Tamilnad Mercantile Bank has come up with 'Festival Bonanza' for Home and Car Loans. The festival loans will bear lower interest rate of 9%.

"Under the festival bonanza, housing loans up to Rs 30 lakh repayable by 60 months will be available at 9 per cent (fixed) for first year, 9.5 per cent (fixed) for second year and BR+ one per cent (10 per cent variable) from 25th Month onwards," General Manager (Business Development) of Tamilnad Mercantile Bank Ltd S Selvan Rajadurai said.

Car loans will bear 9% interest for the first year irrespective of the loan amount and 9.5% for the second year. The third year onwards, interest would be base rate +1% which is 10% as per current figures with a repayment period of 36 months and BR+ 1.5 per cent (10.5 per cent) repayable by 60 months.

The festival bonanza will be valid from November 1 to March 31 next.