To be eligible for a personal loan from Tamilnad Mercantile Bank, you will need to be a permanent employee of reputed private firms, government departments, business houses, recognised educational institutions, etc., and your age should not exceed 54 years. You can avail a loan of up to Rs.2 lakh as a personal loan from Tamilnad Mercantile Bank and can repay it in a maximum period of 60 months in the form of equated monthly instalments (EMIs). A processing charge of 1% of the sanctioned loan amount will be levied on the Tamilnad Mercantile Bank personal loan.
|Who Can Avail||Permanent employees of government organisations, private firms, educational institutions, business houses, etc.|
|Age||Below 54 years|
Unfortunately, no. To avail a personal loan from Tamilnad Mercantile Bank, you need to be aged below 54 years.
Providing collateral is not a pre-requisite for a Tamilnad Mercantile Bank personal loan but if you can provide collateral, your chances of qualifying for a loan is higher. Also, in cases where your employer is not ready to provide an undertaking to deduct the EMI payment from your salary account, you will have to obtain guarantee from two creditworthy persons.
Yes. Choosing a longer repayment tenure will elevate your eligibility because it will lower your EMI which, in turn, will translate to you paying the EMIs regularly. Please do note, however, that choosing a longer tenure may end up in you paying higher interest over the loan tenure.
If the instalment amount for your loan is going to be deducted by your employer or from the salary account maintained by Tamilnad Mercantile Bank, you will be eligible for a loan amount that is 6 times of your gross salary and up to Rs.2 lakh. However, if you are unable to provide an undertaking from your employer or hold no salary account with Tamilnad Mercantile Bank, you will be eligible for a loan of up to Rs.1 lakh.
As stated above, anyone below the age of 54 years and who are permanent employees of government or private firms, business houses, recognised educational institutions, etc., are eligible for a personal loan from Tamilnad Mercantile Bank. If you are not sure about the eligibility, you can visit the nearest branch of the bank or call them at their helpline at +91 9842 461 461.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.