Looking for a Small Business loan from Tamilnad Mercantile Bank?

You have landed at the right place. On this page, you will find all the information you need to make a sensible and sound decision.

MSME 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. As of now, the bank has three MSME loan schemes mentioned on its website.

The MSME loans from Tamilnad Mercantile Bank are:

  1. TMB MSME Credit
  2. Stand-Up India Scheme
  3. Mudra Loan

We give you a brief intro to the small business loans below. In addition you have the option to click further and read in detail about each loan on a specific page of its own. This specific page has been made specifically for you to get all the information you need on that loan in an uncluttered and easy-to-read format. In case information is less or not available, we have been not been able to create an information page as yet, but we may do so in the course of the next few months.

Tamilnad Mercantile Bank TMB MSME Credit

This loan scheme is designed to help businesses in the Micro, Small and Medium Enterprises Sector meet their working capital and capital expenditure needs. The bank offers collateral-free loans up to Rs. 10 lakh.

Features of Tamilnad Mercantile Bank TMB MSME Credit

Why this Loan?

  • The Tamilnad Mercantile Bank TMB MSME Credit is perfect for small businesses to meet their financial needs for running the business on a day-to-day basis. The loan can also be availed for business expansion and to invest in long-term assets for business
  • The maximum loan amount sanctioned under this loan is Rs. 2 crore

Tamilnad Mercantile Bank Stand-up India Loan Scheme

This loan is designed to help women and SC/ST entrepreneurs set up greenfield enterprises in India. Greenfield enterprises eligible for this loan scheme are all first time ventures of women and SC/ST beneficiaries in the manufacturing, trading and services sector. The maximum loan amount for this loan is Rs. 1 crore.


Features of TMB Stand-Up India Loan

Why this Loan?

  • This loan is meant for encouraging people from the SC/ST category and women entrepreneurs to set up greenfield enterprises in the manufacturing, services or trading sectors. In the case of non-individual enterprises, at least 51% of the company stakes should be held by women or people in the SC/ST category to be eligible for this loan
  • The maximum loan amount for the Tamilnad Mercantile Bank Stand-up India loan is Rs. 1 crore

Tamilnad Mercantile Bank Mudra Loan Scheme

This loan helps unfunded individuals, proprietors or partnerships running small manufacturing units, fruit and vegetable shops, food service units, repair shops, small industries, machine operators, truck operators, etc. get funds for their business needs. The maximum loan amount is Rs. 10 lakh.


Features of Tamilnad Mercantile Bank Pradhan Mantri Mudra Yojana (PMMY)

Why this Loan?

  • The loan is meant for Non-corporate Small Business Segment to get funds to meet their Working Capital needs
  • The Tamilnad Mercantile Bank Mudra loan scheme is divided into three variants depending on the type and size of business, namely Shishu, Kishore and Tarun. The quantum of loan depends on the loan variant applicable to the business

Important Note: Even though the bank’s website has information available for few loan schemes at this time, there is a possibility that the bank may offer more loan options that 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 MSME loans depends on Repo-Linked Lending Rate (RLLR) and other factors. As of March 2020, the bank has not disclosed the other factors that determine the interest rate applicable on an MSME loan. Currently, the RLLR of TMB is 8.85%

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

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

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

Reference Facts

  • Tamilnad Mercantile Bank Website: www.tmb.in
  • Headquarters: Tuticorin, Tamil Nadu
  • Customer Care Toll-Free Number: 1800 425 0426