How to Get Tamilnad Mercantile Bank Business Loan Eligibility Interest Rates:
Tamil Nadu Mercantile Bank Limited (TMB) is a private bank headquartered in Tuticorin, Tamil Nadu, India. TMB was established in 1921 as ‘Nadar Bank’ but in November 1962 its name was changed to Tamil Nadu Mercantile Bank. The bank currently has 509 full-fledged branches, 12 regional offices and 11 extension counters, 1 service branch, 4 currency chests, 19 e-lobby centers and 1094 Automated Teller Machines (ATMs) across India. Tamil Nadu Mercantile Bank offers a wide range of financial products to various segments of its customer base, including business loans.
Trader/Service loan interest rate offered by the bank starts from 10.80%. You can get business loan up to Rs 50 lakh from this bank. How to get Business Loan from Tamilnad Mercantile Bank if you are a businessman and want to get loan for expansion of your business? Apart from giving information related to this, you are also being provided information about Tamilnad Mercantile Bank Business Loan – Eligibility, Interest Rates here.
TMB Business Loan Types
Tamil Nadu Mercantile one of the fastest growing private banks in India The bank offers a wide range of financial products to various segments of its customer base. near bank Funded and non-financed for its Retail, Corporate, MSME, NRI and other customers There is a huge range of cherished features. Banks offer their customers various Provides business loan, its details are as follows-
- TMB Commercial Vehicles.
- TMB Vehicle Finance for Educational Institutions.
- TMB Secure Overdraft ( OD)
- TMB Business & Services.
- TMB Rice Mill Loan.
- TMB Dhal Mill Loan.
- Pharma Finance.
- channel finance.
- TMB Mahli.
- TMB Doctor.
Tamilnad Mercantile Bank Business Loan Interest Rate
| Rate of interest | 10.80% forward |
| Loan amount | Max up to Rs 50 lakh. |
| Processing fee | 0.50% of loan amount + Taxes. |
| Repayment Term – Term Loan | 84 months (capex) |
| Repayment Period – Demand Loan | 35 months. |
| Repayment Period – OD | Fresh Loans – Up to 60 Months. |
| Gap | 20 % |
| Penal interest | 1% p.a. at the rate of interest on the outstanding amount. |
TMB MSME Loan Interest Rate & Other Charges
| Rate of interest | 9.80% forward |
| Max Loan Amount – Single Borrower | Rs.25 crore |
| Max Loan Amount – Group Borrower | 50 crore |
| Repayment period | Working Capital – 1 Year (Renewable) Term Loan – Max. up to 7 years |
| Processing fee | 1% of loan amount + tax |
| Prepayment fee | Term Loan – 2% of outstanding balance + Tax Working capital – 1% of limit + Tax |
| Primary protection | Working Capital Limits: Stocks and Term Loans Receivable: Acquired Assets |
| Security of bail | 10 lakh to MSEs |
| Documentation fee | Nil up to Rs.25 lakh |
Uses of TMB Business Loan Amount
The loan amount can be used for retail, merchants, manufacturers, micro and working capital requirements of small enterprises, small businesses and professional and self-employed people can be done to meet the requirements. Tamilnad Mercantile Bank Trader/Service Loans can be availed by Individuals, Proprietorships, Partnership Firms, Limited Liability Partnerships ( LLPs) and Private Limited Companies in any trading and/or service activity are engaged.
Read Also: SBI Business Loan
TMB Business Loan Eligibility
- Self Employed Person, Proprietor, Private Limited company and partnership firm engaged in manufacturing, trading or services involved in business.
- Minimum age of the applicant at the time of applying loan Should be at least 21 years, and 65 years at the time of loan maturity should not exceed
| loan amount | Rupee. 50,000/- to 10,00,000/- |
| tenure | Minimum 12 Months to Maximum 84 Months |
| TMB Business Loan Interest Rate | 10.20% to 11.20% |
| loan processing fee | 1.00% of the loan amount without any ceiling + applicable taxes. Overdraft: 0.50% of OD limit + applicable taxes without any ceiling for both new restrictions and renewals. |
| prepayment fee | Zero |
| Charges for late payment of EMI | 2% p.m. on EMI/Principal Overdue, Minimum amount of Rs. 200/- |
| loan cancellation fee | Zero |
TMB Business Loan Documents Required
Some documents are required with your business loan application, which are as follows-
- PAN Card – For Individual / Company / Firm
- A copy of any of the following documents as proof of identity
- Aadhar Card _
- Passport _
- Voter ID Card
- PAN Card
- Driving License ( DL)
- A copy of any of the following documents as a proof of address
- Aadhar Card _
- Passport _
- Voter ID Card
- Driving License ( DL)
- Last 6 Months Bank Statement.
- Chartered Income, Balance for last 2 years after attested by Accountant Latest Income Tax Return with Calculation of Sheet and Profit and Loss Account.
- Proof of Continuity of Business ( ITR / Trade License / Establishment / Sales Tax Certificate)
TMB Business Loan Online Apply
- To get a business loan from TMB, you must first visit its website https://www.tmb.in/ will have to go
- Now home page, you have to click on the option of MSME.
- Now a new page will open in front of you, here you will get the option of Apply Online under Loans.
- You have to click on this option.
- Now an application form will open in front of you, in which the information asked will have to be uploaded to the fill document.
- After completely completing the form, you have to click on Submit at the last.
- After this, you will get a call from the bank and information will be given about the further process.
Tamil Nadu Mercantile Bank Ltd Customer Care Number
| Bank official website | www.tmb.in |
| contact number | 18004250426, 9842461461 |
| E mail ID | [email protected] |
| missed call no | 9211937373 |
My Last Word:
In this article, we have provided you information about How to Get Tamilnad Mercantile Bank Business Loan Eligibility Interest Rates. Anyone who needs a credit card can connect with an ICICI Bank credit card.
Hope friends, you have found this article informative. If you liked the information given in this article, then please share it as much as possible.