Tamilnad Mercantile Bank Personal Loan

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About Tamilnad Mercantile Bank Personal Loan

Tamilnad Mercantile Bank Personal Loan

A personal loan is the easiest way to overcome your financial crisis. It is a life saver. As the name suggests, a Personal Loan may be opted by an individual due to an urgent requirement of cash, for example, any medical issue, education purpose or wedding or to fulfil any of your other personal needs.

Personal Loan is an unsecured loan that needs no documents of any collateral but all you need to do is just submit your personal documents to the bank.

Points to remember about Personal Loan

  1. A fixed amount will be paid to the bank by the applicant.
  2. Quick and hassle-free Tamilnad Mercantile Bank Personal Loan disbursal is provided to the customers.
  3. The banks always make sure about your account stability. Make sure you make all the payments timely.
  4. Do not opt for the loan amount more than your capacity of repaying it.
  5. CIBIL Score plays an important role when it comes to personal loan. By tracking your credit history, the bank decides whether you have financial stability or not.

Eligibility criteria for Tamilnad Mercantile Bank Personal Loan

  1. CIBIL Score: It reflects your credit history. The score is derived using a CIBIL report, which is also known as (CIR) Credit Information Report. All your payments are tracked through CIR.
  2. Salary: The bank decides the your loan amount approval based on your monthly income. This is just to make sure that the applicant is capable to pay the loan amount after loan disbursal.
  3. Location: It is yet another primary concern while opting for a loan. Your loan will be sanctioned only from the bank branch that is nearby your current location.
  4. Age: The age of the applicant must be between 21 to 60 years.

Required documents for Tamilnad Mercantile Bank Personal Loan

Salaried Applicants:

  1. Last three months salary slips
  2. Six months old bank statements are considered
  3. PAN Card
  4. Aadhar Card is required as an identity proof
  5. Residence Proof (Owned/Rented/Company provided)
  6. Two passport sized photographs

*NOTE: In case of rented apartments, rent agreement is to be attached.

Self-Employed Applicants:

  1. All financials are considered (company documents as well as ITR files)
  2. PAN Card
  3. Aadhar Card
  4. Residence Proof
  5. Two passport sized photographs

Tamilnad Mercantile Bank Personal Loan: This bank offers the lowest rate of interest on personal loans, so while considering a loan try to go for banks who give low interest. The minimum rate that this bank provides to its customers is 14.80%.

The specialty of such banks is that they give the facility of hassle-free and quick disbursal of loan. Depending on your loan amount and your documents verification you might even get you loan disbursed within 24 hours.

*NOTE: The maximum loan amount that this bank provides is upto 2 Lakhs.

Benefits of Tamilnad Mercantile Bank Personal Loan

  1. Easy Disbursal: There is an easy disbursal involved in the process of Tamilnad Mercantile Bank Personal Loan. You can now get the loan disbursed in just one-two days and sometimes within one day only.
  2. No need of any guarantor: The best thing about this type of loan is that you don’t have to show or keep any confidential papers.
  3. Personal Documents: When you go for this loan, make sure that all your documents are genuine as your documents speak for yourself.
  4. Simple Application Process: Your few documents, along with your passport-sized pictures, are required for filing your application form for a Personal Loan.

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Dialabank helps you to choose the best option of banks by providing you the updated market comparison of different banks so that you can make the right choice. Go to our website which is dialabank.com and fill a simple form with your details. Our customer relationship managers will soon get in touch with you.

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