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.
The following are the key features and benefits of the TMB Pension Loan:
The following interest rate is applied on the loan:
The following eligibility criteria is required to be fulfilled to avail the TMB Pension Loan:
The documents required for availing the Pension Loan from TMB is very simple. Applicant should provide an undertaking letter stating that the borrower will not change the authorization for crediting pension from the employer to TMB, to any other bank. This authorization should not be changed at any time during the period of the overdraft limit.
|Type of Charges||Amount|
|Processing Charges||1% of the loan sanctioned amount (No maximum limit)|
|Penal Interest||2% on the outstanding balance per year (Over the interest rate)|
Tamilnad Mercantile Bank provides a loan amount which is 95% of the monthly pension of the applicant.
No, the bank does not require you to provide any security towards a TMB Pension Loan.
No, you can only avail the TMB Pension Loan if your pension account is in the bank itself.
The bank charges you 2% penal interest per annum on the outstanding loan balance, in case of default in repayment.
You can get the TMB Pension Loan at an interest rate of 14.15% per annum.
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