Tamilnad Mercantile Bank Personal Loan Interest Rates
Personal Loan is regarded to be one of the most utilized loan scheme. It is used for various purpose like buying a house, hold appliances, marriages etc. Tamilnad Mercantile Bank Limited offers personal loan with least conditions and it is crafted to meet the needs of a common man. Personal Loan from TMB is advantageous because the documentation is simple and processing is fast.
Personal Loan – Quick, Easy & Instant Online Approval
| Eligibility | · Permanent Employees (Govt. Departments, Reputed Corporate, Business houses, Recognised Educational Institution.
· An individual must be above 54 years of age. |
| Purpose | The main purpose for authorizing a personal loan is to purchase consumer durable items, house-hold articles, or for marriages or medical expenditure for self or family etc. |
| Loan Quantum | · If salary account is maintained with TMB then the maximum loan amount sanctioned is Rs 2 lacs or 6 times of the gross salary, whichever is lower.
· If salary account is not maintained with TMB then the maximum loan amount is Rs 1 lac or 6 times of the gross salary whichever is lower. |
| Tenure | The maximum time period is 5 years |
| Interest Rate | · The RoI is 14.80% if the borrower deducts and remitts the installment every month or the installment is subtracted from the salary account maintained with TMB.
· The RoI is 16.40% if the borrower remits the loan instalment and if any kinds of undertaken is not provided to the bank by the employer. · The RoI is 14.40% for land and building to the extent of 100% of the loan amount or more. · The RoI is 15.90% for land and building to the extent which not less than 50% of the loan borrowed but below 100%. · The current Base Rate for Lending is 10.40% per annum. |
| Security | · The bank could also possess the right over your salary, bonus and emoluments.
· Primary : if the loan is used for purchasing Consumer durable goods, house hold articles then hypothecation of assests is created out of the loan proceeds. Third party guarantee to be obtained. · Collateral : to obtain collateral security is not required |
| Guarantee | Two guarantee to be obtained acceptable by the bank if the borrower does not undertake to deduct and remit the loan installment or the loan installment is not deducted from the salary account. |
| Pre-requisite | · Income proof must be provided to the bank from the employer for the Take Home Salary.
· The employer of a company could deduct and remit the loan installment from the employee’s(borrower’s) salary if he/she agrees to do so. |
| Repayment Option | You can repay the loan amount in 60 EMIs. |
| Penal Interest | 2.00% is charged as penal interest if the there is irregularity or default in the repayment. |
| Processing Fee | 1% of the loan amount is charged as processing fee. |
| Documents Required | · Identity Proof
· Age Proof · Signature Proof · Latest 3 months salary slip and IT returns for the last 2 years · Latest 6 months Bank statement |