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Particulars | Salaried/Self-Employed |
Interest Rate | 14.80% p.a. |
Processing Fee | 1% of the disbursed loan amount |
Loan Tenure | Up to 60 months |
Loan Amount | Up to Rs.2 lakh (Terms & conditions applicable) |
Employment Status | Permanent employment |
Lowest EMI per Lakh | Rs.2,369 |
Tamilnad Mercantile Bank personal loan interest rates are based on MCLR. The mean rate of interest for the bank is 14.80% p.a. The maximum and minimum interest rates for personal loans have been pinned at 14.80% p.a.
Among the other fees and charges which are applicable to Tamilnad Mercantile Bank personal loans, the penal interest for defaults and irregular payments is charged at the rate of 2% p.a. in addition to the applicable interest rate on the outstanding balance.
1. For a salary of Rs.25,000 per month
Mr. Diniz is a government employee who draws a monthly salary of Rs.25,000. He has taken a personal loan of Rs.1 lakh from Tamilnad Mercantile Bank. He got the loan for a period of 5 years. The applicable rate of interest on the loan amount is 14.80% p.a. The amortisation schedule for the personal loan taken by Mr. Diniz is given below:
Loan Amount | Rs.1 lakh | |||
Processing Fee | 1% | |||
Loan Tenure | 5 years or 60 months | |||
Interest Rate | 14.80% p.a. | |||
Month | Principal Paid(A) (Rs.) | Interest Paid(B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
1 | 1,135 | 1,233 | 2,368 | 98,865 |
2 | 1,149 | 1,219 | 2,368 | 97,716 |
3 | 1,163 | 1,205 | 2,368 | 96,552 |
4 | 1,178 | 1,191 | 2,369 | 95,375 |
5 | 1,192 | 1,176 | 2,368 | 94,182 |
6 | 1,207 | 1,162 | 2,369 | 92,975 |
7 | 1,222 | 1,147 | 2,369 | 91,754 |
8 | 1,237 | 1,132 | 2,369 | 90,517 |
9 | 1,252 | 1,116 | 2,368 | 89,265 |
10 | 1,268 | 1,101 | 2,369 | 87,997 |
11 | 1,283 | 1,085 | 2,368 | 86,714 |
12 | 1,299 | 1,069 | 2,368 | 85,415 |
13 | 1,315 | 1,053 | 2,368 | 84,100 |
14 | 1,331 | 1,037 | 2,368 | 82,768 |
15 | 1,348 | 1,021 | 2,369 | 81,421 |
16 | 1,364 | 1,004 | 2,368 | 80,056 |
17 | 1,381 | 987 | 2,368 | 78,675 |
18 | 1,398 | 970 | 2,368 | 77,277 |
19 | 1,415 | 953 | 2,368 | 75,862 |
20 | 1,433 | 936 | 2,369 | 74,429 |
21 | 1,451 | 918 | 2,369 | 72,978 |
22 | 1,468 | 900 | 2,368 | 71,510 |
23 | 1,487 | 882 | 2,369 | 70,023 |
24 | 1,505 | 864 | 2,369 | 68,518 |
25 | 1,523 | 845 | 2,368 | 66,995 |
26 | 1,542 | 826 | 2,368 | 65,453 |
27 | 1,561 | 807 | 2,368 | 63,891 |
28 | 1,581 | 788 | 2,369 | 62,311 |
29 | 1,600 | 769 | 2,369 | 60,711 |
30 | 1,620 | 749 | 2,369 | 59,091 |
31 | 1,640 | 729 | 2,369 | 57,451 |
32 | 1,660 | 709 | 2,369 | 55,792 |
33 | 1,680 | 688 | 2,368 | 54,111 |
34 | 1,701 | 667 | 2,368 | 52,410 |
35 | 1,722 | 646 | 2,368 | 50,688 |
36 | 1,743 | 625 | 2,368 | 48,945 |
37 | 1,765 | 604 | 2,369 | 47,180 |
38 | 1,787 | 582 | 2,369 | 45,393 |
39 | 1,809 | 560 | 2,369 | 43,584 |
40 | 1,831 | 538 | 2,369 | 41,753 |
41 | 1,854 | 515 | 2,369 | 39,900 |
42 | 1,876 | 492 | 2,368 | 38,023 |
43 | 1,900 | 469 | 2,369 | 36,124 |
44 | 1,923 | 446 | 2,369 | 34,201 |
45 | 1,947 | 422 | 2,369 | 32,254 |
46 | 1,971 | 398 | 2,369 | 30,284 |
47 | 1,995 | 373 | 2,368 | 28,289 |
48 | 2,020 | 349 | 2,369 | 26,269 |
49 | 2,045 | 324 | 2,369 | 24,224 |
50 | 2,070 | 299 | 2,369 | 22,155 |
51 | 2,095 | 273 | 2,368 | 20,059 |
52 | 2,121 | 247 | 2,368 | 17,938 |
53 | 2,147 | 221 | 2,368 | 15,791 |
54 | 2,174 | 195 | 2,369 | 13,617 |
55 | 2,201 | 168 | 2,369 | 11,417 |
56 | 2,228 | 141 | 2,369 | 9,189 |
57 | 2,255 | 113 | 2,368 | 6,934 |
58 | 2,283 | 86 | 2,369 | 4,651 |
59 | 2,311 | 57 | 2,368 | 2,340 |
60 | 2,340 | 29 | 2,369 | 0 |
Mr. Diniz will have to pay an amount of Rs.2,369 as EMIs. The total amount that he would have to pay is Rs.1,43,110.
2. For a salary of Rs.50,000 per month
Mr. Nakipuria, an employee of a reputed corporate house, has taken a personal loan of Rs.2 lakh through Tamilnad Mercantile Bank. He has a monthly salary of Rs.50,000. The loan was taken for a period of 5 years. The rate of interest applicable to his loan amount is 14.80% p.a. The amortisation schedule for the personal loan taken by Mr. Nakipuria is given below:
Loan Amount | Rs.2 lakh | |||
Processing Fee | 1% | |||
Loan Tenure | 5 years or 60 months | |||
Interest Rate | 14.80% p.a. | |||
Month | Principal Paid(A) (Rs.) | Interest Paid(B) (Rs.) | Total Payment (A+B) (Rs.) | Outstanding Loan Balance (Rs.) |
1 | 2,270 | 2,467 | 4,737 | 1,97,730 |
2 | 2,298 | 2,439 | 4,737 | 1,95,431 |
3 | 2,327 | 2,410 | 4,737 | 1,93,105 |
4 | 2,355 | 2,382 | 4,737 | 1,90,749 |
5 | 2,384 | 2,353 | 4,737 | 1,88,365 |
6 | 2,414 | 2,323 | 4,737 | 1,85,951 |
7 | 2,444 | 2,293 | 4,737 | 1,83,507 |
8 | 2,474 | 2,263 | 4,737 | 1,81,034 |
9 | 2,504 | 2,233 | 4,737 | 1,78,529 |
10 | 2,535 | 2,202 | 4,737 | 1,75,994 |
11 | 2,566 | 2,171 | 4,737 | 1,73,428 |
12 | 2,598 | 2,139 | 4,737 | 1,70,830 |
13 | 2,630 | 2,107 | 4,737 | 1,68,200 |
14 | 2,663 | 2,074 | 4,737 | 1,65,537 |
15 | 2,695 | 2,042 | 4,737 | 1,62,842 |
16 | 2,729 | 2,008 | 4,737 | 1,60,113 |
17 | 2,762 | 1,975 | 4,737 | 1,57,351 |
18 | 2,796 | 1,941 | 4,737 | 1,54,554 |
19 | 2,831 | 1,906 | 4,737 | 1,51,723 |
20 | 2,866 | 1,871 | 4,737 | 1,48,858 |
21 | 2,901 | 1,836 | 4,737 | 1,45,957 |
22 | 2,937 | 1,800 | 4,737 | 1,43,020 |
23 | 2,973 | 1,764 | 4,737 | 1,40,047 |
24 | 3,010 | 1,727 | 4,737 | 1,37,037 |
25 | 3,047 | 1,690 | 4,737 | 1,33,990 |
26 | 3,084 | 1,653 | 4,737 | 1,30,905 |
27 | 3,123 | 1,615 | 4,738 | 1,27,783 |
28 | 3,161 | 1,576 | 4,737 | 1,24,622 |
29 | 3,200 | 1,537 | 4,737 | 1,21,422 |
30 | 3,239 | 1,498 | 4,737 | 1,18,182 |
31 | 3,279 | 1,458 | 4,737 | 1,14,903 |
32 | 3,320 | 1,417 | 4,737 | 1,11,583 |
33 | 3,361 | 1,376 | 4,737 | 1,08,222 |
34 | 3,402 | 1,335 | 4,737 | 1,04,820 |
35 | 3,444 | 1,293 | 4,737 | 1,01,376 |
36 | 3,487 | 1,250 | 4,737 | 97,889 |
37 | 3,530 | 1,207 | 4,737 | 94,359 |
38 | 3,573 | 1,164 | 4,737 | 90,786 |
39 | 3,617 | 1,120 | 4,737 | 87,169 |
40 | 3,662 | 1,075 | 4,737 | 83,507 |
41 | 3,707 | 1,030 | 4,737 | 79,800 |
42 | 3,753 | 984 | 4,737 | 76,047 |
43 | 3,799 | 938 | 4,737 | 72,248 |
44 | 3,846 | 891 | 4,737 | 68,402 |
45 | 3,893 | 844 | 4,737 | 64,508 |
46 | 3,941 | 796 | 4,737 | 60,567 |
47 | 3,990 | 747 | 4,737 | 56,577 |
48 | 4,039 | 698 | 4,737 | 52,538 |
49 | 4,089 | 648 | 4,737 | 48,449 |
50 | 4,139 | 598 | 4,737 | 44,309 |
51 | 4,191 | 546 | 4,737 | 40,119 |
52 | 4,242 | 495 | 4,737 | 35,877 |
53 | 4,295 | 442 | 4,737 | 31,582 |
54 | 4,348 | 390 | 4,738 | 27,234 |
55 | 4,401 | 336 | 4,737 | 22,833 |
56 | 4,455 | 282 | 4,737 | 18,378 |
57 | 4,510 | 227 | 4,737 | 13,868 |
58 | 4,566 | 171 | 4,737 | 9,302 |
59 | 4,622 | 115 | 4,737 | 4,679 |
60 | 4,679 | 58 | 4,737 | 0 |
In this table, we can see that the payable EMI amount is Rs.4,737. Mr. Nakipuria will be required to pay a total sum of Rs.2,86,221 by the end of his loan repayment tenure.
Tamilnad Mercantile Bank decides the maximum loan amount on the basis of your gross salary. The maximum loan amount that you can avail is 6 times of your gross salary. However, it is subject to a cap of Rs.2 lakh. Additionally, if you do not have a salary account with the bank and are a borrower who remits the loan instalment, you will be eligible for a maximum loan amount of Rs.1 lakh.
Yes, you will be required to provide security against your personal loan. You can consider one of the following:
You can get in touch with the Tamilnad Mercantile Bank over the telephone as well as through email. The bank has an all-India national toll-free number which is 180 0425 0426. They also have a customer care no. which is +91 9842 461 461. You can also write to them at the following email address – customerservice@tmbank.in.
You will be required to provide the following documents as a pre-requisite.
There are 3 main factors that are taken into consideration by Tamilnad Mercantile Bank in order to check your eligibility for a personal loan. These factors are:
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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