Consolidation Loans from Tamilnad Mercantile Bank (TMB)

Different loan schemes for debt consolidation.

Headquartered in the heart of the country, Tamilnad Mercantile Bank (TMB) offers a range of financial products to different segments of its customer base. TMB gives you the option to choose from a range of loans that are specifically suited for your different needs.

Tamilnad Mercantile Bank Consolidation Loans

A TMB consolidation loan helps customers pay off all their debts and consolidate them into one by choosing terms as per their preference and repay easily. These can be unsecured loans like personal loans or secured loans like loans against property, gold, time deposits, or securities. Balance of transfer loans and top-up loans can also be considered to be consolidation loans if they are used to consolidate debts.

Consolidation loans help customers make their lives easier since they only have to think of making one repayment per month instead of worrying about multiple repayments going during different times per month. The overall debt burden may also reduce since consolidation loans are usually chosen by comparing interest rates and repayment periods.

The important thing to note here is that the TMB does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Tamilnad Mercantile Bank that you can avail as a consolidation loan:

  1. TMB Personal Loan
  2. TMB Pensioner Loan (Overdraft Facility)
  3. TMB Jewel Loan
  4. TMB Gold Overdraft
  5. TMB Loan Against Sovereign Gold Bonds
  6. TMB Loan Against Property
  7. TMB Rental Loan (Loan Against Future Rent Receivables)
  8. TMB Home Loan (Top-up Loan)
  9. TMB Affordable Home Loan (Top-up Loan and Balance of Transfer Facility)

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.


Tamilnad Mercantile Bank TMB Personal Loan

This loan helps borrowers get financial assistance to meet their urgent financial needs including expenses for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, etc. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. below the age of 54 years are eligible for this loan.

Features of Tamilnad Mercantile Bank Personal Loan

Why this Loan?

  • The TMB Personal Loan scheme is meant for permanent employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who need financial assistance to meet urgent personal needs
  • This loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
  • This is a collateral-free loan

Tamilnad Mercantile Bank TMB Pensioner Loan

This overdraft facility helps pensioners to get funds to meet their urgent financial needs expenses for a child’s wedding, domestic or overseas travel, medical emergency, etc. This loan can also be availed to pay off high-interest credit card debts and loans thereby consolidating debt. Only the pensioners maintaining a pension account with TMB are eligible for this loan.


Features of TMB Pension Loan

Why this Loan?

  • The Tamilnad Mercantile Bank Pensioner Loan is an overdraft facility designed to help pensioners of central/state government organisations or public sector undertakings, drawing pension through TMB, who need financial assistance to meet urgent personal needs including medical expenses, travel expenses, etc.
  • This loan can be availed as a consolidation loan to pay off debts
  • This is an unsecured loan which means that the borrower does not have to offer a collateral to secure this loan

Tamilnad Mercantile Bank TMB Jewel Loan

This scheme helps borrowers access needed funds by pledging their gold jewellery. This loan can be used to meet any financial needs such as a wedding expenses, overseas travel expenses, expenses for higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 lakh.

Features of TMB Gold Loan

Why this Loan?

  • The TMB Jewel Loan is meant for borrowers who want to get funds by pledging gold jewellery/ornaments to meet their financial needs
  • This loan scheme can also be availed by borrowers as a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts

Tamilnad Mercantile Bank TMB Gold Overdraft

This Overdraft (OD) facility helps borrowers access needed funds by pledging their 22-carat gold jewellery or gold coins sold by banks. This OD can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 lakh.

Features of TMB Gold Overdraft

Why this Loan?

  • The TMB Gold Overdraft is meant for borrowers who want to get funds by pledging gold jewellery/ornaments and specially-minted gold coins sold by banks to meet their financial needs
  • This OD facility can also be availed by borrowers to pay off their high-interest credit card debts and loans

Tamilnad Mercantile Bank TMB Loan Against Sovereign Gold Bonds

This scheme helps borrowers get financial assistance to meet their personal needs by pledging their Sovereign Gold Bonds in the favour of TMB. This loan can be used to meet any personal needs such as a child’s wedding, overseas travel, child’s higher education, etc. as well as to consolidate debts.

Features of TMB Loan Against Sovereign Gold Bonds

Why this Loan?

  • The TMB Loan Against Sovereign Gold Bonds is meant for borrowers who want to get access to funds by pledging Sovereign Gold Bonds to meet their financial needs
  • This loan can also be availed by borrowers to pay off their high-interest debts
  • This scheme is offered as a term loan and overdraft facility

Tamilnad Mercantile Bank TMB Loan Against Property

This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education and so on. It is one of the most common types of retail loans that can be used to consolidate debts.

Features of TMB Mortgage Loan

Why this Loan?

  • The Tamilnad Mercantile Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
  • It can also be repurposed into a consolidation loan to pay off high-interest debts

Tamilnad Mercantile Bank TMB Rental Scheme

This loan helps property owners who have rented out their residential or commercial property to reputable establishments to get financial assistance to meet their personal needs. This secured loan can be used to meet expenses for medical exigencies, overseas travel, debt consolidation, etc.

Features of Tamilnad Mercantile Bank Loan Against Future Rent Receivables

Why this Loan?

  • The Tamilnad Mercantile Bank TMB Rental Scheme is designed to help borrowers who have rented out their property to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. to get funds to meet their personal needs
  • Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts

Tamilnad Mercantile Bank TMB Home Loan Top-up Scheme

This top-up loan helps TMB home loan borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to pay off debts.

Features of TMB Home Loan Top-up Facility

Why this Loan?

  • The Tamilnad Mercantile Bank Home Loan Top-up scheme is meant for TMB home loan borrowers who need assistance to meet financial needs for personal needs such as child’s wedding expenses, education expenses, travel expenses, etc.
  • This top-up loan can also be availed to pay off debts, thereby acting as a consolidation loan

Tamilnad Mercantile Bank TMB Affordable Home Loan Top-up/Balance of Transfer Scheme

This top-up loan helps TMB home loan borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to pay off debts.

Features of TMB Affordable Home Loan Top-up/Balance of Transfer Scheme

Why this Loan?

  • The TMB Affordable Home Loan Top-up/Balance of Transfer Facility is meant for TMB home loan borrowers who need assistance to meet financial needs for personal needs such as child’s wedding expenses, education expenses, domestic or overseas travel expenses, etc. or to pay off debts, thereby consolidating debts
  • There are no prepayment charges for this loan

Important Note: Tamilnad Mercantile Bank may offer more consolidation loan options that are not yet published on the website. If you prefer 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, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for Tamilnad Mercantile Bank Consolidation Loans

  • The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the MCLR of TMB is 8.65%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower

Documents Needed for Individuals (Salaried and Self-employed)

  • 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 Issuing 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 for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts

  • Tamilnad Mercantile Bank Website: www.tmb.in
  • Headquarters: Tuticorin, Tamil Nadu
  • Call Centre Number: +91 461 2321382, +91 461 2321929, +91 461 2321932