As you want to know eligibility criteria of personal bank offer by Tamilnad Mercantile Bank here I will get details for you.

Eligibility
Permanent employees, aged below 54 years, who are confirmed in the services of Govt. Departments, Reputed Corporates / Business Houses, Recognised Educational Institutions, etc.

Purpose
To purchase consumer durables / house-hold articles, to meet the marriage expenses, other family expenses, etc.

Security
Lien over Salary, Bonus and other emoluments.

Primary: Hypothecation of assets created out of the loan proceeds in case loan is sanctioned for purchasing Consumer Durables / House-hold articles. Suitable third party guarantee to be obtained, if necessary.

Collateral: Obtention of collateral security need not be a prerequisite.

Guarantee: If the employer does not undertake to deduct and remit the instalment or the instalment is not deducted from the salary account maintained by the branch, suitable guarantee from two worthy persons should be obtained.

Rate of Interest
If the employer deducts and remits the instalment amount every month or the instalment is deducted from the salary account maintained by the Branch - BR + 4.00% (14.40% p.a.).

If the borrower remits the loan instalment and no undertaking is received from the employer - BR + 6.00% (16.40% p.a.) - As applicable to other Unsecured Advances.

Land and building to the extent of 100% of the loan amount or more - BR + 4.00% (14.40% p.a.)

Land and building to the extent of not less than 50% of the loan amount but below 100% - BR + 5.50% (15.90% p.a.)

Current Base Rate for Lending (BR) is 10.40% p.a.

Address:-
Tamilnad Mercantile Bank
57, V.E. Road, Tuticorin, Tamilnadu, India. Zip: 628 002.

Phone:-
+91 (461) 232 1382 / 232 1929 / 232 1932.