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    TMB General Credit Card Reviews

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    TMB General Credit Card

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Credit Card BYTES FROM OUR KITCHEN

    Overview:

    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.

    Features of TMB General Credit Card:

    TMB General Credit Card comes with the following features that makes one of the most sought-after credit cards in the market.

    • Loan Quantum

      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.

    • Repayment Period

      The maximum tenure of loan repayment is 12 months from the date of sanction which will be reviewed once in a year.

    • Type of Credit

      Customers are offered an overdraft credit which can be withdrawn using a loan debit slip.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.

    • Repayment of Credit

      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.

    Benefits of TMB General Credit Card
    • No insistence on End Purpose

      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.

    • Simple Documentation

      The documentation process for TMB General Credit Card is simple and the processing fee is low.

    • For Rural Customers

      This card is specially offered to cater to the credit demands of customers in semi-urban and rural segments.

    • Security

      No collateral security is insisted for TMB General Credit Card loan.

    • Guarantee

      A guarantee of a suitable third party or an adult family member is required.

    Interest Rate for TMB General Credit Card:

    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.

    Eligibility for TMB General Credit Card:

    • The customer must have sufficient cash flow and earning capacity and must be residing semi-urban and rural area.
    • Only one person in a household can be a TMB General Credit cardholder.

    Documentation Required for TMB General Credit Card:

    Customers will be asked for the following documents to apply for Tamilnad Mercantile Bank General Credit Card.

    • PAN Card
    • ID proof
    • Proof of address
    • Income Documents like salary slips, bank account statements and ITR statements if applicable

    Keep documents like passport, voter ID, driving license and other valid proof to speed up the application form.

    TMB General Credit Card FAQs:

    1. Will the cardholder attract any penalty for not making interest payments on time?

      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.

    2. Will the cardholder get any incentives for making interest payments on time?

      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.

    3. What is the overall time for repayment?

      The loan amount should be paid back within an overall time of 12 months.

    4. What are the processing charges for TMB General Credit Card?

      A nominal fee of Rs.50 will be levied as processing charges for TMB General Credit Card.

    5. What will be the folio charges for TMB General Credit Card?

      There are no folio charges for TMB General Credit Card.

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