|Interest Rate: One-year MCLR + applicable Credit Risk Premium and Business Strategy Spread – 14.80% p.a. (as on October 2018)|
In case of:1)Employer deducting and remitting the instalment – Up to 6 times the gross salary of the applicant subject to a maximum of Rs.2 lakh. 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.
The main benefits of choosing the TamilNad Mercantile Bank Personal Loan can be summed up as follows:
|Processing charges||1% of the loan amount sanctioned. It is not subject to maximum amount.|
|Late payment charges||Existing rate of interest on the outstanding balance + 2% p.a.|
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.
A: 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.
A: 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.
A: 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.
A: 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.
A: The pre-requisites are as follows:
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