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Tamilnad Mercantile Bank Personal Loan can be availed for reasons like wedding expenses, travel expenses or medical emergencies. Enjoy flexible tenure, attractive interest rates and less paperwork. Maximum loan sanctioned is Rs. 2 lakhs. Apply now through CreditMantri!
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Tamilnad Mercantile Bank, formerly known as the Nader Bank Limited was established and registered in 1921. Today the Tamilnad Mercantile bank operates through a network of around 1031 ATMs, 488 branches all over the country with 10 regional offices, 11 extension counters, 6 central processing centers, 1 service branch and 4 currency chests. The bank is operationally highly versatile working with multiple banking products which includes personal, corporate and international services.
A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.
The Tamilnad Mercantile Bank offers its customers an attractive Personal Loan at competitive interest rates which will help them to satisfy their financial needs without any hassles. The loan has many notable features and comes at a competitive rate of interest. Let us discuss the loan in detail:
Features & Eligibility
The age of the applicant should be lower than 54 years on the date of application
Loan amount –
Depends on the method of repaymentIf the employer undertakes to deduct the loan instalments every month from the applicant’s salary account maintained with the bank and remit the same to the bank for repayment of the loan, the loan amount that will be granted would be equivalent to 6 times of the gross salary as per the latest salary bill subject to a maximum amount of Rs.2 lakhs
if the borrower repays the instalment from any other account other than a salary account and the employer does not undertake the deduction of the monthly salary 6 times the gross salary would be allowed as loan subject to a maximum limit of Rs.1 lakh.
Lien over Salary, Bonus and other emoluments.
Primary: Hypothecation of assets created out of the loan proceeds in case loan is sanctioned for purchasing Consumer Durables / House-hold articles. Suitable third-party guarantee to be obtained, if necessary.
Obtention of collateral security need not be a prerequisite.
If the employer does not undertake to deduct and remit the instalment or the instalment is not deducted from the salary account maintained by the branch, suitable guarantee from two worthy persons should be obtained.
Tamilnad Mercantile Bank Base Rate (For existing borrowers)
The current base rate at TMB stands at 10.40% per annum, effective from October 15, 2015. This rate acts as a benchmark to determine the final interest for various products, with TMB typically modifying it to meet current situations.
Tamilnad Mercantile Bank personal loan interest rate
Customers who availed a loan before new RBI guidelines were enforced can continue with their old/current interest payment mode, which takes the base rate into consideration. The interest payable depends on many factors, including the repayment conditions, financial status of borrower, security provided, etc. The table below details the rate of interest in various scenarios
If the borrower is unable to pay the monthly instalments on the due date, a penal interest would be charged for the default. The interest levied would be 2% higher than the rate of loan interest chargeable and would be charged on the outstanding balance of the loan.
1% of the amount of loan sanctioned would have to be paid as a processing fee to the bank
The following documents are required to apply for the personal loan from Tamilnad Mercantile Bank
Flexible Personal Loan Tenure:
With the advantage to pay your loans spread equally across several months you really don’t have to worry about your monthly financial management after taking the loan. Tamilnad Mercantile Bank Personal Loan assures you just that. The maximum loan repayment tenure is up to 60 months or 5 years.
Flexible Loan Amount:
You can borrow any sum of money, up to Rs. 1 lakh, allowing you to satisfy your small financial requirements with ease. If you have a salary account with Tamilnad Mercantile bank, and paying directly through your salary account, you have the additional advantage of getting 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 starting at 14.60%, making it convenient on your budgets in the long run.
It is easy to get a Tamilnad Mercantile Bank Personal Loan as long as you fall under very simple criteria that most salaried individuals can afford. With maximum age limit at 54 years and minimum at 21 years of age working in the Government or in any reputed company.
The TMB’s pensioners plan is an answer to the immediate money requirement of the elderly individuals by offering them urgent cash whenever required by them. The main aspect of this plan is that it anticipates the future pension receipts of the elderly pensioners getting regular monthly pensions and releases the loans immediately. The features of Tamilnad Mercantile banks pension loans are as follows:
1. What are my loan limits?
Your personal loan limit would be determined by your income and repayment capacity. Tamilnad Mercantile Bank offers two types of personal loans. They are Personal loan and Quick Loan.
2. Can my spouse income be included for calculating the loan amount?
Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.
3. Do I have to pledge some form of security?
In some cases, security is required.
4. What is the repayment schedule like?
The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.
5. What is EMI?
EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.
6. What is the processing fee? Are there any other charges?
The processing for personal loan for public is 1% of the loan amount. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.
7. Do I have the option of choosing a fixed or floating rate for the loan?
You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).
8. How does Tamilnad Mercantile Bank Personal loan compare with those offered by other banks?
There is total transparency with regard to the rate of interest and the fees charged by us.
Tamilnad Mercantile Bank offers personal loans at the cheapest rates of interest, with no security or collateral
Tamilnad Mercantile Bank offer loans for the longest tenors (60 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.
The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.
With an Tamilnad Mercantile Bank personal loan, you can choose between fixed rates of interest and floating interest rates.
9. How can I apply for the Tamilnad Mercantile Bank personal loan?
You can either apply online or visit the nearest Tamilnad Mercantile Bank loan centre for a personal loan.
10. Will there be any charges for prepayment towards my Tamilnad Mercantile Bank personal loan?
No pre-payment charges are levied towards the personal loan. You can make part-prepayment at the nearest Tamilnad Mercantile Bank branches.
Tamilnad Mercantile Bank Personal Loans Overview
Tamilnad Mercantile Bank provides attractive interest rates on personal loans when compared to other lenders. The processing fee is 1% of the loan amount which is among the lowest fees in the industry. Moreover, the processing fee is waived off for pensioners. Low interest rate with no hidden charges makes Tamilnad Mercantile Bank personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, Tamilnad Mercantile Bank personal loans do not impose much burden on the customers.
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