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| COMPARE : PERSONAL LOAN |
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| Tamilnad Mercantile Bank Ltd Personal Loan |
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| Introduction |
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| The bank provides personal loans which is among the most utilized loan scheme that can be used for any purpose like buying house hold appliances, marriage at home, to meet any family expenses / emergency. The loan is offered with minimum of conditions and has been designed with a common man’s need in mind. The documentation is simple and processing is fast. |
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| Highlights |
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Salaried |
Self Employed |
| Loan Scheme |
Personal Loans |
Personal Loan |
| Loan Type |
Term Loan |
Term Loan |
| Loan Amount |
6 times of the gross salary as per latest salary
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Min. - Rs 10000
Max. - Rs 200000
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| Tenure |
Min. - 12 months.
Max. - 60 months.
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Min. - 12 months.
Max. - 60 months.
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| Interest Rate |
Min. - 14.75 %
Max. - 16.75 %
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Min. - 14.75 %
Max. - 16.75 %
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 Fees & charges
Fees & charges
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Salaried |
Self Employed |
| Processing Fee |
1 % |
1 % |
| Late Payment Penalty |
2 % |
2 % |
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| Comment on Charges |
Penal Interest - 2% |
Penal Interest - 2% |
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Application Process
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Application Process |
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* Application
* Proof of Income & Certificate from the employer for the take home salary.
* Quotations wherever necessary.
* Undertaking from the employer to deduct the instalment from the salary and remit to the Bank or Undertaking from the employer to allow deduction from salary account, if necessary.
* Guarantee consent letter from third party, if necessary.
* Undertaking from the employer that the applicant will not be relieved from the service under VRS without the consent of the Bank. |
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Security
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Security |
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* Lien over Salary, Bonus and other emoluments.
* Primary: Hypothecation of assets created out of the loan proceeds in case loan is sanctioned for purchasing Consumer Durables / House-hold articles. Suitable third party guarantee to be obtained, if necessary.
* Collateral: Obtention of collateral security need not be a prerequisite.
* Guarantee: If the employer does not undertake to deduct and remit the instalment or the instalment is not deducted from the salary account maintained by the branch, suitable guarantee from two worthy persons should be obtained. |
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