Hi, I availed a personal loan from TMB back in 2018 for my sister’s marriage, so I think I am fit to answer this question. Tamilnad Mercantile Bank personal loan interest rate can vary slightly depending on your credit history, income details, and other criteria, but approximately, it can range between 14.25% p.a to 16.35% p.a. There are also some additional charges that you must know.
What is the TMB Personal Loan Interest Rate?
As far as I can remember, I got the loan at an interest rate of 15% p.a. And it was determined by considering my CIBIL score, repayment history, and employment details. Here are some additional charges you may have to incur while availing the loan from TMB.
Fees and charges: 1% of the loan amount + GST
Penal charges for delay in payment of interest: 2% p.a.
Terms and Conditions of TMB Personal Loan
To avail of a personal loan from any bank, you must fulfill certain requirements and follow some terms. I wasn’t very aware of this until the bank manager explained everything . So, I am sharing the same here.
First, the minimum age requirement is 21 years and the maximum age is 54 years.
You must at least have a gross salary income of Rs. 20,000
If you’re a salaried employee, the maximum you can get is 60 EMIs.
For a credit limit of Rs. 5 lakhs, there’s no collateral security, and for a limit above 5 lakhs, you may need collateral coverage not less than 200% of the limit.
That’s all about
TMB bank personal loan interest rate
. I hope this answers your question.
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What is Tamilnad Mercantile Bank Personal Loan Interest Rate?
Anna24
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2025-02-25T09:25:45+00:00 2025-02-25T09:25:46+00:00Comment
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