|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|
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.