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Disclaimer: Tamilnad Mercantile Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Tamilnad Mercantile Bank for personal loans. No offers/services from Tamilnad Mercantile Bank are being provided by Paisabazaar for personal loans. For further information about Tamilnad Mercantile Bank for personal loans, users are required to reach out directly to Tamilnad Mercantile Bank.
| Tamilnad Mercantile Bank Personal Loan Highlights | |
| Interest Rates | 14.25% to 16.35% p.a. |
| Tenure | Up to 5 years |
| Loan Amount | Up to Rs 10 lakhs |
| Processing fees | 1% of the loan amount plus applicable taxes |
Rates as of 21 November 2024
Tamilnad Mercantile Bank Personal Loan Interest Rates
The interest rate for Tamilnad Mercantile Bank Personal Loan ranges from 14.25% to 16.35% p.a. Although the lender has not disclosed the differential personal loan interest rates based on factors like their loan applicants’ credit scores, monthly income, occupation profile, etc., most lenders set their personal loan interest rates based on the aforementioned factors.
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Compare Interest Rate on Personal Loans for Top Banks and NBFCs
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
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| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | Up to 28% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.70% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
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Tamilnad Mercantile Bank Personal Loan Fees and Charges
The processing fee for Tamilnad Mercantile Bank Personal Loan is 1% of the loan amount plus applicable taxes.
Also Read: What are the charges you pay when getting a personal loan?
Loan Amount for Tamilnad Mercantile Bank Personal Loan
The loan amount for Personal loans from Tamilnad Mercantile Bank will be 10 times the gross salary of the loan applicant (as per the latest salary statement/bill) with the maximum amount not exceeding Rs 10 lakh.
Tamilnad Mercantile Bank Personal Loan Eligibility Criteria
Stated below are the eligibility criteria for applicants eligible to apply for Personal Loan from Tamilnad Mercantile Bank.
- The applicant should be between 21 and 54 years of age
- The applicant should have a minimum gross salary of Rs. 20,000 per month
- Permanent employees aged below 54 years, working in government departments, business/corporate houses or recognized educational institutions
Also Get: List of Top Banks Offering Personal Loan for Government Employees
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Collateral/Security for Tamilnad Mercantile Bank Personal Loan
- No collateral security is required for a credit limit of up to Rs 5 lakhs
- For a credit limit of above Rs 5 lakhs:
- A mortgage of vacant land or land and building property (excluding agricultural property) is considered
- The property should preferably be residential and can be owned by the borrower or their family members
- The collateral coverage should be at least 200% of the limit
Tamilnad Mercantile Bank Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. What is the maximum amount that I can avail on a personal loan from Tamilnad Mercantile Bank?
Ans. The maximum amount that you can avail on a Tamilnad Mercantile Bank Personal Loan will be 10 times the gross salary of the loan applicant (as per the latest salary slip) with the maximum amount not exceeding Rs 10 lakhs.
2. What is the tenure option available on Tamilnad Mercantile Bank personal loans?
Ans. Tamilnad Mercantile Bank Personal Loans come with a repayment tenure ranging up to 60 months.
3. Is any security required to avail of a personal loan from Tamilnad Mercantile Bank?
Ans. No collateral security is required for a credit limit of up to Rs 5 lakhs for availing personal loan from TMB.
4. Can a self-employed individual apply for personal loans from Tamilnad Mercantile Bank?
Ans. No, only a permanent employee (salaried professional) can apply for Tamilnad Mercantile Bank personal loan.
5. Can I apply for personal loans from Tamilnad Mercantile Bank to buy household items?
Ans. Yes, you can apply for Tamilnad Mercantile Bank personal loan to buy household items or to deal with any other personal expense.
6. What should be the minimum credit score to apply for Tamilnad Mercantile Bank personal loan?
Ans. The bank does not specify a minimum credit score to avail a personal loan. However, applicants with a credit score of 750 or above increase their chances of securing a personal loan as well as availing a personal loan on favourable terms.
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