Thinking of a Loan to pay off your debts?

Take a look at Tamilnad Mercantile Bank Personal Loan

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

Loan Amount

  • The loan amount offered under this loan scheme is up to six times the gross monthly salary of the borrower
  • The maximum loan amount is capped at Rs. 20 lakh if the employer deducts and remits the loan instalment and Rs. 10 lakh if the borrower repays the loan directly

Interest

  • As of October 2020, the interest rate applicable to this loan is 14.25%

Repayment

  • This loan must be repaid within 5 years

Eligibility

  • The borrower must be a resident of India within the age group of 18 to 54 years
  • Permanent/confirmed employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies with at least two years of service

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 suitable third-party guarantee to secure this loan

Processing Charges

  • The bank charges 1.00% of the 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

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