Thinking of a Personal Loan for Senior Citizens to pay off your debts?

Take a look at Tamilnad Mercantile Bank TMB Pension 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, leisure 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 a collateral-free loan

Loan Amount

  • The maximum loan amount offered under this overdraft facility is up to 95% of the one-month pension amount after deducting other repayments or obligations granted to the borrower

Interest

  • As of October 2020, the interest rate applicable to this loan is 13.90%

Repayment

  • This overdraft must be repaid within one month

Eligibility

  • Pensioners of government organisations and public sector undertakings drawing pension through Tamilnad Mercantile Bank are eligible for this loan

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan
  • The bank may ask for a guarantee of spouse eligible for family pension, earning children or third-party guarantee

Margin Money (Borrowers Contribution to Total Cost)

  • The bank charges 5% of the value at the time of sanction

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, and margin is 20%, then you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges 1.00% of the total loan amount for processing this loan

Documents Needed

  • 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
  • Pension account details

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