Multiple banks. Different interest rates. Call it a "conflict of interest".
  • loading

    Tamilnad Mercantile Bank (TMB) Personal Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14.4% - 16.40% Floating
    1% One time fee
    2L Max
    1-5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About Tamilnad Mercantile Bank Personal Loan

    Tamilnad Mercantile Bank offers personal loans for individuals to use the loan amount to buy household appliances, marriage expenses, family expenses or emergency. The documentation process is simple and fast. Tamilnad Mercantile Bank offers personal loan to permanent employees who are confirmed in the services of government departments, corporate or business houses or in a recognised educational institutions. The primary security is the consumer durables, there is no need to provide a collateral. If the EMI is not deducted from your salary account then a suitable guarantee from two people should be obtained.

    Tamilnad Mercantile Bank Personal Loan interest rates

    Tamilnad Mercantile Bank personal loan interest rates depends the borrower’s on income, borrower’s credit history, the RBI rates, inflation etc. Tamilnad Mercantile Bank personal loan interest rate for the year 2015 is 14.60 percent per annum. The bank ensures that the interest rates is not burdening the borrower.

    Tamilnad Mercantile Bank Personal Loan interest rates table:

    Interest rates

    If the EMI is deducted from borrower’s salary account: 14.60 percent per annum

    No undertaking received from the employer: 16.60 percent per annum

    When land or building to the extent of 100 percent of the loan is provided as a collateral: 14.60 percent per annum

    When land or building to the extent of 50 percent of the loan is provided as a collateral: 16.10 percent per annum

    Loan amount

    Maximum loan amount is Rs.2 lakhs if the EMI is deducted from salary account

    If there is no undertaking from the employer, the maximum amount loan amount is Rs.1 lakh.

    Loan tenure

    Minimum tenure- 1 year

    Maximum tenure- 5 years

    EMI per lakh (lowest interest rate and maximum tenure)

    Calculate EMI on your Personal Loan

    Rs.2,358 per month
    Base rate (w.e.f. 16th July, 2015) 10.60 percent
    Prepayment charges 2 percent of the balance outstanding

    How to calculate interest or EMI on Tamilnad Mercantile Bank Personal Loan?

    EMI or Equated Monthly Instalment is the amount that the borrower has to pay back to the bank this consists of a part of the interest amount and the principal amount. The principal amount and interest is divided by the tenure that the loan was taken for. The formula to calculate the EMI is:

    EMI= Principal X Rate of interest on a monthly basis X (1+rate of interest on a monthly basis) to the power of the loan tenure divided by [(1+rate of interest on a monthly basis) to the power of the loan tenure – 1]

    To make the EMI calculation easy, you can use the free online EMI Calculator available on BankBazaar.com. You get an amortization table that contains details of how much of the EMI amount is going towards the principal amount payment and how much of it covers the interest amount.

    For example, Mr. John has taken a personal loan for Rs.1 lakh from Tamilnad Mercantile Bank. The interest rate he is being offered is 14.60 percent for a tenure of 5 years. By the end of the fifth year, he would have paid Rs.41,483 towards total interest and his loan EMI is Rs.2,358. He will be paying 29.3 percent towards the interest and 70.7 percent towards the principal loan amount. His amortization table will look as follows:

    Year Principal paid (in rupees) Interest paid (in rupees) Balance amount (in rupees)
    Year 1 14,651 13,645 85,349
    Year 2 16,940 11,357 68,409
    Year 3 19,585 8,711 48,824
    Year 4 22,644 5,653 26,180
    Year 5 26,180 2,116 0

    Factors affecting Tamilnad Mercantile Bank Personal Loan interest rates

    Tamilnad Mercantile Bank personal loan interest ratevaries for every applicant due to the following factors:

    • Loan tenure:

      If the loan tenure is short, the interest rate is high when compared to loans with a longer tenure.

    • Repayment capacity:

      Tamilnad Mercantile Bank checks a person’s repayment capacity before offering him a loan and before deciding the interest rate. The bank will make sure that after paying the EMI, you will have enough money to live comfortably for the remaining days in the month. The bank also looks into the borrower’s assets and his creditworthiness before finalising on an interest rate.

    • Borrowing class:

      Banks prefer to give loans to those who have a constant income and they try and stay away from young applicants as they are not so stable at their job. Tamilnad Mercantile Bank offers personal to permanent employees who are confirmed in the services of government departments, corporate or business houses or in a recognised educational institutions.

    • Relationship with the bank:

      If you have a good and long relationship with the bank then you may even get a discount on the processing charges or might get a reduced interest rate. You can also get a discount on the prepayment charge as well.

    The interest rates and processing charges are charged at the sole discretion of the bank and are subject to change.

    How CIBIL score affects Tamilnad Mercantile Bank Personal Loan interest rates?

    CIBIL Score and credit report plays a major role in deciding an applicant’s interest rate. CIBIL report is a document that includes all your repayment history of the credit that you have taken in the past. Banks usually accept application of individuals having an ideal credit score of 750 and above. Those with a lower score will be termed risky and the bank might offer personal loan at a higher rate of interest. Therefore check your credit score before you apply for a loan. If your score is low, then you can fix the score before applying for a loan.

    Key things about Tamilnad Mercantile Bank Personal Loan interest rates

    Before applying for a Personal Loan, you must know the following factors:

    • Fixed interest rate is when a fixed rate of interest is set on the personal loan and you will be required to pay a fixed amount of interest throughout the tenure.
    • Floating interest rate will change as per the change in the bank’s base lending rate. The EMI will keep changing with the changing rate.
    • To avail Tamilnad Mercantile Bank Personal Loan, you must provide security. The primary security is the consumer durables itself. There is no need to provide a collateral. But, if the EMI is not deducted from your salary account then a suitable guarantee from two people should be obtained.
    • When the repo rate goes up, your interest rate will also go up.
    • Tamilnad Mercantile Bank offer personal loans to permanent employees who are confirmed in the services of government departments, corporate or business houses or in a recognised educational institutions.
    Close

    Compare Personal Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.