Corporate Business Loans from Tamilnad Mercantile Bank
Easily one of the fastest-growing private banks in India, Tamilnad Mercantile Bank offers a wide range of finance products to different segments of its customer base. The bank has a wide array of funded and non-funded facilities for its retail, corporate, MSME, NRI and other customers. The bank offers various business loans to its customers.
We look at ten business loans from Tamilnad Mercantile Bank:
- TMB Commercial Vehicle
- TMB Vehicle Finance for Educational Institutions
- TMB Secured Overdraft (OD)
- TMB Trades and Services
- TMB Rice Mill Loan
- TMB Dhall Mill Loan
- Pharma Finance
- Channel Finance
- TMB Mahalir
- TMB Doctor
We give you a brief intro to the business loans below.
Tamilnad Mercantile Bank Commercial Vehicle Loan
This loan helps Small Road Transport Operators buy a car, auto, jeep, lorry, bus, Light Motor Vehicle (LMV), Heavy Motor Vehicle (HMV), etc. for commercial use. The maximum loan amount sanctioned under this loan is Rs. 2.5 crore. The loan must be repaid within 5 years.
Features of Tamilnad Mercantile Bank Commercial Vehicle Loan
Why this Loan?
- The Tamilnad Mercantile Bank Commercial Vehicle Loan is meant for businesses in the transport sector to acquire funds for purchasing commercial vehicles for their business in the Mini, Small, Light, Medium and Heavy Transport Vehicles category
- Businesses can also avail this loan to purchase pre-owned commercial vehicles
- As of September 2020, the interest rate applicable on this loan is 10.45% for new vehicles and between 10.90% to 12.20% for second-hand vehicles and working capital
Tamilnad Mercantile Bank TMB Vehicle Finance for Educational Institutions
This loan helps Societies, Trusts and other Corporate entities running educational institutions buy vehicles for transportation of students or office use. The maximum loan amount sanctioned under this loan is Rs. 3 crore for the purchase of new vehicles and Rs. 1 crore for the purchase of second-hand vehicles.
Features of Tamilnad Mercantile Bank TMB Vehicle Finance for Educational Institutions
Why this Loan?
- The Tamilnad Mercantile Bank TMB Vehicle Finance for Educational Institutions is meant for corporate entities running educational institutions to acquire funds for the purchase of vehicles for office use or transportation of students
- As of September 2020, the interest rate applicable on this loan is 10.45% for new vehicles and between 10.90% to 14.20% for second-hand vehicles
Tamilnad Mercantile Bank TMB Secured Overdraft
This is a working capital loan scheme offered as a secured Overdraft to businesses in the trade, manufacturing and transport sector. The bank offers up to 75% of the working capital gap under this scheme.
Features of Tamilnad Mercantile Bank TMB Secured Overdraft
Why this Loan?
- The Tamilnad Mercantile Bank TMB Secured Overdraft is designed for businesses in the trade, manufacturing and transport sector meet their working capital needs
- This scheme is offered on an annual basis and can be renewed every year subject to terms
- As of September 2020, the interest rate applicable on this loan ranges from 10.15% to 10.85%
Tamilnad Mercantile Bank TMB Traders Loan
This is an umbrella loan scheme to help traders raise funds to meet their business needs in the short and long term. The bank extends this funded-facility as a term loan, demand loan, Overdraft (OD), etc.
Features of Tamilnad Mercantile Bank TMB Traders Loan
Why this Loan?
- The Tamilnad Mercantile Bank TMB Traders Loan can be taken for all projects and activities related to running the business on a day-to-day basis
- The maximum loan amount sanctioned under this loan scheme is Rs. 50 lakh
- As of September 2020, the interest rate applicable on this loan ranges from 10.15% to 12.85%
Tamilnad Mercantile Bank TMB Rice Mill Loan
This is an umbrella loan scheme offered by Tamilnad Mercantile Bank to help rice mills meet their business needs. The bank extends this loan as Working Capital Finance, Term Loan, etc. The loan can be availed to set up a new rice mill, acquire an existing rice mill or upgrade equipment in the rice mill.
Features of Tamilnad Mercantile Bank TMB Rice Mill Loan
Why this Loan?
- The Tamilnad Mercantile Bank TMB Rice Mill Loan scheme is perfect for rice mills to acquire funds for their working capital and capital expenditure needs
- The maximum loan amount sanctioned under this scheme is Rs. 5 crore
- As of September 2020, the interest rate applicable on this loan ranges from 8.70% to 8.95%
Tamilnad Mercantile Bank TMB Dhall Mill Loan
This is an umbrella loan scheme offered by Tamilnad Mercantile Bank to help Dhal mills meet their business needs. The bank extends this loan as Working Capital Finance, Term Loan, etc. The loan can be availed to set up a new Dhall mill, acquire an existing Dhall mill or upgrade equipment in the Dhall mill.
Features of Tamilnad Mercantile Bank TMB Dhall Mill Loan
Why this Loan?
- The Tamilnad Mercantile Bank TMB Dhall Mill Loan scheme is perfect for Dhall mills to acquire funds for their working capital and capital expenditure needs
- The maximum loan amount sanctioned under this scheme is Rs. 25 crore
- As of September 2020, the interest rate applicable on this loan ranges from 9.15% to 11.60%
Tamilnad Mercantile Bank TMB Pharma Finance
This loan helps wholesalers and dealers engaged in the business of pharmaceuticals meet their working capital needs. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 6 crore.
Features of Tamilnad Mercantile Bank TMB Pharma Finance
Why this Loan?
- The Tamilnad Mercantile Bank TMB Pharma Finance scheme is meant for wholesalers and dealers in the pharmaceutical trading business who need funds for meeting their working capital needs
- As of September 2020, the interest rate applicable on this loan ranges from 10.15% to 12.60%
Tamilnad Mercantile Bank TMB Channel Finance
This loan helps first-stage dealers engaged in the business of commodities supplied directly by manufacturers and stockists who procure commodities from the manufacturer or import from abroad can avail this loan to meet their working capital needs. This is a need-based loan.
Features of Tamilnad Mercantile Bank TMB Channel Finance
Why this Loan?
- The Tamilnad Mercantile Bank Channel Finance scheme is meant for wholesalers and dealers in the pharmaceutical trading business who need funds for meeting their working capital needs
- As of September 2020, the interest rate applicable on this loan ranges from 10.15% to 12.60%
- The bank asks for a collateral equivalent to at least 50% of the loan amount as security for this loan
Tamilnad Mercantile Bank TMB Mahalir Loan
This loan helps women running businesses as proprietors or as partners/shareholders with more than 51% share acquire funds to meet their working capital or capital expenditure needs. The loan can be availed to meet the day-to-day expenses of the business or purchase fixed assets such as plant, machinery, equipment, etc.
Features of Tamilnad Mercantile Bank TMB Mahalir Loan (Business Loan for Women)
Why this Loan?
- The Tamilnad Mercantile Bank TMB Mahalir Loan is designed to help women-run businesses acquire funds to meet their working capital or capital expenditure needs
- The maximum loan amount sanctioned under this loan is Rs. 20 lakh
- As of September 2020, the interest rate applicable on this loan ranges from 10.15% to 12.85%
Tamilnad Mercantile Bank TMB Doctor Loan
This loan helps practicing doctors set up their own nursing home, clinic, blood bank, health centre or pathology centres. The loan can also be availed for the purchase of medical equipment, ambulance, computers, stock of medicine, etc. The bank offers collateral-free loans up to Rs. 15 lakh.
Features of Tamilnad Mercantile Bank TMB Doctor Loan
Why this Loan?
- The Tamilnad Mercantile Bank TMB Doctor Loan scheme help medical practitioners get funds to set up their own nursing home, clinic, health centre or pathology centres and related expenses
- Business entities such as companies, societies or firms engaged in medical services if one of the directors, members or partners is qualified as a doctor can also avail this loan
- As of September 2020, the interest rate applicable on this loan ranges from 10.15% to 11.45%
Important Note: Even though the bank’s website has information available for a few business loan schemes at this time, there is a possibility that the bank may offer more corporate loan options which are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, etc. may be decided on a case-to-case basis.
Interest Rate for Tamilnad Mercantile Bank Business Loans
- The applicable interest rate on Tamilnad Mercantile Bank business loans is mentioned on the bank’s website for each loan. We have also mentioned the applicable interest rate in the description of the loan
- Check out the Tamilnad Mercantile Bank interest rate page here
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Reference Facts
- Tamilnad Mercantile Bank Website: www.tmb.in
- Headquarters: Tuticorin, Tamil Nadu
- Customer Care Toll-Free Number: 1800 425 0426