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    TamilNad Mercantile Bank Personal Loan

    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

    TamilNad Mercantile Bank Personal Loan is Rated as "Great!" by 1 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Tamilnad Mercantile Bank Limited (TMB) is a bank headquartered in Tuticorin in Tamil Nadu, India. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community. For the financial year 2011-2012, the bank reported a net profit of Rs. 4845.3 million. The bank currently has 372 full fledged branches throughout India, nine regional offices and eleven Extension Counters, two Mobile Banking branches, six central processing centres, three Currency Chests and 681 Automated Teller Machines(ATM)


    You’re probably eligible for an Tamilnad Mercantile Bank Limited Personal Loan if you are

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    Tamilnad Mercantile Bank Limited Personal Loan Minimum Age

    At least 21 years old

    Tamilnad Mercantile Bank Limited Personal Loan Maximum Age

    Less than 54 years old

    Tamilnad Mercantile Bank Limited Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Tamilnad Mercantile Bank Limited Personal Loan Minimum Income

    Earn more than the minimum
    income required


    Your Tamilnad Mercantile Bank Limited Personal Loan amount eligibility is based on these factors

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    Tamilnad Mercantile Bank Limited Personal Loan Minimum Salary

    Salaried with Regular Income

    Tamilnad Mercantile Bank Limited Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is Rs. 2 lakhs

    Tamilnad Mercantile Bank Limited Personal Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Tamilnad Mercantile Bank Limited Personal Loan amount by these steps

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    Tamilnad Mercantile Bank Limited Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “Tamilnad

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an Tamilnad Mercantile Bank Limited Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Tamilnad Mercantile Bank Limited Personal Loan Interest RatesUpdated on 05 Dec 2016

    Tamilnad Mercantile Bank Limited Personal Loan Details
    Interest Rate (Floating) 14.40% to 16.40%
    Processing Fees 1% of loan amount
    Loan Tenure 60 months
    Guarantor Requirement guarantor required

    About Bank Tamilnad Mercantile Bank Personal Loan

    Tamilnad Mercantile Bank was established by Shri T.V. Balagurusamy Nadar, the then President of the Nadar Mahajana Sangam while the bank opened its doors to the public in Ana Mavanna Building at South Raja Street, Tuticorin, in the year 1921. They had four main branches by 1947, in Tuticorin, Madurai, Sivakasi and Virudhunagar along with an international branch in Colombo, Sri Lanka established in 1937. With a current structure of 432 full-fledged branches all over the country, 11 Extension Counters,10 Regional Offices, 1 Service Branch, 6 Central Processing Centres, 3 Currency Chests and 900 Automated Teller Machines, Tamilnad Mercantile Bank has come a long way, today.

    If you are looking for personal finance solution, the Tamilnad Mercantile Bank could be the perfect solution, 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, going for a foreign holiday with family or buying that golf gear you have been ogling over at the golf showroom for days. the bank offers this loan under minimum requirements and the documentation is basic and simple.

    Why Choose Tamilnad Mercantile Bank Personal Loan

    Tamilnad Mercantile Bank Personal Loan is easy to apply for, and has a lot of advantages in terms long repayment tenure as well as eligibility and documents. This particular scheme can be taken to fulfil those small dreams that you always had second thoughts about, because it was not a priority for the moment. The Tamilnad Mercantile Bank Personal Loan can be used for buying air tickets or to simply purchase that piece of furniture that is absolutely essential for your living room. Simplistic banking makes this a worthwhile product.

    Flexible Personal Loan Tenure: When you have the leverage to pay your loans in EMIs spread over several months, you really don’t have to be worried about your monthly finances after taking the loan. Tamilnad Mercantile Bank Personal Loan assures you just that. The maximum loan repayment tenure is up to 60 months.

    Flexible Loan Amount: You could borrow any sum of money, up to Rs. 1 lakh, allowing you to fulfil your small financial requirements with ease. If your you hold a salary account with the bank, and paying directly through your salary account, you have the further advantage of loaning an amount of up to Rs. 2 lakhs.

    Attractive Rate of Interest: Rate of interest for repayment of your Tamilnad Mercantile Bank Personal Loan is more convenient with interest rates starting at 14.60%, making it convenient on your pocket in the long run. For an instance, if your loan amount is Rs. 50,000 and you choose to repay it in 60 equal monthly installments at an interest rate of 14.60% p.a., the equated monthly installment (EMI) payable amount is only Rs. 1,179.02, approximately. You can use the EMI Calculator provided by BankBazaar for a quick idea about a Tamilnad Mercantile Bank Personal Loan that suits your financial needs.

    Eligibility Advantage: It is easy to get a Tamilnad Mercantile Bank Personal Loan as long as you fall under very simply criterias that most salaried individuals can afford. You need to be less than 54 years of age, hold a permanent position in your workplace and preferably confirmed employee at a reputed educational institution, services in Govt. departments or hold positions in renowned corporate houses or companies.

    Tamilnad Mercantile Bank Personal Loan gives you the freedom of a hassle-free financial solution that may be small, but perfectly affordable and suitable for your financial situation. Whether it is a new car music system or expensive apparels for a wedding that you must be prepared for the TMB personal loan is very handy as comfortable scheme for an individual’s personal needs. For starters, the loan’s features are attractive, having one less finance to worry about:

    Flexible Tenure: you can take the liberty to choose a loan repayment tenure of up to 5 years, payable through monthly EMIs.

    Flexible Loan Amount: Choose an amount that you need and nothing more or less. You can choose a sum of up to Rs 1 lakh. If you wish to make the payments directly from your salary account with the bank, you get the privilege of loaning an amount of up to Rs. 2 lakhs.

    You can primarily hypothecate assets created out of the loan proceeds, in case loan is sanctioned for purchasing goods such as Consumer Durables or household articles.If necessary, suitable third party guarantee might be a requirement. A collateral security is not a prerequisite. if the individual’s employer does not undertake to deduct and remit the instalment or EMI is not deducted from the salary account maintained by the bank branch, it is required to obtain a guarantee from two appropriate persons.

    Competitive Interest Rates: The Interest Rates for a Tamilnad Mercantile Bank Personal Loan are reasonable and add up to small amounts if taken over a long tenure. If you choose a longer tenure (up to 60 months) repayment of the loan does not affect your monthly expenses, aggressively.

    Eligibility for Personal Loan Application: There are a few basic parameters that are required to be eligible for availing a Tamilnad Mercantile Bank Personal Loan :

    • He/she should be at least 21 years of age at least, but less than 54 years.
    • He/she should ideally hold a salary account with Tamilnad Mercantile Bank. If not he should be a confirmed employee of a reputed organization or institution.
    • He/she should be able to present a proof of income and certificate from their employer of the Take Home Salary.
    • It is required to present undertaking from the employer to withdraw and remit the instalment amount from the his/her salary each month when the employer is agreeable for the same.

    Documents Required: To avail a Tamilnad Mercantile Bank Personal Loan, you would require the following documentation:

    • Filled and signed application Form
    • Proof of identity/ Address proof: passport, voter’s ID or driving license
    • Proof of Income & Certificate from the employer for the take home salary
    • Quotations under circumstantial requirement, as directed by the bank
    • Undertaking from the employer to withdraw and remit the instalment amount from the his/her salary each month when the employer is agreeable for the same.
    • Consent letter for guaranteers from third party (2 persons), if necessary.
    • Proof of the employer’s undertaking to ensure that without the permission or consent of the bank, the applicant will not be relieved from the service under VRS.

    Personal loans from TMB can be used for any purpose, with the bank charging a competitive interest on these loans. A key factor which determines the interest payable is the date of loan approval, with the base rate applicable if loan was approved before RBI introduced MCLR benchmarks.

    Tamilnad Mercantile Bank Base Rate (For existing borrowers)

    The current base rate at TMB stands at 10.40% per annum, effective from October 15, 2015. This rate acts as a benchmark to determine the final interest for various products, with TMB typically modifying it to meet current situations.

    Tamilnad Mercantile Bank personal loan interest rate (Base Rate)

    Customers who availed a loan before new RBI guidelines were enforced can continue with their old/current interest payment mode, which takes the base rate into consideration. The interest payable depends on a number of factors, including the repayment conditions, financial status of borrower, security provided, etc. The table below highlights the rates for different scenarios.

    Parameter Interest Rate
    EMI deducted from TMB salary account BR + 4% = 14.40% per annum
    Undertaking by employer on loan repayment BR + 4% = 14.40% per annum
    No undertaking from employer BR + 6% = 16.40% per annum
    Security equivalent to full loan amount BR + 4% = 14.40% per annum
    Security equivalent to over 50% of loan amount BR + 5.50% = 15.90% per annum

    Note: All interest rates mentioned above are subject to change at the sole discretion of Tamilnad Mercantile Bank, with rates applicable as of June 17, 2016. TMB can modify/alter these rates without prior intimation and borrowers should check MCLR benchmarks (if applicable) before applying for a loan. 

    In order to apply for a personal loan with Tamilnad Mercantile Bank, the financial institution has certain eligibility criteria set to ensure that the applicant is able to afford the repayment of the loaned amount. Here are the basic eligibility criterias set by the bank:

    Job Segment Any employee at a reputed organization or institution is eligible to apply
    Age Individual should be more than 21 years and less than 54 years of age
    Maximum Loan Amount A loan of Rs. 1 lakh can be taken by an individual
    Job ContinuityThe individual should be a confirmed employee at a reputed organization or institution

    Before you take a Tamilnad Mercantile Bank Personal loan, you have to consider several factors that would ensure that you can afford or repay the loan and how can manage your monthly finances when having to pay the sum every month from your income.

    The tool hosted by Bankbazaar website will enable you to estimate the exact monthly repayment amount that will be necessary to pay off your Tamilnad Mercantile Bank Personal Loan amount with interest. All you need to do, is enter the loan amount, tenure and rate of interest as input and calculate the monthly EMI. you can also adjust the tenure and other factors in the EMI calculator, to customize and see which plan suits you best.

    • Am I eligible for Tamilnad Mercantile Bank personal loan?
    • Tamilnad Mercantile Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence.

    • How do I repay Tamilnad Mercantile Bank Personal loan?
    • You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

    • What is the maximum loan one can get from Tamilnad Mercantile Bank?
    • Tamilnad Mercantile Bank offers Personal Loans as high as Rs. 2 Lakhs for successful applicants depending on their financial record and repayment history.

    • What is the tenure for Tamilnad Mercantile Bank personal loan?
    • Tamilnad Mercantile Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.

    • What are the reasons for which I can avail a personal loan from Tamilnad Mercantile Bank?

      Customers can take out a personal loan from Tamilnad Mercantile Bank for any personal purpose such as purchase of household articles or consumer durables, to meet expenses related to the wedding of their children, other family expenses and more.

    • Who is eligible for a personal loan from Tamilnad Mercantile Bank?

      Salaried individuals who are younger than 54 years of age and serve in reputed business / corporate houses, government departments, or recognised educational institutions are eligible for a personal loan from Tamilnad Mercantile Bank.

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

      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.

    • What are the documents I must submit to avail a personal loan?

      The bank will require you to furnish a proof of income along with a certificate / letter from your employer stating your monthly take home salary. If you wish to have your salary account deducted every month to make EMI payments towards your personal loan, you must also submit an undertaking from your employer stating that the instalment amount can be deducted and remitted on a predetermined date each month.

    • Will there be any penalties in case I fail to make EMI payments on time?

      Any default or irregularity in repayment will have its consequences in the form of penalties. Failure to make your payments on time will result in a penal interest of 2% in excess to the interest rate on the outstanding balance.

    • Are there any processing charges to have my loan sanctioned?

      Yes, customers who wish to avail a personal loan from Tamilnad Mercantile Bank will be charged 1% of the amount sanctioned.

    • How do I make repayments towards the personal loan?

      Customers have two options when it comes to repaying their personal loan. You can either opt for your EMIs to be deducted from your salaried account at a predetermined date each month, or you can make payments through post-dated cheques.

    *This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with Tamilnad Mercantile Bank. For further information about any of the products mentioned above please contact Tamilnad Mercantile Bank.

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