The Tamilnad Mercantile Bank has two types of credit cards in its retail kitty which is made available to its customers. While one card offers loan on an overdraft facility, the other card is used for cashless transactions like any other credit card in its genre. Let us have a detailed study of the cards in question for a complete understanding.
TMB General Credit Card
This card serves as a rollover credit facility in the form of overdraft. The features which make up the card are as follows:
- The card can be put to any use as long as it is not illegal in nature
- Customers of the bank who have good earning capacity and reside in a rural or a semi-urban area are eligible to avail the card. Moreover, only one person in a single household would be eligible to obtain the card.
- Branches of the bank in both rural and semi-urban areas are qualified to issue this credit card.
- The minimum credit limit one can avail on this card is Rs.5000 and thereafter in multiples of Rs.1000 up to a maximum limit of Rs.25,000. The bank would decide on the limit of loan extended based on the repayment capacity of the borrower subject to the maximum limit.
- No collateral security is required to be mortgaged or pledged to this credit card as this is an unsecured loan facility extended by the bank.
- This card offers an overdraft type of credit where a passbook is issued and withdrawals can be made through a debit slip. A separate credit card statement or a cheque book would not be issued by the bank on this card.
- The guarantee of an adult family member or a suitable third party would be required for offering their security in repayment
- The credit taken on the card should be repaid within 12 months of availing of the credit.
- A revolving credit is offered with the card where the customers are required to pay back the loan with interest within a period of 6 months for availing of the facility of a rollover. The loan can then be revived or retaken in the same account after a lapse of one day and the interest would have to be paid by the 7th of the subsequent month.
- The rate of interest chargeable on the loan is Base Rate + 8.50%. The current Base Rate on these card loans is 10.40% which makes the rate of interest on this card equivalent to 18.90% per annum.
- Though the maximum time for repayment is 12 months, the bank allows a discount of 2% in the rate of interest chargeable if the customer pays off the loan within 6 months and becomes eligible for the rollover facility. Two conditions have to be adhered to for becoming eligible for the discount. One is that the monthly interest is paid every month by the 7th day and secondly, there should be a credit balance in the loan account once in every 6 months.
- If the borrower defaults in paying interest on the loan for three consecutive months, the bank would review the loan and take necessary measures which might include reducing the sanctioned amount of loan or recovering the loan from the borrower completely.
- Folio charges are not applicable in case of this card.
- There is a processing fee of Rs.50 charged on the card.
TMB India Credit Card
This card is the popular credit card of the bank which has the same features like other credit cards offered by other banks and financial institutions. Such features include:
- The Tamilnad Mercantile Bank offers this credit card in collaboration with the Bank of India.
- The credit card is affiliated with MasterCard and is acceptable all around the world.
- The card allows credit transactions across multiple outlets both in India and abroad and reduces the hassles of carrying cash.
- The card provides attractive offers and a considerable credit limit to cardholders.
- In case the card is lost, the bank provides a toll-free hotline number which can be contacted from anywhere in India anytime for reporting the loss.
Features and Benefits of TMB Credit Cards
The following are the benefits and features which are tagged along the Tamilnad Mercantile credit cards:
- Liberal credit limit: The Tamilnad Mercantile Bank credit cards offer some of the highest credit limits to its holders. The cardholders can now enjoy worry free shopping experience and utilize the card at most for their needs.
- Attractive rates of interest: Tamilnad Mercantile Bank credit cards are offered at a very attractive rate of interest. The credit card interest rate starts at 17% and entitles the customer to make very high and purchase at a very affordable rates.
- Affordable and clear fees and charges: The Tamilnad Mercantile Bank offers credit cards with best in industry features. The processing of cards and charges taken are very clear and made transparent to the customers with no hidden costs or charges.
- Ideal and perfect customer support: The customers can clear all their card related queries at the 24×7 helpline numbers of the Tamilnad Mercantile Bank. Whether the query is related to the lost of card or its payment, the customer service people of the bank will clear all the doubts at a stance.
- High level of payment security: The Tamilnad Mercantile Bank provides the 3D secure authentication technology to its customers which make all their transactions and payments secure. The customers are confident and feel safe to transact with this cards and are confident that their cards cannot be misused.
- Special incentives to the immediate payers: for all the customers who make the credit card payments on time along with the proper interest enjoys special benefits from the bank. The bank provides them with an incentive of 2% discount on the applicable rate.
- No collateral security is required: Cardholders are not required to give any collateral security for availing overdraft facility or the TMB general credit card loan. The bank provides instant loan to its customers without any hassles.
- Offers for semi-urban and rural areas: The TMB cards are so designed that they offer maximum benefits to the customers residing in semi-urban and rural areas. The TMB cards are easy to use and offer greater privileges to the customers residing in the outer areas.
- Simple documentation process: The documentation required for both Tamilnad Mercantile Bank General credit card and Tamilnad Mercantile Bank India Card credit card is very simple and the processing fees charged are also minimal.
- Repayment tenure: the customers who take loans on the credit cards should make payment within 12 months from the date of purchase. Customers who make timely payment along with the interest amount and clear the loan within 6 months period are offered special incentives by the Tamilnad Merchantile Bank.
Fees and charges of TMB Credit Cards
The fees and charges payable on the card are divided into three categories. One category is where the card is taken for personal use, another category is where the card is taken for corporate use and the third category is where an additional add-on card is availed. The details of the fees and charges are:
|Description||Amount (in Rupees)|
|One-time Joining Fee or Admission Fee|
|Joining Fee for Personal Card||150|
|Joining Feefor Corporate Card||150|
|Joining Fee for Add-on Card||150|
|Yearly Membership Fee or Annual Fee|
|Annual Renewal Fee|
|Renewal of Personal Card||250|
|Renewal of Corporate Card||250|
|Renewal of Add-on Card||250|
|Replacement or Regeneration Fee|
|Personal Card Replacement||200|
|Corporate Card Replacement||200|
|Add-on Card Replacement||200|
|For Photo Card||50 extra|
|Hot Listing Charges for a card which is lost, stolen or deactivated||200|
|Cash withdrawal commission for cash withdrawal facility or cheque encashment facility||2.50% with a minimum amount of Rs.20|
|Rate of interest on Temporary Overdraft||17.50% per annum|
In addition to the above fees and charges, service tax as applicable at the time of levying the charge would also have to be paid.
Interest Rates on TMB Credit Cards
The following shows the various charges and interest taken for the credit cards offered by the Tamilnad Mercantile Bank.
Tamilnad Mercantile Bank General Credit Card Interest Rates:
- For all customers of the bank, the rate of interest is base rate+8.50% which has been currently fixed at 18.90% p.a.
Tamilnad Mercantile Bank India Card Credit Card Interest Rates:
- The Interest rate fixed for the temporary overdraft is 17.50% per annum.
- The interest rate for women customer is base rate+8.50% which is now currently fixed at 18.90% per annum.
Eligibility Criteria for the Different Variants of the Tamilnad Mercantile Credit Cards
Tamilnad Mercantile General Credit Card
- The applicant of the card should have good monthly income as required by the bank policies along with an easy cash flow.
- The applicant for this type of credit card should be residing in the semi-urban or the rural areas.
- The Tamilnad Mercantile Bank general credit card is offered only to the one person in a household.
Tamilnad Mercantile Bank India Card Credit Card
- This type of credit card is offered only to the person with a good CIBIL score i.e he is not listed as a defaulter from any other bank and is maintaining the healthy credit relation with the banks.
- The earning capacity of an individual should be as per the banks requirements and should have an easy cash flow.
Documents Required for TMB Credit Cards
The following are the documents required for the application of the credit card which is mainly based on employment and income source of the applicant:
- The application form duly filled and signed.
- The recent passport-sized colour photograph of the applicant.
- The residence proof like Aadhar card, telephone bill, electricity bill or the voters’ ID card.
- The proof of income which includes bank statements for last 3 months, IT returns for the last 3 months and Form 16 whichever is applicable, and for the self employed individuals the proof of existence of business along with the proof of continuity has to be given.
Apply for a TMB Credit Cards
If any individual wants to apply for any of the two credit cards available with the bank, they have to visit the bank’s nearest branch and make the corresponding application. The eligibility would be checked before accepting any individual’s application and if the eligibility standards are maintained, the bank would ask for filling and submission of the application form along with the required documents. On successful application and acceptance by the bank, the card would be issued.
FAQ’s For The Tamilnad Mercantile Bank Credit Cards
- For whom is the TMB credit cards best suited for?
The TMB General credit card sis best suited for the person who wants something extra from the normal credit cards that are offered by the other banks, the TMB offers the rollover overdraft facility to its customers. And the TMB India card credit card is best suited for the individuals who hate carrying cash to the International trips and who avoid tiring job of waiting for change at the payment counters.
- What is the repayment tenure if I use my TMB credit card to make purchases?
The repayment of the overdraft or the loans has to be completed within one year from the date of purchases made.
- Will I incur any penalty for the non-payment of interest on time?
If the customer fails to make the payment of interest for the consecutive 3 months then he will be regarded as a defaulter and would be subjected to serious actions from the bank his credit limit for the card will be reduced accordingly and the facility will be revoked from him.
- What is the advantage of using 3D secure system and will I get any benefit with Tamilnad Mercantile bank credit cards?
The 3D secure system for the credit cards prohibits the wrong use of the credit card and provides an extra level of authentication to the Visa and Master card. For every transactions made by the holder the personal security code is asked which makes the transaction safe and secure. To avail this facility the cardholder is required to register online.
- How do I avail TMB credit card with photo?
The customer is required to contact the Tamilnad Mercantile bank and specify them that he requires a photo credit card and should submit the application form with it. The bank will charge a nominal fee pof Rs.50 for providing the same to the customers.
- If I misplace or lose my TMB credit card then what should I do?
If unfortunately the cardholder looses his card or misplaces it then he will have to get his card blocked firstly. He can do so by contacting the customer care of TMB on their 24×7 helpline number. The bank charges the hotlisting and deactivating for lost or stolen card charges at Rs.200 per instance.