|TMB Bank Personal Loan Interest Rate - November 2021|
|Loan tenure||5 Years|
|Loan turn around period||1-7 Days|
|Processing Charges||1% of loan amount + applicable taxes|
|Who can apply?||Indian residents salaried individuals|
|Lowest EMI||Rs. 2,329 Per Lakh|
|Age||Below 54 years|
Tamilnad Mercantile Bank offers the following two types of Personal Loans:
Key features of Tamilnad Mercantile Bank Personal Loans are:
The bank offers Personal Loans that are:
There is an online Personal Loan EMI Calculator tool available on MyMoneyMantra for calculating the exact Personal Loan EMI amount. This will help the applicant to arrive at the exact EMI so that the applicant can plan their budget so that the EMI of the proposed loan will not affect the monthly expenses. The loan parameters like loan amount, tenure and interest rate need to be provided by the borrower to Calculate Personal Loan the EMI that is suitable for their requirements.
Apart from calculating the EMI amount, the EMI Calculator also displays the amortization schedule for loan repayment.
Here’s an example:
Personal loan amount required: Rs. 2 Lakhs
Applicable rate of interest: 14.05% p.a.
Tenure: 5 years
EMI to be paid each month till the tenure ends: Rs. 4,659
Total interest to be paid: Rs. 79,530
Total amount to be paid to the lender: Rs. 2,79,530
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 2,00,000||Rs. 9,318||Rs. 4,656||Rs. 4,661||Rs. 1,95,339|
|2||Rs. 1,95,339||Rs. 55,906||Rs. 25,539||Rs. 30,367||Rs. 1,64,971|
|3||Rs. 1,64,971||Rs. 55,906||Rs. 20,986||Rs. 34,920||Rs. 1,30,052|
|4||Rs. 1,30,052||Rs. 55,906||Rs. 15,752||Rs. 40,154||Rs. 89,897|
|5||Rs. 89,897||Rs. 55,906||Rs. 9,732||Rs. 46,174||Rs. 43,724|
|6||Rs. 43,724||Rs. 46,588||Rs. 2,865||Rs. 43,724||Rs. 0|
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|Tamilnad Mercantile Bank||14.05%||1% + taxes||Rs. 2 Lakhs|
|Saraswat Bank||13.50%||Rs. 2,500||Rs. 5 Lakhs|
|HDFC Bank||10.25% - 21%||Up to 2.50%||Rs. 40 Lakhs|
|SBI Bank||9.60% - 15.65%||1.50% + GST||Rs. 20 Lakhs|
|Tata Capital||10.99% onwards||Up to 2.75% + GST||Rs. 25 lakhs|
|ICICI Bank||10.50% - 19%||Up to 2.25%||Rs. 25 Lakhs|
The Tamilnad Bank has simple documents requirement norms. Following are the documents the bank seek from its applicant at the time of applying for the loan:
For Personal Loan Applicants
For Pensioner Loan Applicants
The Tamilnad Mercantile Bank personal loan eligibility criteria are as mentioned below:
Here are the personal loan processing fee and other charges mention below:
Digitally applying for the Personal Loan enables quick processing of the loan and the whole ordeal will be made simple. To avail of this facility, you can apply online through MyMoneyMantra.
Follow the simple steps mentioned below and make the whole process of availing Personal Loan quick and simple.
To contact the bank directly and enquire about their Personal Loans or any other product call their following toll-free numbers:
18004250426 or 9842461461
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
The maximum loan amount is Rs. 2 Lakhs if an irrevocable salary mandate is given by the employer or if the salary account is maintained with TMB. Otherwise the maximum loan amount is Rs. 1 Lakh.
The processing fee is 1% of the loan amount plus taxes as applicable.
Before applying for the loan do an eligibility check with the information provided in the TMB website which will speed up the processing procedure.
Interest is charged on reducing balance at monthly intervals. Interest is linked to one year MCLR. If RBI reduces MCLR then interest will be reduced and if MCLR is increased the interest charged will be increased. Making part pre-payment in case of availability of surplus funds is advisable to reduce the interest charged. However, TMB will collect part prepayment and pre-closure charges.
Pension loan will be given only if the pension is credited to Tamilnad Mercantile Bank Account. Also, the overdraft facility will be given in the branch of Tamilnad Mercantile Bank where the account is maintained.
Pension loan is an unsecured Personal Loan and so security will not be insisted on for the loan.
Pension loan is available to the extent of 95% of monthly pension after considering all the other commitments of the applicant.
Up to 2% over and above the regular interest rate on the outstanding liability.