Tamilnad Mercantile Bank Gold Loan

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Rates as low as 9.90%*
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Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
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About Tamilnad Mercantile Bank Gold Loan

Tamilnad Mercantile Bank Gold Loan

Tamilnad Mercantile Bank Gold Loan is best suited to fulfill your short term requirements. Several banks and private lending institutions provide loan against gold at low Interest Rates.

You can avail 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 loan against gold. Gold Loan is basically taken to overcome short term requirements of a person.

Tamilnad Mercantile Bank Gold Loan at a Glance
Interest RateMCLR + 1.5%
Gold Loan Per Gram₹1700 or 75% whichever is lower
Tenure6 to 12 months
Processing Fee1% +GST

Why Tamilnad Mercantile Bank Gold Loan?

  1. Loan Amount: A maximum amount of Rs.10,00,000 can be availed.
  2. EMI options: Hassle free payment of EMIs.
  3. Instant liquidity: Enjoy liquidity of cash at any time. Generate instant cash in times of need.
  4. Security: The customer is assured that their gold is in safe hands.
  5. Interest Rates: Individuals can get the advantage of lower interest rates for this Loan as compared to other loans.
  6. A person can also apply for Gold Finance on Agricultural Land on their name and get a discount of 1% on the interest rate charged.

Tamilnad Mercantile Bank Gold Loan Eligibility

Gold Loan is a financial product provided by the Tamilnad Mercantile Bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by banks at low rates of 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: 

  • The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases). 
  • The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank. 
  • The Minimum weight of Gold that can be pledged is 10 grams and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold. 
  • The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases). 
  • 24 Carat Gold in any form, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Tamilnad Mercantile Bank Gold Loan.
  • A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.

Tamilnad Mercantile Bank Gold Loan Documents Required

Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Tamilnad Mercantile Bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant 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 get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.

Documents required for Applying for Tamilnad Mercantile Bank Gold Loan are :

A duly filled and signed Gold Loan application form shall be submitted along with the following documents:

  1. 2 latest passport-sized photographs
  2. Basic KYC documents :
      • Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, and etc. 
      • Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house). 
  3. Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Tamilnad Mercantile Bank Gold Loan for Agricultural purposes.  
  4. If you are an existing customer of the bank you may not be required to submit any documents as the bank will already have your verified details.

**Any other documents as requested by the bank shall be duly submitted.**

Tamilnad Mercantile Bank Gold Loan Interest Rate

Tamilnad Mercantile Bank Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with 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.

The Gold Loan interest rates in the Bank starts at 10.70% per annum.

Tamilnad Mercantile Bank also charges some additional fees along with the rate of interest in some cases, which are :

  • Processing fee – 1% of the loan amount or ₹1000 whichever is higher
  • Documentation charges 
  • Gold Valuation charges
  • The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.

Tamilnad Mercantile Bank Gold Loan Apply Online

Applying for the Tamilnad Mercantile Bank Gold Loan service is a simple and hassle-free process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with basic information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.

You can also apply with Dialabank by following the below mentioned steps to get a Gold Loan as per your need.

  • Visit Dialabank’s digital platform, where you will have to just fill a form without any registration. 
  • Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs. 
  • You will get personalised service giving you the option of comparing and taking the best deal according to your needs without any extra charges.
  • With Dialabank you can compare the different offers and schemes from different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.

Tamilnad Mercantile Bank Gold Loan Procedure

  1. You need to apply for the loan either online or offline.
  2. The borrower will have to submit an application form along with his / her valuable Gold assets for valuation.
  3. Then the bank will evaluate the real value of your Gold in terms of its purity and weight to determine the eligible loan amount.
  4. Finally, the Loan is sanctioned to the applicant after checking the purity of the asset provided.
  5. The whole Gold Loan process is quick and very smooth and can be disbursed within 90 minutes.

Tamilnad Mercantile Bank Gold Loan Rate per Gram

The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the Tamilnad Mercantile Bank Gold Loan Rate per Gram also varies every day. Tamilnad Mercantile Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.

You can get up to Rs1700 for a gram of Gold depending on its purity and the market price for your Tamilnad Mercantile Bank Gold Loan. 

**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**

Use of Tamilnad Mercantile Bank Gold Loan

The funds acquired by availing the Tamilnad Mercantile Bank Gold Loan service can be used for a number of purposes such as:

  • To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc. 
  • For all your business needs such as buying raw material, expansion of business, and etc.
  • You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities. 

FAQs About Tamilnad Mercantile Bank Gold Loan

Q. How much Gold Loan can I get per gram in Tamilnad Mercantile Bank?

The maximum lendable per gram rate of 22 Carat gold ornaments are given by the Head Office on a daily basis to the Tamilnad Mercantile Bank Branches. The permissible amount is ₹1700 per gram of gold or 75% of the market value of the gold pledged, whichever is lower.

Q. 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.

Q. What is the Gold Loan interest rate in Tamilnad Mercantile Bank?

Tamilnad Mercantile Bank charges an interest rate depending on the amount of loan to be taken. Rate of Interest = MCLR + 1.5%. The bank also charges a handling fee, Inspection charges, safekeeping charges, and some appraisal fee.

Q. How to pay Tamilnad Mercantile Bank Gold Loan 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.

Q. How to apply Gold Loan in Tamilnad Mercantile Bank?

You can apply for a Gold Loan from Tamilnad Mercantile Bank by visiting the branch and filling an application form. You can also apply through Dialabank‘s digital platform to get the best deals and offers on Gold Loans.

Q. How to renew Tamilnad Mercantile Bank Gold Loan online?

To renew your Gold Loan upon the end of its tenure you can visit your loan branch and ask your banker for the renewal of your loan. Your gold will be revalued and new loan terms will be decided.

Q. How to take Gold Loan from Tamilnad Mercantile Bank?

Taking Gold Loan from Tamilnad Mercantile Bank is easy and hassle-free. You do not require any income proof nor need a good credit score. Just walk into the nearest branch with your Gold and get a loan within an hour.

Q. What is Gold Loan in Tamilnad Mercantile Bank?

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 ₹10 lacs which depends upon the quality and the quantity of your gold. You can use this amount to fulfil any personal requirement like a vacation, wedding, any expenses, and etc.

Q. How to get Tamilnad Mercantile Bank Gold Loan?

You can easily get a Gold Loan from Tamilnad Mercantile Bank by visiting their branch with your gold. You will receive the loan amount in your bank account and can use it to meet your financial needs. You can also apply online with Dialabank for best offers and deals.

Q. How to check Tamilnad Mercantile Bank Gold Loan status?

You can check the status of your Gold Loan by visiting the Tamilnad Mercantile Bank branch and contacting the loan officer who is in charge of your file.

Q. How to close Tamilnad Mercantile Bank Gold Loan?

You can close your Gold Loan once you have cleared all the dues. The bank will return your pledged gold upon verification of your payments and will close your loan.

Q. 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.

Q. What happens if someone defaults Tamilnad Mercantile Bank Gold Loan?

If someone defaults with the repayment of Tamilnad Mercantile Bank Gold Loan, the bank charges a penalty fee and also has the right to auction the pledged gold to recover the amount.

Q. How many branches of Tamilnad Mercantile Bank Gold Loan?

The bank currently has 509 branches throughout India, 12 Regional offices and eleven Extension Counters, six central processing centres, one Service Branch, four Currency Chests, 19 e-Lobby centres and 1094 Automated Teller Machines (ATM).

Other Major Gold Loan Providers
 

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