Tamilnad Mercantile Bank Personal Loan Highlights
|Interest rate||Starting at 14.25% p.a.|
|Loan Tenure||Up to 60 months|
|Eligible Applicant Category||Salaried Individuals|
|Eligible Applicant Age||Less than 54 years|
|Processing Fees||1% of loan sanctioned|
Tamilnad Mercantile Bank offers personal loans up to Rs. 2 lakh at an interest rate starting at 14.70% p.a. Tamilnad Mercantile Bank personal loan is offered with repayment tenure of up to 60 months, quick disbursal and involve minimal documentation. The following are key details of this unsecured loan:
Features of Tamilnad Mercantile Bank Personal Loan
- Loan amount: You can avail a personal loan up to Rs. 2 lakh from Tamilnad Mercantile Bank to deal with various personal financial requirements.
- Flexible tenure: Tamilnad Mercantile Bank Personal Loans come with a flexible repayment tenure ranging up to 60 months, which borrowers can choose as per their own convenience.
- Minimum documentation: Minimum documentation is required to avail a personal loan from Tamilnad Mercantile Bank which ensures easy application and quick processing.
- Quick disbursal: Once all the necessary documents are received and verified and the loan is approved, the loan amount gets disbursed to your account within a few days.
Tamilnad Mercantile Personal Loan Interest Rates
Tamilnad Mercantile Bank offers personal loans at an interest rate starting at 14.70% p.a. However personal loan interest rate offered to a specific applicant depends upon factors such as applicant profile including his/her credit score, age, customer segment, loan amount and tenure desired, etc.
To avail a Tamilnad Mercantile Bank personal loan, the following eligibility criteria needs to be taken into consideration:
- You should be below 54 years of age
- You should be a permanent employee of a reputed corporate/business house, govt. department, recognised educational institution, etc.
Documents Required for Loan Application
You need to furnish the following documents to avail a personal loan from Tamilnad Mercantile Bank:
- 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 installment 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
How to Apply for Tamilnad Mercantile Bank Personal Loan with Paisabazaar?
To apply for Tamilnad Mercantile Bank Personal Loan through Paisabazaar simply follow the steps given below:
- Visit Paisabazaar.com and fill out the online personal loan application form to view offers.
- You will receive offers from several banks and NBFCs sorted as per the chances of approval.
- Choose a prospective lender from the list or contact Paisabazaar for assistance.
- Complete and submit your personal loan application online to get instant conditional e-approval.
Personal Loan Verification Process
Once you have submitted your personal loan application online on Paisabazaar, the verification process that follows usually involves the following steps:
Step1. Your personal loan application is forwarded to the chosen lender by Paisabazaar, after which you will receive a call from the lender’s representative typically within 48 hours.
Step2. The prospective lender will schedule a pickup of your KYC, income, etc. documents or offer an option to upload them online. These documents will be used to verify your personal loan application.
Step3. You will receive another call to verify the loan offer and know your consent for disbursal, once the lender’s verification is completed and the loan is approved.
Step4. After successful verification and loan approval, the loan amount is generally disbursed within 48 hours.
Note: The above mentioned turnaround time for personal loan verification/disbursal may vary based on lender’s internal requirements as well as other criteria.
Fees and other Charges
Some of the key fees and charges associated with Tamilnad Mercantile Bank personal loan are given below:
|Processing Fees||1% of the loan amount plus applicable taxes|
|Foreclosure Charges||As per loan agreement|
|Cheque/ECS Swap Charges||Rs. 500 per instances|
*GST at applicable rate additional.
How to Login on Tamilnad Mercantile Bank Portal
To login to Tamilnad Mercantile Bank’s internet banking portal simply follow the steps given below:
- Visit the Tamilnad Mercantile Bank website.
- Click on ‘Internet Banking’.
- Login using your user id and password to view your account details including personal loan statement, EMI details, outstanding balance etc, details online.
Tamilnad Mercantile Bank Personal Loan Statement
You can avail your Tamilnad Mercantile Bank personal loan statement both online and offline:
- Online: To get your personal loan statement online, you can visit the bank’s website and login to the net banking portal using your login credentials. You can also avail the statement by logging into the Tamilnad Mercantile Bank mobile application.
- Offline: To avail a physical copy of your personal loan statement, you can visit the nearest Tamilnad Mercantile Bank branch office or call up the customer care number.
Tamilnad Mercantile Bank personal loan interest rate starts at 14.70% p.a. Given below is an example of EMI calculation using the personal loan EMI calculator for varying loan amounts, tenures and interest rates:
|Loan Amount (Rs.) and Interest Rate|
Monthly EMI Payout (Rs.)
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|50,000 @ 14.70% p.a.||4,506||2,417||1,726||1,384||1,182|
|1 lakh @ 16% p.a.||9,073||4,896||3,516||2,834||2,432|
|2 lakh @ 20% p.a.||18,527||10,179||7,433||6,086||6,086|
Comparison of Tamilnad Mercantile Bank Personal Loan vs. Other Lenders
The following table gives a comparison of the key features of a personal loan from Tamilnad Mercantile Bank with other top lenders in India:
|Particulars||Tamilnad Mercantile Bank||Axis Bank||HDFC Bank||Bajaj Finserv||Citi Bank|
|Interest Rate||Starting from 14.70%||12% to 24%||10.75% onwards||Starting from 12.99%||Starting from 9.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Up to Rs. 2 lakh||Rs. 50,000 to Rs. 15 lakh||Up to Rs. 15 lakh||Up to Rs. 25 lakh||Up to Rs. 30 lakh|
|Processing Fee||1% of loan amount plus applicable taxes||2% of loan amount plus GST||Up to 2.50% of the loan amount||Up to 4.13% of the loan amount||Up to 3% of the loan amount|
Tamilnad Mercantile Bank Customer Care
You can contact Tamilnad Mercantile Bank’s customer care using any of the following means given below:
- By Phone: You can call on the All India National toll free number 180-0425-0426 or (+91)9842-461-461 (chargeable)
- Email: You can also send an email at email@example.com
- SMS: You can get your queries answered through SMS. Simply type “HELP” and send it to (+91)9842-461-461
- Branch Visit: You can also visit the nearby Tamilnad Mercantile Bank branch to get your queries resolved
Benefits of Applying a Personal Loan at Paisabazaar.com
Given below are some key advantages of applying for a personal loan on Paisabazaar.com:
- With Paisabazaar.com you can compare key personal loan features such as interest rate, processing fees, foreclosure charges, etc. of various personal loan providers on a single platform
- By enabling you to automatically compare the EMI of various personal loan options, it helps you choose the most suitable option for yourself.
- As Paisabazaar is a completely online platform, borrowers are no longer required to physically visit the prospective lender’s branch office
- You can access the Paisabazaar website anytime and anywhere at your own convenience
- Personal loans applied through the Paisabazaar website can be easily tracked online using the application number provided
- Additionally, applying for a personal loan on Paisabazaar.com is completely free of charge.
Given below are some key aspects that you must keep in mind when applying for a personal loan with Tamilnad Mercantile Bank:
- Check your credit score: Before applying for a personal loan it is always good to check your credit score. It is one of the primary things that lenders consider when lending money to a person. A low credit score can result in an increase in the interest rate charged by the lender or to an outright rejection of your loan application.
- Avoid Multiple Simultaneous Loan Applications: Refrain from applying for a personal loan with several lenders at the same time. It not only shows you to be credit hungry but may also increase the number of hard inquiries for your credit report, which may negatively affect the chances of approval.
- Evaluate the complete cost: Evaluate the complete cost of the loan. Interest is not the only cost that you need to pay. Other fees and charges like processing fees, late payment fees, etc. must be taken into account when finalizing upon a particular personal loan.
- Compare and choose: Before applying for a particular personal loan, compare the interest rates and charges levied by various lenders to secure the best deal.
- Borrow wisely: Borrow only what you need and can pay back. Avoid borrowing simply because you are eligible to borrow a higher amount.
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.