Apply for Best Personal Loan Offers!Tamilnad Mercantile Bank Personal Loan Highlights 2022 | |
| Interest Rates | 14.15% p.a. |
| Tenure | Up to 5 years |
| Loan Amount | Up to Rs. 2 Lakhs |
| Processing fees | 1% of loan amount plus applicable taxes |
Note: Interest rates as of 2nd August 2022
Tamilnad Mercantile Bank Personal Loan Interest Rates
The interest rate for Tamilnad Mercantile Bank Personal Loan is 14.15% p.a.
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Compare Interest Rate on Personal Loans for Top Banks and NBFCs
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.10%-14.60% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% - 25.00% | Apply Now |
| Bajaj Finserv | 13.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
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Tamilnad Mercantile Bank Personal Loan Fees and Charges
The processing fees for Tamilnad Mercantile Bank Personal Loan is 1% of loan amount plus applicable taxes.
Also Read: What are the charges you pay when getting a personal loan
Loan Amount for Tamilnad Mercantile Bank Personal Loan
- When borrower pays the loan instalment directly: 6 times of gross monthly salary (up to a maximum of Rs. 1 Lakh) as per the last salary bill
- When employer deducts the loan instalment from borrower’s salary and pays the bank: 6 times of gross monthly salary (up to a maximum of Rs. 2 Lakh) as per the last salary bill
Eligibility Criteria for Tamilnad Mercantile Bank Personal Loan
Permanent employees aged below 54 years, working in government departments, business/corporate houses or recognized educational institutions, are eligible to apply for Personal Loan from Tamilnad Mercantile Bank.
Also Get: List of Top Banks Offering Personal Loan for Government Employees
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Security for Tamilnad Mercantile Bank Personal Loan
- Lien over bonus, salary and other emoluments
- Hypothecation of assets created from loan proceeds and suitable Third Party Guarantee, if needed
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Frequently Asked Questions (FAQs)
Q1. What is the maximum amount that I can avail on a personal loan from Tamilnad Mercantile Bank? The maximum amount that you can avail on a Tamilnad Mercantile Bank Personal Loan besides other factors also depends upon whether the borrower remits the loan installment or whether his/her employer remits the installment on his/her behalf.
- In case the employer deducts and remits the installment: 6 times of Gross Salary as per the latest Salary Slip with a maximum of Rs. 2 lakh.
- In case the borrower remits the installment directly: 6 times of Gross Salary as per the latest Salary Slip with a maximum of Rs. 1 lakh.
Q2. What is the tenure option available on Tamilnad Mercantile Bank personal loans? Tamilnad Mercantile Bank Personal Loans come with a repayment tenure ranging upto 60 months. Q3. Is any security required to avail a personal loan from Tamilnad Mercantile Bank?
- Lien over bonus, salary and other emoluments
- Hypothecation of assets created from loan proceeds
- Suitable Third Party Guarantee (if needed)
Q4. 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.
Q5. 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.
Q6. What should be the minimum credit score to apply for Tamilnad Mercantile Bank personal loan?
The bank does not specify a minimum credit score to avail a personal loan. However, applicants with a credit score of 750 or above increases the chances of securing a personal loan as well as availing a personal loan on favourable terms.