Tamilnad Mercantile Bank Personal Loan Highlights |
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Interest Rates | 13.90% to 16.00% p.a. |
Tenure | Up to 5 years |
Loan Amount | Up to Rs 5 lakh |
Processing fees | 1% of the loan amount plus applicable taxes |
Note: Rates as of 5 June 2023
Tamilnad Mercantile Bank Personal Loan Interest Rates
The interest rate for Tamilnad Mercantile Bank Personal Loan ranges from 13.90% to 16.00% p.a. Although the lender has not disclosed the differential personal loan interest rates based on factors like their loan applicants’ credit scores, monthly income, occupation profile, etc., most lenders set their personal loan interest rates based on the aforementioned factors.

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Compare Interest Rate on Personal Loans for Top Banks and NBFCs
Banks/NBFCs | Interest Rates(p.a.) | |
HDFC Bank | 10.50% onwards | Apply Now |
SBI | 11.00%-15.00% | |
ICICI Bank | 10.50% onwards | Apply Now |
Axis Bank | 10.49% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |

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Tamilnad Mercantile Bank Personal Loan Fees and Charges
The processing fee for Tamilnad Mercantile Bank Personal Loan is 1% of the 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
The loan amount for Personal loans from Tamilnad Mercantile Bank will be 6 times the gross salary of the loan applicant (as per the latest salary statement/bill) with the maximum amount not exceeding Rs. 5 lakh.
Tamilnad Mercantile Bank Personal Loan Eligibility Criteria
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
Tamilnad Mercantile Bank Personal Loan 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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FAQs
1. What is the maximum amount that I can avail on a personal loan from Tamilnad Mercantile Bank?
Ans. The maximum amount that you can avail on a Tamilnad Mercantile Bank Personal Loan will be 6 times the gross salary of the loan applicant (as per the latest salary slip) with the maximum amount not exceeding Rs. 5 lakh.
2. What is the tenure option available on Tamilnad Mercantile Bank personal loans?
Ans. Tamilnad Mercantile Bank Personal Loans come with a repayment tenure ranging up to 60 months.
3. Is any security required to avail of 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)
4. Can a self-employed individual apply for personal loans from Tamilnad Mercantile Bank?
Ans. No, only a permanent employee (salaried professional) can apply for Tamilnad Mercantile Bank personal loan.
5. Can I apply for personal loans from Tamilnad Mercantile Bank to buy household items?
Ans. Yes, you can apply for Tamilnad Mercantile Bank personal loan to buy household items or to deal with any other personal expense.
6. What should be the minimum credit score to apply for Tamilnad Mercantile Bank personal loan?
Ans. The bank does not specify a minimum credit score to avail a personal loan. However, applicants with a credit score of 750 or above increase their chances of securing a personal loan as well as availing a personal loan on favourable terms.

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