How does the Tamilnad Mercantile bank decide the maximum loan quantum for me?

Tamilnad Mercantile Bank decides the maximum loan amount on the basis of your gross salary. The maximum loan amount that you can avail is 6 times of your gross salary. However, it is subject to a cap of Rs.2 lakh. Additionally, if you do not have a salary account with the bank and are a borrower who remits the loan instalment, you will be eligible for a maximum loan amount of Rs.1 lakh.

How can I get in touch with the Tamilnad Mercantile Bank?

You can get in touch with the Tamilnad Mercantile Bank over the telephone as well as through email. The bank has an all-India national toll-free number which is 180 0425 0426. They also have a customer care no. which is +91 9842 461 461. You can also write to them at the following email address - customerservice@tmbank.in.

Credit Cards

Home Loans

Personal Loans

Other Loans

Calculators

Investments

Credit Score

Govt. Utility Documents

Download Mobile App

Insurance

Resources

BankBazaar

TMB Personal Loan Interest Rates 2025

Tamilnad Mercantile Bank personal loans are offered at an interest rate of 14.25% p.a. to 16.35% p.a. The bank charges a processing fee at the rate of 1% of the disbursed loan amount. The loan repayment tenure can be extended up to 60 months.

Tamilnad Mercantile Bank offers personal loans to permanent employees of public sectors, as well as to permanent employees of reputed business houses, corporates, educational institutions, and so on.

Particulars	Salaried/Self-Employed
Interest Rate	14.25% p.a. to 16.35% p.a.
Processing Fee	1% of the disbursed loan amount
Loan Tenure	Up to 60 months
Loan Amount	Up to Rs.2 lakh (Terms & conditions applicable)
Employment Status	Permanent employment
Lowest EMI per Lakh	Rs.2,329

Check Your Credit Score Now

Factors Affecting Tamilnad Mercantile Bank Personal Loan Interest Rates

Tamilnad Mercantile Bank personal loan interest rates are based on MCLR. The mean rate of interest for the bank is 15.30% p.a. The maximum and minimum interest rates for personal loans have been pinned at 14.25% p.a. to 16.35% p.a. as of 7 October 2024.

Examples of TMB Personal Loan Interest Rates

1. Illustration for Salary of Rs.25,000 per Month

Check Your Credit Score Now

Mr. Diniz is a government employee who draws a monthly salary of Rs.25,000. He has taken a personal loan of Rs.1 lakh from Tamilnad Mercantile Bank. He got the loan for a period of 1 year. The applicable rate of interest on the loan amount is 14.05% p.a. The amortisation schedule for the personal loan taken by Mr. Diniz is given below:

Loan Amount	Rs.1 lakh
Processing Fee	1%
Loan Tenure	1 year or 12 months
Interest Rate	14.05% p.a.
Month	Principal Paid(A) (Rs.)	Interest Paid(B) (Rs.)	Total Payment (A+B) (Rs.)	Outstanding Loan Balance (Rs.)
1	7,810	1,171	8,981	92,190
2	7,902	1,079	8,981	84,288
3	7,994	987	8,981	76,294
4	8,088	893	8,981	68,206
5	8,182	799	8,981	60,024
6	8,278	703	8,981	51,745
7	8,375	606	8,981	43,370
8	8,473	508	8,981	34,897
9	8,572	409	8,981	26,324
10	8,673	308	8,981	17,652
11	8,774	207	8,981	8,877
12	8,877	104	8,981	0

Mr. Diniz will have to pay an amount of Rs.8,981 as EMIs. The total amount that he would have to pay is Rs.1,07,773

Check Your Credit Score Now

2. Illustration for Salary of Rs.50,000 per Month

Mr. Nakipuria, an employee of a reputed corporate house, has taken a personal loan of Rs.2 lakh through Tamilnad Mercantile Bank. He has a monthly salary of Rs.50,000. The loan was taken for a period of 1 year. The rate of interest applicable to his loan amount is 14.05% p.a. The amortisation schedule for the personal loan taken by Mr. Nakipuria is given below:

Loan Amount	Rs.2 lakh
Processing Fee	1%
Loan Tenure	1 year or 12 months
Interest Rate	14.05% p.a
Month	Principal Paid(A) (Rs.)	Interest Paid(B) (Rs.)	Total Payment (A+B) (Rs.)	Outstanding Loan Balance (Rs.)
1	15,620	2,342	17,962	1,84,380
2	15,803	2,159	17,962	1,68,576
3	15,988	1,974	17,962	1,52,588
4	16,176	1,787	17,963	1,36,412
5	16,365	1,597	17,962	1,20,047
6	16,557	1,406	17,963	1,03,491
7	16,750	1,212	17,962	86,740
8	16,947	1,016	17,963	69,794
9	17,145	817	17,962	52,649
10	17,346	616	17,962	35,303
11	17,549	413	17,962	17,754
12	17,754	208	17,962	0

In this table, we can see that the payable EMI amount is Rs.17,962. Mr. Nakipuria will be required to pay a total sum of Rs.2,15,546 by the end of his loan repayment tenure.

Check Your Credit Score for FREE

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score

FAQs on TMB Loan Interest Rates

How does the Tamilnad Mercantile bank decide the maximum loan quantum for me?
Tamilnad Mercantile Bank decides the maximum loan amount on the basis of your gross salary. The maximum loan amount that you can avail is 6 times of your gross salary. However, it is subject to a cap of Rs.2 lakh. Additionally, if you do not have a salary account with the bank and are a borrower who remits the loan instalment, you will be eligible for a maximum loan amount of Rs.1 lakh.
How can I get in touch with the Tamilnad Mercantile Bank?
You can get in touch with the Tamilnad Mercantile Bank over the telephone as well as through email. The bank has an all-India national toll-free number which is 180 0425 0426. They also have a customer care no. which is +91 9842 461 461. You can also write to them at the following email address - customerservice@tmbank.in.

Important Personal Loan Pages

Personal Loan Eligibility by Banks

Personal Loan Interest Rates by Bank

Personal Loan EMI Calculator by Bank

Personal Loan Customer Care by Bank

Personal Loan Status Track by Bank

Disclaimer

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Explore More:

Credit Card:

Credit Score:

Personal Loan:

Home Loan:

Fixed Deposit:

Calculator:

Learn More:

Others:

Mobile Apps:

support[at]bankbazaar[dot]com