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Tamilnad Mercantile Bank Personal Loan Details

Abhyudaya Bank 3.75 / 5.04 users

Those looking for a small and affordable personal loan can always opt for Tamilnad Mercantile Bank Personal Loan that provides with hassle-free banking solutions. The personal loans offered by Tamilnad Mercantile Bank can be used for every financial situation like buying new home appliances, wedding expenses, and more. Tamilnad Mercantile Bank Personal Loans are designed keeping in mind the specific financial requirements of every individual.

Tamilnad Mercantile Bank Personal Loan Features:

1Flexible Holding Period:

60 months is the maximum loan repayment period offered by the bank that can be paid out via EMIs.

2The Interest Rates are lower:

If the loan is for a long term, the interest rates can easily add up to small amounts. Moreover, the longer tenures will not affect the monthly expenses effectively.

3Flexible Loan Amount:

The maximum loan amount of Rs.1 lakh is what the individuals can avail on their personal loans. On the other hand, if the individual tends to make the loan payments directly via his/her salary account, then the bank can avail you up to Rs.2 lakhs as a personal loan.

Moreover, the Tamilnad Mercantile Bank never asks for a security as collateral for availing personal loans.

Eligibility Criteria for availing Tamilnad Mercantile Bank Personal Loans:

The Tamilnad Mercantile Bank has set up certain rules and regulations that must be followed in order to avail products from them.

  • The age limit set for availing personal loan facility from Tamilnad Mercantile Bank is between 21-54 years.
  • The applicant must be an existing customer of Tamilnad Mercantile Bank and must be working for a reputed organization.
  • The applicant is required to provide latest salary certificate and income proof to the bank.

Documents required for availing Tamilnad Mercantile Bank Personal Loans:

The documentation is a hassle-free procedure which requires minimal paperwork.

  • Duly filled bank’s application form with applicant’s signature and passport size photographs.
  • Identity proof of the applicant like Aadhar Card, Voter ID, passport, Driving License or Ration Card.
  • Income proof of the applicant along with salary certificate availed from the employer.
  • Under circumstantial requirements, the applicant is required to provide quotations as per the bank’s directives.
  • If necessary, the third party has to provide consent letters to the guarantor.
  • The applicant has to provide with his/her employer’s undertaking proof to make sure that without bank’s permission, he/she under VRS will not be relived from the service.

Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of Tamilnad Mercantile Bank.

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