Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Designed to offer all advantages that is required from a fully loaded credit card, Tamilnad Mercantile Bank General Credit Card comes packed with many benefits. This special credit card from TMB is a kind of rollover overdraft loan facility where no end use or no specific end purpose is insisted. For every purchase done using TMB General credit card, the payment can be made before 12 months from the date of purchase. Cardholders who make prompt interest payments and repayments within 6 months will also receive a special incentive of 2%.
Women cardholders are offered an array of exciting benefits including special interest rate. If you are still not convinced about the advantages that this credit card has to offer, TMB General Credit Card comes with low processing charge, simple documentation and no collateral security.
TMB General Credit Card comes with the following features that makes one of the most sought-after credit cards in the market.
Cardholders can avail a loan quantum of minimum Rs. 5,000 and multiples of Rs.1,000 thereon, to a maximum of Rs.25,000. However, the credit limit is based on the repaying capacity of the cardholder.
The maximum tenure of loan repayment is 12 months from the date of sanction which will be reviewed once in a year.
Customers are offered an overdraft credit which can be withdrawn using a loan debit slip. While a pass book will be issued, no statements or cheque book will be issued for the credit availed using Tamilnad Mercantile Bank General Credit Card.
Since this is a revolving credit, the cardholder must pay back the entire amount within six months after rollover. The interest for the credit must be paid within 7th of every succeeding month and the loan can be drawn or revived in the same account after a gap of at least one day.
Cardholders can make spends without having to disclose the end use of the money, unlike loan products. They can pay back the credit card loan in easy instalments.
The documentation process for TMB General Credit Card is simple and the processing fee is low.
This card is specially offered to cater to the credit demands of customers in semi-urban and rural segments.
No collateral security is insisted for TMB General Credit Card loan.
A guarantee of a suitable third party or an adult family member is required.
The following table gives an idea about the interest rates applicable for TMB General Credit Card.
| General Customers | Base Rate + 8.50% which is currently fixed at 18.90% per annum. |
| For Women | Base Rate + 8.50% which is currently fixed at 18.90% per annum. |
Customers will be asked for the following documents to apply for Tamilnad Mercantile Bank General Credit Card.
Keep documents like passport, voter ID, driving licence and other valid proof to speed up the application form.
If the cardholder defaults in interest payments for 3 continuous months, he will attract corrective actions like recall of facility and reduction in sanctioned limit.
Yes, an incentive of 2% will be allowed for repayments made within 6 months after rollover. The interest incentive will be offered as refund provided that the monthly refund is promptly paid and account has credit balance once in six months.
The loan amount should be paid back within an overall time of 12 months.
A nominal fee of Rs.50 will be levied as processing charges for TMB General Credit Card.
There are no folio charges for TMB General Credit Card.
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