| Interest Rates | 13.75% to 15.90% p.a. |
| Tenure | Up to 5 years |
| Loan Amount | Up to Rs 10 lakhs |
| Processing fees | 1% of the loan amount plus applicable taxes |
Tamilnad Mercantile Bank Personal Loan
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How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
Tamilnad Mercantile Bank Personal Loan Highlights
Tamilnad Mercantile Bank Personal Loan Interest Rates
The interest rate for Tamilnad Mercantile Bank Personal Loan ranges from 13.75% to 15.90% 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.
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.
Loan Amount for Tamilnad Mercantile Bank Personal Loan
The loan amount for Personal loans from Tamilnad Mercantile Bank will be 10 times the gross salary of the loan applicant (as per the latest salary statement/bill) with the maximum amount not exceeding Rs 10 lakh.
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Tamilnad Mercantile Bank Personal Loan Eligibility Criteria
Stated below are the eligibility criteria for applicants eligible to apply for Personal Loan from Tamilnad Mercantile Bank.
- The applicant should be between 21 and 54 years of age
- The applicant should have a minimum gross salary of Rs. 20,000 per month
- Permanent employees aged below 54 years, working in government departments, business/corporate houses or recognized educational institutions
Collateral/Security for Tamilnad Mercantile Bank Personal Loan
- No collateral security is required for a credit limit of up to Rs 5 lakhs
- For a credit limit of above Rs 5 lakhs:
- A mortgage of vacant land or land and building property (excluding agricultural property) is considered
- The property should preferably be residential and can be owned by the borrower or their family members
- The collateral coverage should be at least 200% of the limit
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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FAQs
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 will be 10 times the gross salary of the loan applicant (as per the latest salary slip) with the maximum amount not exceeding Rs 10 lakhs.
What is the tenure option available on Tamilnad Mercantile Bank personal loans?
Tamilnad Mercantile Bank Personal Loans come with a repayment tenure ranging up to 60 months.
Is any security required to avail of a personal loan from Tamilnad Mercantile Bank?
No collateral security is required for a credit limit of up to Rs 5 lakhs for availing personal loan from TMB.
Can a self-employed individual apply for personal loans from Tamilnad Mercantile Bank?
No, only a permanent employee (salaried professional) can apply for Tamilnad Mercantile Bank personal loan.
Can I apply for personal loans from Tamilnad Mercantile Bank 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 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.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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