Tamilnad Mercantile Bank Personal Loan Interest Rates

Tamilnad Mercantile Bank provides its customers with different type of loans. Personal loans being one of the most opted ones, the amount can be used for family expenditures, marriage expenses, buying household stuff or an emergency. The documentation process to avail these loans is easy and fast. However, these loans are offered only to people who are permanent employees in any of the government departments, recognised educational institutions, corporate or business houses.

Personal loans do not expect submission of any collateral. However, if the EMIs are not deducted from the salary account, then you’ll have to add two people as guarantors.

The interest rates on the loan depend on factors such as applicant’s income, RBI rates, credit history, inflation and much more. The bank however ensures that these rates do not ever become a burden on the borrower.

Interest rates on TMB Personal loans in 2017

Particulars

Salaried Individuals

Self-employed Individuals

Rate of Interest

14.4 % - 16.4 % p.a.

14.4 % - 16.4 % p.a.

Loan Value

Rs 1 lakh – 2 lakhs

Rs 1 lakh – 2 lakhs

Tenure of the loan

Maximum 5 years

Maximum 5 years

Least EMI

Rs 2348 (calculated if the loan amount is 1 lakh with the maximum availing period and the lowest rate of interest.)

Rs 2348 (calculated if the loan amount is 1 lakh with the maximum availing period and the lowest rate of interest.)

Processing Fee

1 % of the total loan value

1 % of the total loan value

Age

Maximum 54 years

Maximum 54 years

Key points to remember about the interest rates on TMB personal loans
  • When the interest rates applied on the personal loans are fixed, the fixed rates of interest will be applicable on the amount throughout.
  • If floating interest rates are charges, then the interest rates will vary based on the base rates of the bank. The EMI shall keep changing with the changing rates.
  • To avail TMB personal loan, you need to provide security. The primary security can be any consumer durable. However, no collateral is required if the EMI is deducted from the salary account. If the case is not so, a guarantee of 2 people is mandatory.
  • If the repo rate increases, the interest rates will also increase.

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