Tamilnad Mercantile Bank Personal Loan @ 14.05 | Eligibility Criteria, Paper Work, Loan Amount

February 21, 2024 / Loan / By

Tamilnad Mercantile Bank Personal Loan: The Tamilnad Mercantile Bank Limited is a popular bank, from which you can avail of a personal loan. All you have to do is to check for the requirements for the loan, for which you can simply log in to the Tamilnadu Mercantile bank online portal or if you wish to check-in person, just visit the nearest branch.

Other than personal loans, the bank features a multitude of monetary services, such as fixed deposits, and you may evaluate the Tamilnad mercantile bank FD rates to determine whether they suit your requirements. We’ve covered every component of the personal loan in this article.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

Tamilnad Mercantile Bank


Tamilnad Mercantile Bank Overview

Personal loans are among the bank’s most commonly used financing options. Tamilnad Mercantile Bank Limited, alternatively known as TMB, is a bank operating in Thoothukudi, Tamil Nadu, India. TMB was established in the year 1921 as Nadar Bank but changed its name to Tamilnad Mercantile Bank in November 1962 to increase its appeal beyond the Nadar community. The bank currently has 509 full-fledged branches throughout India, 12 regional offices, two central repair centres, one Service Branch, four Currency Chests, 48 ​​e-Lobby centres, 262 Cash Recycler Machines (ATM) and 1135 ATM’s.

Tamilnad Mercantile Bank Features

  • The maximum credit limit for current Tamilnad Mercantile Bank clients with a salary account is Rs. 2 lakhs.
  • The highest loan amount for clients without a Tamilnad Mercantile Bank salary account is Rs. 1 lakh.
  • The loan amount for retirees is up to 95 percent of one month’s pension after other financial obligations are subtracted.
  • Unfortunately, solely permanent employees (salaried individuals) are authorized to qualify for a personal loan via Tamilnad Mercantile Bank.
  • A baseline credit score is not essential to secure a personal loan from the bank. Candidates with a credit rating of 750 or higher, on the other extreme, have a greater chance of obtaining a personal loan and obtaining it in optimal circumstances.
  • A processing fee of 1% of the loan amount and as well as relevant additional taxes is applied.
  • A penalty of 2% is imposed on the outstanding loan debt over and above the customary rate of interest.
  • The maximum duration of loan repayment is 60 months.

How to Apply for a Personal Loan in the Tamilnad Mercantile Bank?

Online: Applying Online for a Personal Loan enables quick loan processing. To avail of this facility, follow the simple steps mentioned below to make the process of availing of Personal Loan fast and straightforward.

  • To begin with, open the Tamilnad Mercantile Bank’s Official website.
  • Go to the Loans menu and click on or select the Personal Loan option.
  • Then fill incorrectly, all of the necessary details and submit the application.
  • Once all the details are proffered successfully, the bank will initiate the process.

Offline

Or you can visit the nearest Tamilnad Mercantile Bank branch and ask for a form to submit your application. Both online and in-person, you may get a photocopy of your Tamilnad Mercantile Bank personal loan statement:

  • You may receive your personal loan statement digitally by visiting the bank’s website and inputting your usernames and passwords into the net banking site.
  • You may also get your statement by downloading the Tamilnad Mercantile Bank mobile phone app.

Tamilnad Mercantile Bank Personal Loan Eligibility Criteria

The following qualification conditions must be met in order to secure a personal loan from Tamilnad Mercantile Bank:

  • You need to be under the age of 54.
  • You must be a full-time employee of a credible corporation, government organization, or a recognized academic institution.

Tamilnad Mercantile Bank Personal Loan Documents Required

The Tamilnad Bank has uncomplicated documentation standards. The following are the papers that the bank demands from its candidates when they apply for a loan. The accompanying credentials are expected for Personal Loan Applicants:

  • Correctly filled and signed application form for Personal Loan.
  • Verification Documents of Identity, Residential address, and Age

Any one of the subsequent can be submitted as proof:

  1. Passport
  2. PAN Card
  3. Voter’s ID
  4. Aadhar Card
  5. Driving License

For address verification, you can also provide your recent utility bills.

  • Verification Documents of Income

Any one of the following can be submitted as proof:

  1. Recently issues salary slips.
  2. Bank statements showing the valid salary credit
  3. IT returns
  4. Form 16
  • When the employer approves, a commitment from the employer to withdraw and remit the EMI amount from the employee’s monthly income.
  • Quotations are necessary for all contexts.
  • If appropriate, a letter of assurance authorization from a third party.
  • Employer’s commitment that the loan candidate will not be discharged of their duties under VRS without the bank’s prior permission.

For a pensioner, the following is required in addition.

  • During the term of the overdraft limit, the lender must execute an undertaking statement declaring that they will not try to modify the authorization provided to the employer to credit their pension to Tamilnad Mercantile Bank Limited.

Tamilnad Mercantile Bank Help and Support

You can contact Tamilnad Mercantile Bank’s help desk via any of the methods listed below:

  • You can dial the All India National toll-free number 180-0425-0426 or (+91)9842-461-461 (subject to tax).
  • Additionally, you may write an email to customerservice@tmbank.in.
  • You can receive quick answers by Text messaging. Simply text the phrase “HELP” to (+91)9842-461-461.
  • You can also get your concerns addressed at a nearby Tamilnad Mercantile Bank location.

Tamilnad Mercantile Bank Personal Loan Features

  • Tamilnad Mercantile Bank provides a personal loan of up to Rs 2 lakh to accommodate you with a wide range of personal monetary necessities.
  • Personal loans from Tamilnad Mercantile Bank include one flexible and adaptable repayment schedule of up to 60 months, which borrowers can decide suited to their circumstances.
  • A personal loan from Tamilnad Mercantile Bank necessitates limited documents, enabling a straightforward application and prompt processing.
  • The loan money is transferred to your account within the next few days after all appropriate credentials are acquired and officially confirmed, and the loan is legally authorized.

Tamilnad Mercantile Bank Personal Loan Types

The various types of Personal offered by the Tamilnad Mercantile Bank are as follows:

  • Credit Card Loans
  • Car Loans
  • Home Loans
  • Payday Loans
  • Small Business Loans

Conclusion on Tamilnad Mercantile Bank Personal Loan

TMB has been rated the fastest-growing private sector bank for five years, that is2010 to 2015. Due to its strong growth, it was also ranked as the finest bank.

This financial year, the bank’s budget is to reach a business worth 600 billion rupees, add 24 additional branches, and increase its ATMs to 1150. Hence, the Tamilnad Mercantile Bank is one of the reputed characters and offers the best quality service to loan applicants.

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