Tamilnad Mercantile Bank Personal Loan

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Tamilnad Mercantile Bank Personal Loan

Tamilnad Mercantile Bank offers personal loans based on salary slabs with or without collateral, up to ₹10 lakh, with standard processing charges.

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Details for Tamilnad Mercantile Bank Personal Loan

Tamilnad Mercantile Bank Personal Loan offers flexible borrowing options based on gross salary and collateral availability. Salaried individuals can avail up to ₹10 lakh, depending on salary and security status. No collateral is needed for loans up to ₹5 lakh, while higher amounts require collateral or check-off facility. The loan is ideal for managing personal expenses with transparent processing fees and varying eligibility. It’s tailored to match income capacity and ensure responsible borrowing for salaried individuals.

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Loan Amount

Up to 10,00,000/-

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Interest Rate

13.75% to 15.90% p.a.

Age

  • Aged 21 to 54 years

CIBIL Score

  • A CIBIL score of 730 or above is generally considered good for approving a personal loan.

Nature of Employment

  • Permanent employees who are confirmed in the services of Govt. Departments, reputed corporates / business houses, teachers working in recognized educational Institutions, NRIs etc., whose age is below 54 years

Minimum Monthly Income

  • minimum Gross salary of Rs.20,000/- per month.

Loan Processing Charges

  • 1% of the loan amount plus applicable taxes

Features

  • No collateral security is required for a credit limit of up to Rs 5 lakhs
  • Loan upto 10 times of the gross salary as per latest salary bill with a maximum of Rs.10.00 lakh
  • With Collateral cover of 200% and Registration of check-off facility - 10 times of the gross salary as per latest salary bill with a maximum of Rs.10.00 lakh
  • Without collateral and Registration of check-off facility – 6 times of the gross salary as per latest salary bill with a maximum of Rs.5.00 lakh
  • Without collateral and without Registration of check-off facility – 6 times of the gross salary as per latest salary bill with a maximum of Rs.1.00 lakh

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Tamilnad Mercantile Bank Personal Loan EMI Calculator

Principal amount

₹1,00,000

Interest amount

₹542

Total amount payable

₹1,00,542

Your Monthly EMI is ₹8,379
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