Tamilnad Mercantile Bank (TMB) Gold Loan Key Features
|TMB Gold Loan Interest Rate||7.0% per annum|
TMB Gold Loan Rate Per Gram
|Gold Loan Rate Per Gram today is ₹ 5121|
Rs 25,000 – 10lakh
Each Feature Explained in Detail Below
Advantages of Tamilnad Mercantile Bank Gold Loan
- Loan Amount: The borrower can avail the maximum amount of Rs.10 lakh on loan against gold.
- EMI options: Easy EMI repayment options are available for every borrower depending on the interest rate and principal amount borrowed.
- Instant Liquidity: The loan against gold amount can be availed instantly on pledging gold with the lender. Unlike personal loans, it is a fast process.
- Security: Your gold jewellery is kept safe with the bank in its locker with proper electronic surveillance deployed.
- Interest Rates: The TMB Gold Loan interest rate is 7.0%, which is one of the most affordable rates available in the market.
How Much Gold Loan Can I Get Through Tamilnad Mercantile Gold Loan?
According to the most superior gold prices, TMB Bank offers a gold loan per gram today of ₹ 5121. The highest TMB gold loan rate per gram now is ₹ 5121 for 22-carat jewellery calculated at a maximum LTV of 75% and average gold loan rates of the last 30 days in 2020 are ₹ 5121 of 22 carats.
Tamilnad Mercantile (TMB) Gold Loan Per Gram
Updated - Gold Loan Per Gram Rate w.e.f 1 Oct 2020
About Tamilnad Mercantile Bank (TMB) Gold Loan
Tamilnad Mercantile Bank Gold Loan is best suited to fulfil your short term requirements. Several banks and private lending institutions provide loans against gold at low-Interest Rates.
You can avail of a gold loan even if you are suffering from bad credit history and your salary is also low, and you are not eligible for any other type of loan.
Your loan will be disbursed within 30 minutes. Tamilnad Mercantile Bank provides instant loans against gold. Gold Loan is taken to overcome the short term requirements of a person.
- TMB Gold Loan Interest Rate is 7.0% per annum
- TMB Gold Loan Per Gram Rate Today is ₹ 5121
- TMB Gold Loan Tenure: Up to 24 months
- TMB Gold Loan Processing Fee is Up to 1% of the Loan Amount + GST
Tamilnad Mercantile Bank Gold Loan Eligibility
Gold Loan is a financial product by the Tamilnad Mercantile Bank which caters to your needs of short term or long term funds. It is easy to avail of financial services given by banks at low interest and also requires minimal documentation for the same. Tamilnad Mercantile Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done, keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Tamilnad Mercantile Bank Gold Loan is:
Gold ornaments (18-22 carats)
|CIBIL score||Above 500|
Tamilnad Mercantile Bank Gold Loan Documents Required
Loan Against Gold is a secured loan product offered to the borrowers by the Tamilnad Mercantile Bank wherein funds are given for fulfilling their financial needs. The gold ornaments of the borrowers are kept as security by the bank in exchange for the funds. The entire Tamilnad Mercantile Bank Gold Loan process is hassle-free and easy to avail with minimal documentation. The bank assures the high security of your gold ornaments till the loan is closed.
Documents required for Applying for Tamilnad Mercantile Bank Gold Loan are :
Aadhar Card/Pan Card/ Passport/ Voter ID
Aadhar Card /Pan Card/ Rental Agreement of applicant/ Voter ID card/Ration Card/ Utility Bills on the name of the applicant.
Agriculture Proof ( only if applicable)
Agriculture Land Ownership Proof
2 Passport sized coloured
Tamilnad Mercantile Bank Gold Loan Interest Rate
Tamilnad Mercantile Bank Gold Loan can fulfil all your urgent short term and long term money-related requirements. The interest rate to be charged depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Tamilnad Mercantile Bank are lower in comparison to other loans because it is a fully secured loan.
TMB Gold Loan Interest Rate
1% of the loan amount
1% of the outstanding principal amount
Types of Tamilnad Mercantile Bank Gold Loan
- Loan Against Gold: The TMB Gold Loan rate of interest is 7.0% is available with the bank for all kinds of customers.
- Loan for Agriculture purposes: to facilitate better offers, a lower rate of interest is provided to the agriculture purpose loans.
Gold Loan Apply Online
You can apply with Dialabank through the below-mentioned steps to get a Gold Loan as required.
- Visit Dialabank’s digital platform where just have to fill a form without any registration.
- Dialabank’s Relationship Manager will get back to you and assist you throughout the Gold Loan process and assist you in fulfilling your fiscal requirements.
- We give you personalized services, the option of comparing and taking the best deal according to your requirements without any extra fee.
- At Dialabank, you can compare the different offers and schemes from various banks based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
Tamilnad Mercantile Bank Gold Loan EMI Calculator
How to Pay Your Tamilnad Mercantile Bank Gold Loan EMI?
The loan against gold can be repaid in the following different ways.
- Electronic Clearing Service (ECS): This method can be utilized if you have a non-Tamilnad Mercantile Bank account and want your EMIs to be charged consequently at the end of the month from the indicated account.
- Post-Dated Checks (PDC): Submit post-dated EMI checks from a non-Tamilnad Mercantile account to your nearest branch.
Gold Loan agent Contact Number
For any sort of assistance regarding the gold loan, you can contact us on the number 9878981144.
Gold Ornaments accepted by Tamilnad Mercantile Gold Loan
The specific gold ornaments that the bank accepts are:
- Gold Jewelry- First of all, Bangles, Necklace, Earrings, and any other type of jewellery.
- Gold Coins- Next, Not accepted for loan approval.
- Gold Bars- Also, a loan is not given on gold bars.
- Gold Biscuits- Furthermore, in this case, also loan is not approved.
Uses of Tamilnad Mercantile Bank Gold Loan
The funds acquired by availing the Tamilnad Mercantile Bank Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as travelling, weddings, higher education fees, etc.
- For all your business needs, such as purchasing raw material, business expansion, etc.
- You can avail of a Gold Loan for agrarian purposes. The bank offers low interest for Gold Loans that are used for agriculture or allied activities.
FAQs About Tamilnad Mercantile Bank Gold Loan
✅ What is Tamilnad Mercantile Bank Gold Loan?
Tamilnad Mercantile Bank gives loan against gold for personal monetary needs of a borrower for a period of 6 to 12 months. The Gold Loan comes at competitive interest rates, and the loan amount depends upon the quality of the pledged gold and the prevailing market prices of the gold.
Tamilnad Mercantile Bank offers gold loan services to every individual other than brokers and lenders for a minimum amount of ₹ 3000 and a maximum amount of ₹ Ten lacs which depends upon the quality and the quantity of your gold. You can use this amount to fulfill any personal requirements like a vacation, wedding, any expenses, etc.
You can avail Gold Loan in a hassle-free and straightforward process:
- Fill in your vital information in the form available on Dialabank.
- Our trained Relationship Manager will get in touch with you within 30 minutes.
- We will suggest you the loan according to your requirements, in your specific city.
- Kindly visit the assigned branch of the bank.
- Get the loan sanctioned in just 30 minutes.
✅ How much Gold Loan can I get per gram in Tamilnad Mercantile Bank?
The Head Office gives the maximum lendable per gram rate of 22 Carat gold ornaments daily to the Tamilnad Mercantile Bank Branches. The permissible amount is ₹ 5121 per gram of gold or 75% of the market value of the gold pledged, whichever is lower.
The Tamilnad Mercantile Bank Gold loan is a secure credit availing service available for those who have urgent cash requirements and can pledge gold ornaments as collateral security. Once the gold pledged with the bank is valued, the bank processes the loan amount in your indicated account immediately. Various repayment options are available for repaying the loan.
✅ What is the Gold Loan interest rate in Tamilnad Mercantile Bank?
TMB Gold Loan interest rate is 7.0% per annum.
✅ How to check Tamilnad Mercantile Bank Gold Loan status?
Check your Gold Loan status by visiting the Tamilnad Mercantile Bank branch and contacting the loan officer who is in charge of your file.
You can easily calculate the gold loan interest rate in Tamilnad Mercantile Bank by subtracting the principal amount from the total sum to be paid.
You can get a maximum amount of Rs 1 crore on a Tamilnad Mercantile Bank Gold Loan as the bank offers around 75% of the gold ornaments’ market value.
The maximum tenure of your Tamilnad Mercantile Bank Gold Loan is up to 36 months. However, kindly renew your loan plan after a year.
A processing fee of 1% of the loan amount is charged.
✅ How to renew Tamilnad Mercantile Bank Gold Loan?
Visit your Tamilnad Mercantile Bank Gold Loan branch to renew your Gold Loan. Your gold will be revalued, and loan terms will be decided based on the same.
Renew your Gold Loan with Tamilnad Mercantile Bank by visiting the branch with your loan documents. Your gold will undergo a revaluation process, and upon confirmation of terms, your Gold Loan will be renewed for another tenure.
Bank charges approximately Rs. 250- Rs. 500 for renewal of the gold loan.
Tamilnad Mercantile Bank charges 1% for the pre-payment of the gold loan.
✅ How to pay Tamilnad Mercantile Bank Gold Loan Interest online?
You can pay the EMI of your Gold Loan from Tamilnad Mercantile Bank by giving a Standing Instruction or ECS on your bank account to deduct the amount automatically.
If someone defaults on the payments of Tamilnad Mercantile Bank Gold Loan interest for three months, a penalty fee is charged on the total amount due, and in case of repeated defaults, the bank will have the authority to auction your gold ornaments to recover the amount publicly.
You can apply for the Tamilnad Mercantile Bank Gold loan moratorium online by logging in with your credentials or by personally visiting the main branch. The moratorium request has to be submitted at least five working days before the due date of your EMI.
As per RBI Guidelines, Tamilnad Mercantile Bank Gold loan cannot be repaid via credit cards. Other payment modes such as net banking, debits cards, cheques, DDs can be used for loan repayment.
Table of Contents
- 1 Tamilnad Mercantile Bank (TMB) Gold Loan Key Features
- 2 Advantages of Tamilnad Mercantile Bank Gold Loan
- 3 How Much Gold Loan Can I Get Through Tamilnad Mercantile Gold Loan?
- 4 About Tamilnad Mercantile Bank (TMB) Gold Loan
- 5 Tamilnad Mercantile Bank Gold Loan Eligibility
- 6 Tamilnad Mercantile Bank Gold Loan Documents Required
- 7 Tamilnad Mercantile Bank Gold Loan Interest Rate
- 8 Types of Tamilnad Mercantile Bank Gold Loan
- 9 Gold Loan Apply Online
- 10 Tamilnad Mercantile Bank Gold Loan EMI Calculator
- 11 How to Pay Your Tamilnad Mercantile Bank Gold Loan EMI?
- 12 Gold Loan agent Contact Number
- 13 Gold Ornaments accepted by Tamilnad Mercantile Gold Loan
- 14 Uses of Tamilnad Mercantile Bank Gold Loan
- 15 FAQs About Tamilnad Mercantile Bank Gold Loan
- 15.1 ✅ What is Tamilnad Mercantile Bank Gold Loan?
- 15.2 ✅ How can I get a Gold Loan?
- 15.3 ✅ How much Gold Loan can I get per gram in Tamilnad Mercantile Bank?
- 15.4 ✅ How does Tamilnad Mercantile Bank Gold Loan work?
- 15.5 ✅ What is the Gold Loan interest rate in Tamilnad Mercantile Bank?
- 15.6 ✅ How to check Tamilnad Mercantile Bank Gold Loan status?
- 15.7 ✅ How to calculate Gold Loan Interest in Tamilnad Mercantile Bank?
- 15.8 ✅ What is the maximum loan amount I can avail on Gold Loan from Tamilnad Mercantile Bank?
- 15.9 ✅ What is the loan tenure of Tamilnad Mercantile Bank Gold Loan?
- 15.10 ✅ How much Processing Fee is applicable on Tamilnad Mercantile Bank Gold Loan?
- 15.11 ✅ How to renew Tamilnad Mercantile Bank Gold Loan?
- 15.12 ✅ How to renew Tamilnad Mercantile Bank Gold Loan online?
- 15.13 ✅ What are the charges for renewal in Tamilnad Mercantile Bank Gold Loan?
- 15.14 ✅ What are the charges for Pre-payment in Tamilnad Mercantile Bank Gold Loan?
- 15.15 ✅ How to pay Tamilnad Mercantile Bank Gold Loan Interest online?
- 15.16 ✅ What if I cannot pay the interest on Tamilnad Mercantile Bank Gold Loan for three months?
- 15.17 ✅ How can I apply for EMI Moratorium on Tamilnad Mercantile Bank Gold Loan?
- 15.18 ✅How to pay Tamilnad Mercantile Bank Gold loan through credit card?