaking is received from the employer - BR + 6.00% (16.60% p.a.) - As applicable to other Unsecured Advances. Personal loans outside the purview of TMB Personal Loan Scheme whether salaried class or otherwise (where the loan is covered by Collateral Security): Current Base Rate for Lending (BR) is 10.60% p.a. |
| Loan Processing Charges | 1.01% of the loan amount, payable during the term of the loan |
| Late Payment Fee | In the case of irregularity or default in repayment will require penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding. |
Tamilnad Mercantile Bank Personal Loan Eligibility
In order to apply for a personal loan with Tamilnad Mercantile Bank, the financial institution has certain eligibility criteria set to ensure that the applicant is able to afford the repayment of the loaned amount. Here are the basic eligibility criterias set by the bank:
| Job Segment | Any employee at a reputed organization or institution is eligible to apply |
| Age | Individual should be more than 21 years and less than 54 years of age |
| Maximum Loan Amount | A loan of Rs. 1 lakh can be taken by an individual |
| Job Continuity | The individual should be a confirmed employee at a reputed organization or institution |
Tamilnad Mercantile Bank Personal Loan FAQs
- Am I eligible for Tamilnad Mercantile Bank personal loan?
- How do I repay Tamilnad Mercantile Bank Personal loan?
- What is the maximum loan one can get from Tamilnad Mercantile Bank?
- What is the tenure for Tamilnad Mercantile Bank personal loan?
Tamilnad Mercantile Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Tamilnad Mercantile Bank offers personal loans as high as Rs. 2 Lakhs for successful applicants depending on their financial record and repayment history.
Tamilnad Mercantile Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
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