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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 to purchase consumer durables/house-hold articles, to meet the marriage expenses, other family expenses, etc. |
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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 |
Min. - Rs 50000
Max. - Rs 200000
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Min. - Rs 50000
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. - 17.25 %
Max. - 19.75 %
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Min. - 17.25 %
Max. - 19.75 %
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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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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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