Tamilnad Mercantile Bank Gold Loan Interest Rates

The gold loan from Tamilnad Mercantile Bank is an insured loan that a lessee obtains from a moneylender rather than using gold jewellery like gold gems.

The loan amount that banks authorize for you normally corresponds to a certain level of the gold's value. You will take care of it by making your regular payments, and then you will receive your gold things back.

Details of the TMB Gold Loan Scheme

Amounts

Rs. 1 Crore

TMB Bank gold loan interest rate

7.30%

TMB gold loan rate today

Rate Per Gram Today is Rs. 5,268

Processing Fee

1.50%

Prepayment Fee

2% + GST

Repayment Fee

24 Months

Repayment Scheme

Bullet Payment Scheme or Overdraft Scheme

TMB Gold Loan Interest Rate 2022

TMB Bank jewel loan interest rate

7.30%

Advantages of the TMB Gold Loan Scheme

  • Active Mechanism: The Tamilnad Mercantile Bank Gold Loan operates flawlessly and quickly. Within an hour, credit is given for the loan.
  • Less Important Documents: The Tamilnad Mercantile Bank does not like to cause problems, so it requires the applicants to bring the necessary paperwork with little to no inside work.
  • Transparent System: The Tamilnad Mercantile Bank refuses to accept funds for any reason at all.
  • Bonds with no income: The Tamilnad Mercantile Bank does not base loan amounts on income. A gold loan is available to anyone at any time.
  • Loan Term: The Tamilnad Mercantile Bank offers loans with terms ranging from three months to two years. Candidates who pay attention can use it as needed.
  • Amount of Loan: The Tamilnad Mercantile gives clients and pastoral dwelling beings, respectively, metaphorical values of Rs. 15000 and Rs. 10000.
  • Jewelry safety: The Tamilnad Mercantile Bank offers complete security and assurance for gold jewelry.
  • Benefits for Farmers: Tamilnad Mercantile Bank offers enticing deals in areas relating to agroeconomics.
  • No Debt Burden: If you find it difficult to pay back the money on time, don't worry; the Tamilnad Mercantile Bank will hold onto your gold embroidery for a while.

Who is Eligible for the TMB Gold Loan Scheme?

  • The age requirement is at least 18.
  • Anyone who has gold jewelry, coins, or ornaments that the bank needs to mortgage.
  • A person needs a steady income (optional).
  • Individuals who hold their current or savings account with the bank (optional).

What Documents Will be Needed for the TMB Gold Loan Scheme?

  • Identity documents include a passport, voter ID card, driver's license, PAN card, Aadhar card, and an ID card from a government agency.
  • Properly completed and signed a gold loan application.
  • Two photos the size of a passport.
  • The most recent utility bill, the most recent phone or mobile bill, the most recent credit card statement, and the current house lease agreement are all acceptable forms of identification.
  • The most recent pay stub that includes all deductions, Form 16, or the income tax returns for the past two fiscal years serves as proof of income (optional).

Charges Associated with the Gold Loan Scheme from Tamilnad Mercantile Bank

The full list of fees for the gold loan from the Tamilnad Mercantile Bank is as follows:

Processing fees: The bank often levies a processing fee, which is negotiable or occasionally waived.

Fees for appraisal: The bank assesses a minimal percentage of the value of the gold pledged. Additionally, this is paid to the independent valuer.

Pre-payment fine: Depending on the terms and conditions outlined in the loan agreement, the bank may impose a fine for prepaying a loan.

If a borrower misses paying the interest amount, a late payment penalty is assessed.

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