Tamilnad Mercantile Bank Education Loan is a means to assure the parents that the bright career of their children is possible through finance from the bank for pursuing higher studies. The loan can be availed by any deserving student for higher studies in India or abroad. This loan by the bank has helped all deserving students to choose any career of their choice through prestigious institutes across the globe. The bank? hassle free process and documentation makes Tamilnad Mercantile Bank Education Loan a true gift for students and their parents which they will cherish for long.

Tamilnad Mercantile Bank Education Loan Interest Rate:

The Tamilnad Mercantile Bank Education Loan interest rate is competitive and is the reason many avail it for study in India and abroad.

Tamilnad Mercantile Bank Education Loan rate is 13.50% based on Base Rate which is subject to change. Most students looking for Bank finance for higher education find Tamilnad Mercantile Bank Education Loan interest rate competitive.

The Bank also provides a 0.50% discount if covered by 100% and above collateral security.

Tamilnad Mercantile Bank Education Loan Eligibility And Expenses Covered:

Tamilnad Mercantile Bank Education Loan can be availed by any resident Indian of minimum age 18 years. The loan can be availed for any graduation and post graduation courses. All Recognized Courses like:

• ·ICWA
• ·CA, CFA
• ·IIM
• ·IIT, XLRI, NIFT, IISc

Loan is also offered for courses by UGC/Govt./AICTE/ICMR programs that qualify for Tamilnad Mercantile Bank Education Loan eligibility.

The Tamilnad Mercantile Bank Education Loan interest rate loan applicant has to pay margin money ranging from 5-15 % of the total loan amount applied for courses in India & Abroad.

Other Qualifications For Tamilnad Mercantile Bank Education Loan Eligibility Are:

1For Tamilnad Mercantile Bank Education Loan eligibility the candidate should be a Resident Indian.

2Admission to technical courses in India is possible through Tamilnad Mercantile Bank Education Loan eligibility.

3A co-applicant is required for full time courses.

4The maximum loan for studies in India is at the maximum is Rs.10 lacs

5The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The expenses covered by the Tamilnad Mercantile Bank Education Loan rate is

1. College Fee

2Hostel and Library charges

3Caution deposit

4Money to go abroad

5Money for Study tours, Project work, Computer etc.

Tamilnad Mercantile Bank Education Loan Review And Documentation:

According to the Tamilnad Mercantile Bank Education Loan review the student would need to provide the following documents for the processing of the loan apart from Proof of Age, Signature, Identity and Residence:

1Fully completed loan application form along with Institutes Admission letter with Fee Break up.

2Two Photographs

Tamilnad Mercantile Bank Education Loan Review And Documentation For The Salaried Co- Borrower:

1Bank Statement for last 6 months.

2Income Tax Statement for the last two years

3A brief about the asset and liabilities possessed by the borrower

4Latest 2 Salary slips

Tamilnad Mercantile Bank Education Loan Review And Documentation For The Self Employed Individual:

1Bank Statement

2Income Tax Return

3Profit and Loss Account or Balance Sheet of the Company

4Proof of Qualification.

Tamilnad Mercantile Bank Education Loan Review And Application Procedure:

Tamilnad Mercantile Bank Education Loan application forms are available at all bank branches across India. The filled up forms can be then submitted along with the loan application at the branch. The loan will be disbursed in installments to the college or institute directly.

Tamilnad Mercantile Bank Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back in maximum 5-7 years from the date of disbursement of the loan. The student can avail a repayment holiday for a period of six months or till the person gets a job or whichever is earlier. Check with your nearest branch for pre closure charges or late fee charges.

Tamilnad Mercantile Bank Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Tamilnad Mercantile Bank Education Loan eligibility and Tamilnad Mercantile Bank Education Loan Rate etc. are on the official site at http://www.tnmbonline.com/r_education.htm