Tamilnad Mercantile Bank offers its customers a personal loan scheme, which would enable them to fund their personal expenses like home renovation, vacation, wedding, medical emergency, etc. without any hassles. Tamilnad Mercantile Bank Personal Loan can be availed for up to Rs. 2 lakh and is sanctioned with minimum formalities.
Tamilnad Mercantile Bank Personal Loan - Features and Benefits
- Loan amount: Offering a personal loan amount of up to Rs. 2 lakh, Tamilnad Mercantile Bank provides customised solutions to all the customers
- Flexible tenure: You can repay Tamilnad Mercantile Bank Personal Loan maximum by 60 months and can choose the tenure as per your repayment ability
- Minimum documentation: You only need to submit a few documents to avail Tamilnad Mercantile Bank Personal Loan and hence the processing of this loan is fast
- Quick disbursal: When you submit all the documents and they are verified, the personal loan gets disbursed to your account within a few days
Tamilnad Mercantile Bank Personal Loan - Interest Rate and Fees
| Interest Rate | Starts from 14.80% |
| Processing Fees | 1.00% of Limit sanctioned without any maximum cap |
| Penal Interest | Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding |
Tamilnad Mercantile Bank Personal Loan - Eligibility Criteria
- You should be below 54 years
- You should be a permanent employee of reputed corporates/business houses, govt. departments, recognised educational institutions, etc.
Tamilnad Mercantile Bank Personal Loan - Documents Required
- Application form
- Proof of income (salary slips and bank statements) and certificate from the employer for the take home salary
- Undertaking from the employer to deduct the instalment from the salary and remit to the Bank or Undertaking from the employer to allow deduction from salary account, if necessary
- Guarantee consent letter from third party, if necessary
- Undertaking from the employer that the applicant will not be relieved from the service under VRS without the consent of the Bank
Tamilnad Mercantile Bank Personal Loan - EMI Calculator
Calculating your EMI before applying for personal loan helps you to understand that the loan EMIs do not hamper your monthly budget. Apart from this, knowing your monthly EMI also helps in reducing the risk of defaulting on your loan. Therefore, we, at Paisabazaar.com, offer you a Personal Loan EMI calculator to calculate your Tamilnad Mercantile Bank Personal Loan EMI before availing the loan. Just fill the following information to get the desired results:
- Loan amount
- Tenure
- Interest rate
Compare Tamilnad Mercantile Bank Personal Loan VS Other Lenders
| Particulars | Tamilnad Mercantile Bank | HDFC Bank | Citi Bank | Axis Bank | ICICI Bank | Bajaj Finserv |
| Interest Rate | Starting from 14.80% | 11.25% to 21.50% | Starting from 10.99% | 11.49% to 17.49% | 11.50% to 22.00% | Starting from 12.99% |
| Tenure | Upto 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months | 12 to 60 months |
| Loan amount | Upto Rs. 2 lakh | Upto Rs. 40 lakh | Upto Rs. 30 lakh | Rs. 50,000 to Rs. 15 lakh | Upto Rs. 20 lakh | Upto Rs. 25 lakh |
| Processing Fee | 1.00% of Limit sanctioned without any maximum cap | Upto 2.50% of the loan amount | Upto 3% of the loan amount | 2% of loan amount plus GST | Upto 2.25% of loan amount plus GST | Up to 3.99% of the loan amount |
| Apply Now | Apply Now | Apply Now | Apply Now | Apply Now | Apply Now |
Tamilnad Mercantile Bank - Customer Care
- You can call on All India National toll free number 180- 0425- 0426
- Non Resident Indians / Persons of Indian Origin can write on nricell@tmbank.in
- You can write your feedback/suggestions here
FAQs
Can a self - employed individual apply for Tamilnad Mercantile Bank personal loan?
No, only a permanent employee (salaried professional) can apply for Tamilnad Mercantile Bank personal loan.
Can I apply for Tamilnad Mercantile Bank personal loan to buy household items?
Yes, you can apply for Tamilnad Mercantile Bank personal loan to buy household items or to deal with any other personal expense.
What should be the minimum credit score to apply for Tamilnad Mercantile Bank personal loan?
The banks usually ask for a minimum credit score of 750 and above to apply for a personal loan.