• TMB Personal Loan

    TamilNad Mercantile Bank offers personal loans at an interest rate of 14.05% p.a. They offer a loan repayment tenure of up to 60 months. It offers a maximum loan amount of up to Rs.2 lakh and the processing fee for personal loans is 1% of the loan amount.
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    TamilNad Mercantile Bank Personal Loan Details

    Interest Rate:
    One-year MCLR + applicable Credit Risk Premium and Business Strategy Spread – 14.05% p.a. (as on 4 January 2021)
    Loan Amount:

    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.

    Features and Benefits of TMB Personal Loan

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

    • Fast and simple documentation process.
    • Minimal terms and conditions.
    • Flexible repayment tenure of up to 60 months.
    • Competitive rate of interests.
    • Easy online eligibility check process.
    • Easy online application and fast processing of loan.
    • Fast approval and disbursal of loan.

    Fees and charges

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

    Eligibility criteria

    • Age of the applicant: The applicant should be aged below 54 years.
    • 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.
    • 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
    • Reputation of the employer: In case of salaried individuals, being employed under a reputed employer increases the chances of the loan application being approved.

    About the Tamilnad Mercantile Bank

    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.

    FAQs on TMB Personal Loan

    1. What is the process to repay TMB Personal loans?
    2. 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.

    3. Does the bank require any security / guarantee to sanction a personal loan in Tamilnad Mercantile?
    4. 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.

    5. Where can I get the TamilNad Mercantile Bank Personal Loan application form?
    6. 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.

    7. How to check the status of a TamilNad Mercantile Bank Personal Loan?
    8. 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.

    9. What are the pre-requisites when applying for a TamilNad Mercantile Bank Personal Loan?
    10. The pre-requisites are as follows:

      • 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
        

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    TamilNad Mercantile Bank Personal Loan Reviews

    • Tamilnad Mercantile Bank
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My saving account was taken with TAMIL NADU MERCHANT BANK , I use the net banking platform all day to day banking transactions. This is a zero balance account and their banking services are smooth and hassle free. Customer service and their banking service is also good .
      Was this review helpful? 12
      , faridabad
      Reviewed on Dec 09, 2018
    • Tamilnad Mercantile Bank
      Tamilnad Mercantile Bank
      "Good"
      0.5 4.0/5 "Great!"
      I have got the personal loan with the Tamilnad Mercantile Bank and the rate of interest was around 12.5%. I need to pay only 5000 Rupees left to close the loan. I got the loan within ten days of time and the documents are nominal with them.
      Was this review helpful? 15
      , mumbai
      Reviewed on Dec 28, 2015
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