Tamilnad Mercantile Bank Personal Loan is offered to interested loan-seekers, who satisfy below listed Tamilnad Mercantile Bank Personal Loan eligibility criteria, at following Tamilnad Mercantile Bank Personal Loan interest rate and other kinds of charges levied at Tamilnad Mercantile Bank Personal Loan rate. We at money superbazaar, will provide you complete information about Tamilnad Mercantile Bank Personal Loan based on bank’s website and Tamilnad Mercantile Bank Personal Loan review, by market analysts. Tamilnad Mercantile Bank Personal Loan can be used for a variety of purposes, such as buying household items, marriage at home, and any other kind of family expenses.

Tamilnad Mercantile Bank Personal Loan Interest Rate:

Calculated on base rate for lending that, according to bank’s website, at present, at 9.50%, Tamilnad Mercantile Bank Personal Loan is offered at Tamilnad Mercantile Bank Personal Loan interest rate to borrowers. This Tamilnad Mercantile Bank Personal Loan rate is:

If  mode of payment is through salary account deduction, then Tamilnad Mercantile Bank Personal Loan interest rate is Base Rate + 6.50% = 16%

If mode of payment is through direct remittance, then this Tamilnad Mercantile Bank Personal Loan rate is Base Rate + 9% = 18.50%

Tamilnad Mercantile Bank Personal Loan Eligibility:

Following are eligibility norms as determined by bank:

Permanent employees of government (state/central), reputed companies, business houses, educational institutions etc. whose age is at least 54 years. Such persons, who would fulfill these Tamilnad Mercantile Bank Personal Loan eligibility criteria, would be granted loans by bank.

Quantum Of Loan Permissible:

Maximum amount of loan that can be sanctioned, according to Tamilnad Mercantile Bank Personal Loan review, to eligible seekers is: 6 times of gross salary, as per latest salary slip. This amount has a ceiling of Rs.2 lacs.

Procedure To Be Followed While Applying:

Security and guarantee is required to be provided by borrowers, who fulfill above mentioned Tamilnad Mercantile Bank Personal Loan eligibility criteria, of this loan. A guarantee is required if loan repayment is through direct remittance and not through deductions in salary account, as stated in bank’s website and other Tamilnad Mercantile Bank Personal Loan review  by market researchers.

Interested candidates can approach their nearest bank branch, with application form and:

• Salary certificate, proof income from employer
• Signed authority from employer to deduct amount of installment from employer.
• Undertaking from the employer that employee/loan-borrower will not be relieved, under VRS.
• ITR
• Photo ID Proof / Address Proof

Tenure Of Tamilnad Mercantile Bank Personal Loan:

According to Tamilnad Mercantile Bank Personal Loan review, this loan has tenure of 5 years or 60 months. This period would see no change in rate of interest levied on loan amount.

Repayment Of Installments Of Tamilnad Mercantile Bank Personal Loan:

Borrowers of this loan can repay this loan through equated monthly installments, based on various factors, such as period of service left, take-home salary of the borrower. This is done to ensure that there is no default in loan payment, within loan tenure.

Defualt / Delay In Payment Of Tamilnad Mercantile Bank Personal Loan:

Any kind of delay or default in payment of installments would attract a penalty at Tamilnad Mercantile Bank Personal Loan rate of 2% per annum, excluding above stated rate of interest, on amount outstanding. 

Pre-Closure Of Tamilnad Mercantile Bank Personal Loan:

Tamilnad Mercantile Bank Personal Loan review states that borrowers can close loan before end of tenure, by paying a pre-payment charge of 1% on amount of loan sanctioned. This is not subject to any maximum cap.

Product Page Url Of Tamilnad Mercantile Bank Personal Loan:   

 http://www.tnmbonline.com/r_personal.htm

Branch Office Address (In Table):