Tamilnad Mercantile Bank Limited Personal Loan

Last Updated : Nov. 15, 2016, 6:21 a.m.

Are you looking to buy a new household appliance? Is there a marriage at home? Or want to travel to your favorite destination? Well, whatever the case may be, with Personal Loan everything is possible because it makes things possible for you. Yes, with the help of Personal Loan all your wishes can easily be fulfilled. This is the reason that Tamilnad Mercantile Bank Limited has come to the picture to serve your personal needs with ease. So, if you want to enjoy a life with your wishes fulfiled, a personal loan from Tamilnad Mercantile Bank is the call of the day. Slip into the information pertaining to the bank’s personal loan as we dive deeper in this article.

Tamilnad Mercantile Bank Limited Personal Loan Details

Eligibility Criteria for Tamilnad Mercantile Bank Limited

• Permanent employees whose age is less than 54 years.
• Employees of government departments, approved educational institutions, business houses or reputed corporates

Tamilnad Mercantile Bank Limited Personal Loan Eligibility

To get more clarity on the eligibility, let’s take a help from an example below.

For example-Avinash Aggarwal, a 26-year-old, IT Developer by profession, gets a monthly income of ₹80,000. With the deduction of expenses, the monthly savings stand at ₹40,000, which is 50% of his income. Such kind of savings will prompt the bank to lend him. TMB will figure out per lakh EMI before arriving at the expected loan amount for Avinash. So guys, let’s calculate per lakh EMI below.

Amount- ₹ 1 Lakh
Loan Tenure-5 Years
Rate of Interest-14.40-16.40 p.a.
Per Lakh EMI- ₹ 2,348-2,453

With the revelation of per lakh EMI figure, the path for calculation of personal loan amount gets easier. All you need is to put the respective values in the formula as shown below and find the result.

Personal Loan Eligibility- ₹ 1,00,000 x Savings/Per Lakh EMI

₹1 Lakh x 40000/2348=₹17.03 Lakh and ₹1 Lakh x40000/2453=₹16.30Lakh

So, Avinash can get a personal loan amount of nearly ₹16.30 lakhs to serve his personal requirements.

Tamilnad Mercantile Bank Limited Personal Loan EMI Calculator

An EMI calculator allows you to calculate the EMIs in a very easy and quick manner. It gives you the results instantly, the moment you enter few details such as loan amount, interest rate and tenure. However, as far as EMI is concerned, it is necessary to know how much amount you are going to pay so as to repay the loan. It is important for you to know whether that amount is in your budget or not? And, this can only be possible with an efficient EMI calculator as this smart device does all the difficult calculations for you. Actually, the calculator will compute the interest component first and then the principal amount on a personal loan. Take a look at the example below to get more clarity on the same.

Suppose Pulkit Gupta, a Senior IT Analyst, is looking for a personal loan of ₹2,00,000 from  Tamilnad Mercantile Bank Limited for 5 years. The bank is ready to give personal the loan at an interest rate that ranges between 14.40%-16.40% per annum. Now, Pulkit is worried whether he can afford to pay the EMIs of the same or not? What would be his EMIs, total interest and total amount payable on a personal loan? To know the same, kindly go through the article below.

EMI:  ₹2,348-2,453

Interest Outgo: ₹40,857-47,187

Total Amount Payable: ₹1,40,857-1,47,187

In addition, keep your eyes firmly attached to the table below as it showcases the liability of Pulkit Gupta with respect to the loan at various tenures of the loan.

Table showing EMI, interest outgo and total amount payable on your personal loan

Hope you have got a hang of the repayment schedule with respect to the loan . Keep looking at the calculator for better assessment of your repayment capability so as to stay in a shore free of any financial chaos that otherwise can adversely affect your economic condition.

Amortization Table

Documentation Required for Tamilnad Mercantile Bank Limited

Features & Benefits of Tamilnad Mercantile Bank Limited Personal Loan

• Maximum Loan Amount Availability
• Convenient Loan Process
• Easy Repayment Options
• Minimal Documentation
• Speedy Approvals
• Competitive Interest Rates