About Tamilnad Mercantile Bank Personal Loan
The Tamilnad Mercantile Bank personal loan could be the perfect financial solution for a quick monetary requirement or relief, with a trust and experience of this 93 year old bank. The Tamilnad Mercantile Bank Personal Loan is said to be one the most useful loans that can be taken from this bank. From financing an important utility at home such as household appliances, or to finance an expenditure for a child’s wedding, Tamilnad Mercantile Bank personal loan has minimum requirements and the documentation is basic and simple.
Tamilnad Mercantile Bank Personal Loan Eligibility
For Salaried Applicants
Minimum age: The applicant should be at least 21 years of age.
Maximum age: The applicant has to 54 years or less.
Job Eligibility: The applicant should be working or employed at a reputed company, organization or institution.
Minimum income: The minimum income of the individual should be within a income bracket prescribed by the bank
CIBIL Score: Tamilnad Mercantile Bank would check your CIBIL score and credit history when considering your application A minimum of 700 CIBIL score is required to be considered for a Tamilnad Mercantile Bank personal loan.
Factors Affecting Eligibility of Tamilnad Mercantile Bank Personal Loans
Tamilnad Mercantile Bank has to see that the individual who applies for the loan is capable of repaying the personal loan. There are other eligibility norms Tamilnad Mercantile Bank has to ensure that the applicant has to be eligible for the personal loan based on their bank policy. The factors that make an individual eligible for these loans are essential to keep in one’s mind:
- City of Residence: For institutions such as Tamilnad Mercantile Bank, it is essential that the applicant in from a metro city or at least a large city to make sure easy access to the individual and their lifestyle which suggests that they can afford the loan in the first place. It also helps banks determine whether the individual is working at a renowned organization, which is an eligibility criteria for Tamilnad Mercantile Bank.
- Employment Status:For, Tamilnad Mercantile Bank, it is essential that the individual is an employee of a reputed organization, company or institution. Despite, this being an uncommon eligibility criteria personal loans from other banks often prefer people employed with a well-known brand.
- Age of Applicant: If the individual is too young, he or she will not be financially stable enough to guarantee the payment of EMIs for the loan. On the flipside, if an individual is too old he or she has chances of being a retiree and on pension hence lowering his or her eligibility for the loan.
- Incomes: Tamilnad Mercantile Bank or any other bank would definitely consider the income bracket which an individual should fall under, to ensure the regular repayment of the loan amount.
- Type of Residence and Duration: Individuals who own a residence and have owned it for a while would have a higher chance of having their loans sanctioned on grounds of stability and permanent residence.
How CIBIL score affects your Tamilnad Mercantile Bank Personal Loan Eligibility?
Tamilnad Mercantile Bank Personal loan eligibility depends to a great extent on the credit history of any applicant. Credit history or credit report is basically a comprehensive report of all credit channels that have been availed by you till date and the repayment of your loans whether in time, etc. A minimum credit score to make an applicant eligible for a Tamilnad Mercantile Bank personal loan is 700, but if you want the bank to have more confidence in your application a credit score that is idea would be around 800 to 900.
It also includes the way you have saved and your margin in income and expenditure over the years of your income life. So, it is essential to show stability.
How To Increase Tamilnad Mercantile Bank Personal Loan Eligibility?
The following measures can be taken, before applying for a Tamilnad Mercantile Bank Personal Loan, to ensure the loan being sanctioned for finance, without hassles:
Maintenance of Credit History:Maintain your credit history by paying your other EMIs and credit card bills in due time. Also ensure that you have a margin between your bank balance and the expenditure every month.
Reduce EMIs on Existing Loans:To ensure that you do not have to scrounge from your income to pay your new loan, the bank will see that your other EMIs in the month are affordable. Hence, it is important to reduce the EMI amount. It can be done by simply increasing the loan repayment tenure for the loan which helps to reduce the EMI amount on existing loans
Make sure you balance secured and unsecured loans:When your existing loans are secured and their numbers are higher over unsecured loans, the CIBIL score also increase, making you more eligible for a new personal loan.
Prepayment: You could prepay your loan amount on existing loan amount to reduce the burden of EMIs. However make sure that you are aware that the bank will charge you an interest rate for paying the amount early, which is nominal generally, as compared to the regular personal loan interest rate.
Don’t Over Burden with Too Many Loan:The number loans that you are paying in a month should not be more than 3 loans regardless they other personal loans, home loans or car loans.
FAQs on Tamilnad Mercantile Bank Personal Loan Eligibility
What are the age limits for an applicant to be eligible for a Tamilnad Mercantile Bank personal loan?
A.Applicants must have been at least, 21 years of age minimum and a maximum of 54 years of age.
What is the eligibility requirement for a Tamilnad Mercantile Bank personal loan in terms of employment.?
A.For applicants to this loan, it is required that the individual is employed with a reputed company, organization or institution, for eligibility.
What is the minimum CIBIL score that an individual should have to be eligible for Tamilnad Mercantile Bank personal loan?
A.A score that is over 800 is ideal for the bank to gain confidence in your repayment capacity and sanction your loan, however the minimum requirement is 700.
Am I eligible for a loan if I already have an existing loan?
A.Yes, he or she can have multiple loans at a time, and repay them as long as they are enough funds to apply for a new one.
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