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Tamilnad Mercantile Bank Ltd Loans
Tamilnad Mercantile Bank Ltd loans can be taken by all customers of the bank. The bank offers both Retail loans and Business loans. Tamilnad Mercantile Bank Ltd loans carry competitive interest rates.
Tamilnad Mercantile Bank Retail Loans
The Tamilnad Mercantile Bank Retail loans come with different interest rates. The lending rate starts from 11.5% and may go up to a maximum of 17.5%. Loans of a higher level of risk perception like Personal loans are bundled with higher interest rates.
Education Loans: Tamilnad Mercantile Bank education loans can be taken to pursue studies in India and abroad. Maximum quantum of loan for studies in India is Rs. 7.5 lakhs and for foreign studies-Rs. 15 lakhs.
House Rent Loan: This loan is given against future rental receipts. Maximum loan amount is pegged at Rs. 50 lakhs.
Personal Loan: The loan can be taken to purchase any product. Houshold expenses may also be met.
Car Loan: Tamilnad Mercantile Bank car loans can be utilized to purchase both new and old vehicles. Maximum loan amount is Rs. 50 lakhs for new vehicles. Loans for purchasing older vehicles are a maximum of Rs. 15 lakhs.
Gold Over Draft: Loans are given against gold metal as collateral. Maximum loan amount is Rs. 5 lakhs.
Tamilnad Mercantile Bank Business Loans
The Tamilnad Mercantile Bank business loans include the following categories:
Traders Loan: This loan can be utilized to meet business working capital and other requirements. Maximum quantum of loan is Rs. 20 lakhs.
SME Credit: This loan is used to meet the purchase requirements of machinery and equipment. Single borrower limit is capped at Rs. 2 crore. Group borrowers may take a maximum of Rs. 10 crores.
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Tamilnad Mercantile Bank
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