What is Personal Loan Eligibility in TMB Bank?

Here is the TMB Bank personal loan eligibility criteria:

• To be eligible for a personal loan from TMB (Tamilnad Mercantile Bank), you must be a salaried individual aged 21 to 54 years. 

• Your minimum gross salary should be Rs 20,000 per month, as verified via your latest salary slip or bill.

• You must be a permanent employee, working in a government department, established corporate or business house, or a recognised educational institution.

• Also, creditworthiness plays a role. Your credit score and overall financial profile will influence the interest rate spread on the bank’s RLLR-based (Retail Lending Linked Rate) loan. A high credit score will increase eligibility and interest spread (standard banking practice), even if TMB does not publicly disclose a fixed credit score criteria.

TMB offers different loan-amount formulas based on collateral:

• Without collateral, you can borrow up to 6× your gross salary (max Rs 5 lakh)

• With collateral (or check-off facility), this can go up to 10× salary (max Rs 10 lakh).

For higher credit limits above Rs 5 lakh, you will need to provide a mortgage on non-agricultural property (residential land or building) with a collateral cover of at least 200%. Your personal loan tenure is flexible TMB allows repayment via EMIs (equated monthly installments). 

This is all about what is personal loan eligibility in TMB Bank.

To apply for any loan from any bank, you must first fulfill certain eligibility requirements. I applied for a personal loan from Tamilnad Mercantile Bank, back in 2019, so I can give you some necessary information about it. I was also a bit skeptical about the process, but my doubts were cleared by the bank. I learned all about the documentation, interest rates, and eligibility criteria, which I can share. So, let’s talk about the TMB personal loan eligibility.

What is the TMB Bank Personal Loan Eligibility?

It’s important to meet all the bank requirements when you’re applying for a loan. You also need to know certain terms and conditions of the bank. Here are some eligibility requirements set by the Tamilnad Mercantile Bank.

1. Your age should be between 21 to 54 years.

2. If you’re a salaried employee, you can have a maximum of 60 EMIs

3. For a credit limit of Rs. 5 lakhs, there’s no collateral security,

4. If you have a limit above Rs. 5 lakhs, you can provide a mortgage of vacant land/ land and building property, preferably residential owned by the applicant or by their family members. 

That’s all about the Tamilnad Mercantile Bank eligibility. The interest rate may slightly differ according to the applicant’s loan amount and employment details, but approximately, it usually ranges between 14.25% p.a. To 16.35% p.a. So, my recommendation would be to contact the bank and discuss these things directly.

I hope this gives you an idea about

personal loan eligibility in TMB Bank.

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