TMB Pension Loan

The Tamilnad Mercantile Bank Pensioner Plan offers loans to elderly persons who receive their pensions monthly in the form of pension receipts. By availing the TMP Pension Loan, the pensioner can have access to immediate funds at the bank, for any urgent need. The Pension Loan at TMB is provided at low interest rate and a lower margin amount.

Features and Benefits of TMB Pension Loan:

The following are the key features and benefits of the TMB Pension Loan:

1. Purpose - The Pension loan amount can be used by the applicant for paying phone bills, family expenses, medical expenses, electricity bill, water charges or education expenses.
2. Loan Amount - The applicant gets up to 95% of the pension amount received in one month. The loan amount is considered after deduction of various repayment obligations towards the existing loan and other advances.
3. Loan Margin - Tamilnad Mercantile Bank gives a loan margin of 5% to its pensioner applicants.
4. Nature of Limit - An Overdraft in SB account. The bank allows an overdraft limit only at the branch where the pension is credited.
5. Loan Security - The TMB Pension Loan does not require any security to be provided to the bank towards the bank loan.

Interest Rates of TMB Pension Loan: