As per your concern I will get details of Tamilnad Mercantile Bank, Personal Loan with eligibility criteria.

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

Loan Quantum
If the employer deducts and remits the installment amount every month or the instalment is deducted from the salary account maintained by the Branch - 6 times of the gross salary as per latest salary bill with a maximum of Rs. 2,00,000.

If the borrower remits the loan installment, where no undertaking is received from the employer and no salary account is maintained with our Branch - 6 times of the gross salary as per latest salary bill with a maximum of Rs. 1,00,000.

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.

Repayment
Maximum of 60 EMI, while fixing repayment, take home salary of the employee, the remaining period of service, etc., will be taken into account so as to ensure that the loan amount is recovered within the period of service of the applicant.

Rate of Interest
One year MCLR (Marginal Cost of Funds based Lending Rate) plus applicable Business Strategy Spread and Credit Risk Premium. For further details please contact our nearest branch.

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

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