Personal Loan Tamilnad Mercantile Bank

Hii sir, I wants to Apply for the Personal Loan in The Tamilnad Mercantile Bank will you Please provide me the details of Personal Loan of the Tamilnad Mercantile Bank

[shikha]

Tamilnad Mercantile Bank Offer the Personal Loan To purchase consumer durables / house-hold articles, to meet the marriage expenses, other family expenses, etc.


Eligibility Criteria

Age at least 21 and less than 54
He/she should ideally hold a salary account with Tamilnad Mercantile Bank. If not he should be a confirmed employee of a reputed organization or institution

He/she should be able to present a proof of income and certificate from their employer of the Take Home Salary

Quantum of Loan

If the employer deducts and remits the installment amount every month or the installment is deducted from the salary account maintained by the Branch - 6 times of the gross salary as per latest salary bill with a maximum of Rs. 2,00,000.

Rate of Interest

If the employer deducts and remits the instalment amount every month or the instalment is deducted from the salary account maintained by the Branch - BR + 4.00% (14.40% p.a.).

If the borrower remits the loan instalment and no undertaking is received from the employer - BR + 6.00% (16.40% p.a.) –

Land and building to the extent of 100% of the loan amount or more - BR + 4.00% (14.40% p.a.)

Required Document

Application Form.

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