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)
|Interest Rate (Floating)||13.75% to 15.75%|
|Processing Fees||1% of loan amount|
|Loan Tenure||60 months|
|Guarantor Requirement||guarantor required|
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.
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 :
Documents Required: To avail a Tamilnad Mercantile Bank Personal Loan, you would require the following documentation:
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.
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.
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.
|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 Continuity||The 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.
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.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
Tamilnad Mercantile Bank offers Personal Loans as high as Rs. 2 Lakhs for successful applicants depending on their financial record and repayment history.
Tamilnad Mercantile Bank offers personal loan with a tenure period ranging from 12 months to 60 months making it suitable for all loan seekers.
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.
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.
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.
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.
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.
Yes, customers who wish to avail a personal loan from Tamilnad Mercantile Bank will be charged 1% of the amount sanctioned.
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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