TMB Personal Loan

2)The borrower remitting the instalment – Up to 6 times of the gross salary of the applicant subject to a maximum of Rs.1 lakh.

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Features and Benefits of TMB Personal Loan

The main benefits of choosing the TamilNad Mercantile Bank Personal Loan can be summed up as follows:

1. Fast and simple documentation process.
2. Minimal terms and conditions.
3. Flexible repayment tenure of up to 60 months.
4. Competitive rate of interests.
5. Easy online eligibility check process.
6. Easy online application and fast processing of loan.
7. Fast approval and disbursal of loan.

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Fees and Charges

Category	Details
Processing charges	1% of the loan amount sanctioned. It is not subject to maximum amount.

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Eligibility Criteria

1. Age of the applicant: The applicant should be aged below 54 years.
2. Nature of employment: The applicant should be a permanent employee with a confirmed service in a government department, a business house, a reputed corporate house, a recognised educational institution, and so on.
3. A good credit score: Most lenders check the credit score of the applicant before processing a loan. Having a good credit score increases the chances of the loan application being approved
4. Reputation of the employer: In case of salaried individuals, being employed under a reputed employer increases the chances of the loan application being approved.

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About Tamilnad Mercantile Bank Personal Loan

Tamilnad Mercantile Bank is one of the oldest banks in India. Personal loans are one of the most utilised credit instruments offered by the bank. The bank offers loans up to 6 times the gross income of the applicant subject to an upper cap. The bank offers personal loans with minimal conditions applied. The documentation process is also quite simple and fast for Tamilnad Mercantile Bank Personal Loans.

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FAQs on TMB Personal Loan

• What is the process to repay TMB Personal loans?

  A borrower can repay his or her personal loan from TamilNad Mercantile Bank within the stipulated repayment tenure through post-dated cheques or through Equated Monthly Instalments or EMIs using the ECS facility.

• Does the bank require any security / guarantee to sanction a personal loan in Tamilnad Mercantile?

  Yes, the bank treats lien over bonus, salary and other emoluments as security against your personal loan. In case your employer does not allow the bank to deduct money from your salaried account to make instalment payments towards the loan and you do not possess a salary account with TamilNad Mercantile Bank, you will have to nominate two individuals as guarantors.

• Where can I get the TamilNad Mercantile Bank Personal Loan application form?

  An applicant can visit one of the nearest branches of TamilNad Mercantile Bank and collect the application form from there. Alternatively, he or she can also visit the official website of TamilNad Mercantile Bank and download and print the application from the website.

• How to check the status of a TamilNad Mercantile Bank Personal Loan?

  If you have applied for the personal loan through the bank website, you can just log in to the website and check the status of the loan. If you have applied for the loan through a third-party platform such as BankBazaar, you can log in to your BankBazaar profile and check the status of your loan. In addition to that, BankBazaar will also send regular updates about the status of your TamilNad Mercantile Bank Personal Loan through emails and SMS which will be delivered to the registered email ID and phone number, respectively. You can also get push notifications for the same if you are using the BankBazaar smartphone application.

• What are the pre-requisites when applying for a TamilNad Mercantile Bank Personal Loan?

  Certificate for the Take Home Salary from the employer, Income proof, Undertaking which is to be issued by the employer of the borrower for the deduction and remittance of the instalments from the salary of the borrower every month.

• Can I avail a personal loan from TMB to purchase consumer durable products?

  Yes, you can apply for a personal loan from Tamilnad Mercantile Bank to purchase consumer durable products for yourself. 

• I am an NRI. Can I apply for a personal loan from Tamilnad Mercantile Bank?

  As an NRI you can apply for a personal loan from Tamilnad Mercantile Bank provided you are aged 54 years and below. 

• What options do I have for paying the interest on my personal loan from Tamilnad Mercantile Bank?

  To pay the EMI, you must use a debit mandate from your Tamilnad Mercantile Bank savings or current account if you have one; if not, you must use a mandate from an Automated Clearing House (ACH) or Electronic Clearance Service (ECS) that has been duly registered with another bank.