Tamilnad Mercantile Bank Personal Loan Interest Rate

Tamilnad Mercantile Bank Personal Loan Interest Rate

While processing a personal loan, there are many details involved processing charges levied by the bank. An overview of the personal loan details by Tamilnad Mercantile Bank is mentioned below:

Features and Benefits of Tamilnad Mercantile Bank Personal Loan:

• Processing of personal loans are quick and hassle-free.
• There is flexibility in the purpose of taking personal loan from the bank.
• Loan tenure can vary from 12 months to 60 months.
• Online loan application makes the process very easy and fast.
• Tamilnad Mercantile Bank offers competitive interest rates on personal loans.

Factors that impact your Tamilnad Mercantile Bank Personal Loan interest rate

The bank offers different interest rates for different applicants of personal loan. The terms and conditions of the loan is decided on the basis of the individual’s financial background. Some of the main factors considered by the bank are:

A good credit score will help in getting good interest rates on the loan requested. It shows well on your financial profile that repayments will be done in a timely manner and hence, the bank will be inclined to offer a good deal. If you have a poor credit score, you will be able to get a personal loan however, the interest rate will be on the higher side.

The bank assesses your source of income and earning capacity. This is very important in deciding the interest rate of the loan. If income levels are high, banks will offer a good interest rate on a personal loan.

If the applicant is working with a reputed company, it is easier to get a personal loan from the bank. The process is made even simpler if the company is listed with the bank. Working with a reputed company offers job stability and a regular source of income. These factors contribute in getting a good deal on a personal loan. The interest rate offered to a salaried person will be different than a self-employed person.

If you are taking a personal loan from your own banking partner, you will automatically be able to get a lower rate of interest than a non-customer. Existing customers are known to the bank and their history is on the records as well. In case of a non-customer, the rate of interest could be higher as the bank is not aware of the individual’s repayment capacity. With a new customer, the documentation and total process of getting a loan will be longer. In some cases, the new customer will need to open a savings account first and then apply for a personal loan.

How to calculate the EMI on Tamilnad Mercantile Bank Personal Loan

Once the bank receives your application for a personal loan, an assessment is done on the given details. If your eligibility is in order, the loan gets approved first. Thereafter, the other aspects like interest rate and tenure is decided by bank. You can estimate the monthly EMI that will need to be paid once the loan is disbursed. The repayment process starts the next month of loan disbursal. There is a simple EMI calculator available on the bank’s website. One needs to enter the principal loan amount, interest rate and loan tenure for the calculator to throw up the EMI figure. This becomes helpful in working out your monthly expenses and helps in tracking the balance loan payments.

How to apply for Tamilnad Mercantile Bank Personal Loan

Tamilnad Mercantile Bank personal loan can be applied online on the bank’s website. This is the most convenient and fastest way of applying for the loan. Paperless and hassle-free method makes it the most sought-after option. Another way to apply for the loan is to visit the nearest bank branch and consult a bank representative. Once all clarifications are sorted, one can submit all documents personally at the bank for making the loan application. The customer care service provided by the bank also helps in taking requests for personal loan applications.

Tamilnad Mercantile Bank Personal Loan Status

After submission of personal loan application, one can check the status of the application online on the bank website. The application reference number must be kept handy for checking this information. One can also call the customer care team to check on the personal loan status. Alternatively, visiting the nearest bank branch to check on the loan status is also possible.

Tamilnad Mercantile Bank Personal Loan Interest Rate FAQs