Tamilnad Mercantile Bank (TMB) Gold Loan
Tamilnad Mercantile Bank offers loan against gold at competitive interest rates. Being one of all the key gold loan suppliers, Tamilnad Mercantile Bank understands the requirements of the purchasers and disburses the loan quantity in an hour. The gold pledged is safely secured within the bank locker and you are doing not have to be compelled to worry concerning its safety. The gold rates and every one different charge are intimated to you direct in a very clear manner before sanctionative the loan quantity. thus you are doing not have to be compelled to worry concerning the hidden charges and costs of the gold loan.
|Tamilnad Mercantile Bank Gold Loan Interest Rate||Starting 8.95% per annum|
|Tamilnad Mercantile Bank Gold Loan Rate Per Gram||Rate Per Gram Today is ₹ 4,621|
|Tamilnad Mercantile Bank Gold Requirement||Minimum 18 Carat|
|Tamilnad Mercantile Bank Gold Loan Processing Fee||1% + Taxes|
|Tamilnad Mercantile Bank Maximum Loan Amount||Rs.25,000 – Rs. 10 lakh|
|Tamilnad Mercantile Bank Minimum Loan Amount||90% LTV on Your Gold Market Price|
|Tamilnad Mercantile Bank Prepayment Charges||2%+GST (Within 3 Months), 0 (After 3 months)|
|Tamilnad Mercantile Bank Repayment Tenure||6 Months to 36 Months|
|Tamilnad Mercantile Bank Gold Loan Schemes||Bullet Payment Scheme, EMI Scheme|
Tamilnad Mercantile Bank issues a Gold Loan per gram rate of ₹ 2,506 to ₹ 4,621 in line with the current gold rate. The best Tamilnad Mercantile Bank Gold Loan Rate per gram is ₹ 4,621 for 22 Carat gold, measured at a maximum 75% loan to value, and the average gold price for the last one month for 22-carat is ₹ 4,621.
Tamilnad Mercantile Bank Gold Loan Details
|Parameters||Features & Interest Rate|
|Interest Rate||12% per annum onwards|
|Repayment Tenure||Up to 11 months|
|Loan Amount||Min. Rs.3,000 and onwards|
Tamilnad Mercantile Bank’s gold loan is a guaranteed loan that, in place of gold ornaments such as gold jewels, a creditor takes from a lender. A certain percentage of the gold’s value is usually the loan amount authorized by lenders to you. You will pay it back by monthly instalment after which you get back your gold products.
Tamilnad Mercantile Bank TMB Jewel Loan
This scheme helps borrowers access needed funds by pledging their gold jewellery. This loan can be used to meet any financial needs such as expenses for a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 lakh.
Features of TMB Gold Loan:
- The TMB Jewel Loan is meant for borrowers who want to get funds by pledging gold jewellery/ornaments to meet their financial needs
- This loan scheme can also be availed by borrowers as a consolidation loan to pay off their high-interest credit card debts and loans, thereby consolidating their debts
- The minimum loan amount sanctioned under this loan is Rs. 3,000
- The maximum loan amount sanctioned by the bank under this loan scheme is 75% of the value of gold jewellery or Rs. 10 lakh, whichever is lower
- The interest rate applicable to this loan is defined as the sum of two factors: one-year Marginal Cost of Funds based Lending Rate (MCLR) and a Spread factor of 1.55%. As of 2020, 1-year MCLR of TMB is 8.65% bringing the effective interest rate at 10.10%
Tamilnad Mercantile Bank Comparision With Other banks
|Particulars||Tamilnad Mercantile Bank||SBI||HDFC Bank|
|Interest Rate||7.00%||7.50% – 7.50%||9.90% – 17.55%|
|Processing Fees||Up to 1% of the loan amount||0.50% of the loan amount||1.50% of the loan amount|
|Loan Tenure||6 months to 36 months||3 months to 36 months||3 months to 24 months|
|Loan Amount||Up to Rs. 1 Crore||₹ 20,000 to ₹ 20 Lakh||₹ 25,000 to ₹ 50 Lakh|
|Foreclosure Charges||2%+GST (Within 3 Months), 0 (After 3 months)||Nil||Nil after 3 months|
|Lowest EMI Per Lakh||₹ 2,801 to ₹ 5,121||₹ 3,111 per lakh||₹ 4,610 per lakh|
How To Get Gold Loan From Tamilnad Mercantile Bank Fast
- Tamilnad Mercantile Bank fixes the price of 18-22-carat gold for pure gold. Always try to provide high-quality jewellery as it will bring you the highest value of gold loans.
- To get gold loans faster, you can apply for online gold loan application services by Tamilnad Mercantile Bank.
Benefits Of Tamilnad Mercantile Bank Gold Loan:
- Loan Amount: The borrower can avail of the maximum amount of Rs.10 lakh on loan against gold.
- EMI options: Easy EMI repayment options are available for every borrower depending on the interest rate and principal amount borrowed.
- Instant Liquidity: The loan against gold amount can be availed instantly on pledging gold with the lender. Unlike personal loans, it is a fast process.
- Security: gold jewellery is kept safe with the bank in its locker with proper electronic surveillance deployed.
- Interest Rates: The TMB Gold Loan interest rate is 7.0%, which is one of the most affordable rates available in the market.
- Foreclosure charges: Tamilnad Mercantile Bank charges up to 0.50% of the principal amount as Foreclosure charges.
How Much Gold Loan Can I Get Through Tamilnad Mercantile Gold Loan?
According to the most superior gold prices, TMB Bank offers a gold loan per gram today of ₹ 4,621. The highest TMB gold loan rate per gram now is ₹ 4,621 for 22-carat jewellery calculated at a maximum LTV of 75% and average gold loan rates of the last 30 days in 2021 are ₹ 4,621 of 22 carats.
Tamilnad Mercantile (TMB) Gold Loan Per Gram
|Updated – Gold Loan Per Gram Rate w.e.f Apr 28 2022|
|Gold Weight||Gold Purity|
Tamilnad Mercantile Bank (TMB) Gold Loan:
Tamilnad Mercantile Bank Gold Loan is best suited to fulfil your short term requirements. Several banks and private lending institutions provide loans against low Gold loan Interest Rates.
You can avail of a gold loan even if you are suffering from bad credit history and your salary is also low, and you are not eligible for any other type of loan. Your loan will be disbursed within 30 minutes. Tamilnad Mercantile Bank provides instant loans against gold. Gold Loan is taken to overcome the short term requirements of a person.
- TMB Gold Loan Interest Rate is 8.95.0% per annum
- TMB Gold Loan Tenure: Up to 24 months
- TMB Gold Loan Processing Fee is Up to 1% of the Loan Amount + GST
Tamilnad Mercantile Bank Gold Loan Eligibility:
Gold Loan is a financial product by the Tamilnad Mercantile Bank which caters to your needs of short term or long term funds. It is easy to avail of financial services given by banks at low interest and also requires minimal documentation for the same. Tamilnad Mercantile Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done, keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing of the Tamilnad Mercantile Bank Gold Loan is:
|Requirements||Gold ornaments (18-22 carats)|
|CIBIL score||Above 500|
Tamilnad Mercantile Bank (TMB) Gold Loan at Home
Gold Loan at Home is an immediate or doorstep loan service that allows you to borrow money from the comfort of your own home. As interest rates are low, the service is quick, flexible, and economical. Before submitting a loan request, you can also use the gold loan calculator to determine the worth of your gold or the loan amount. The process for getting a Gold Loan at home is quite simple and convenient, and it can be completed in just a few minutes.
One of our representatives will contact you and arrive at your home within 30 minutes. The appropriate gold loan amount will be paid immediately to your bank account when all e-documentation and gold identification is completed at your home.
The benefits of getting a gold loan at your doorsteps are:
- Access To Your Loan Account 24 X 7
- Diverse Range of Gold Loan Schemes
- Your Gold will just be released the same day.
- Pre & Part Payment Facility
- You can get free insurance for your Gold
- There are no hidden fees.
- You will get the maximum value of your Gold
- Service at Your Door in 30 Minutes
- You can avail your Gold Loan in just 1 visit
Tamilnad Mercantile Bank Gold Loan Documents Required
Loan Against Gold is a secured loan offered to the borrowers by the Tamilnad Mercantile Bank wherein funds are given for fulfilling their financial needs. The gold ornaments of the borrowers are kept as security by the bank in exchange for the funds. The entire Tamilnad Mercantile Bank Gold Loan process is smooth and easy to avail of with minimal documentation. The bank assures the high security of your gold ornaments till the loan is closed.
Documents required for Applying for Tamilnad Mercantile Bank Gold Loan are :
|Identity Proof||Aadhar Card/Pan Card/ Passport/ Voter ID|
|Residence Proof||Aadhar Card /Pan Card/ Rental Agreement of applicant/ Voter ID card/Ration Card/ Utility Bills on the name of the applicant.|
|Agriculture Proof ( only if applicable)||Agriculture Land Ownership Proof|
|Photographs||2 Passport sized coloured|
Tamilnad Mercantile Bank Gold Loan Interest Rate
Tamilnad Mercantile Bank Gold Loan can fulfil all your urgent short term and long term money-related requirements. The interest rate to be charged depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Tamilnad Mercantile Bank are lower in comparison to other loans because it is a fully secured loan.
|TMB Gold Loan Interest Rate||8.95.0% onwards|
|Processing Fee||1% of the loan amount|
|Prepayment Charges||1% of the outstanding principal amount|
Types Of Tamilnad Mercantile Bank Gold Loan
- Loan Against Gold: The TMB Gold Loan rate of interest is 7.0% is available with the bank for all kinds of customers.
- Loan for Agriculture purposes: to facilitate better offers, a lower rate of interest is provided to the agriculture purpose loans.
Gold Loan Apply Online
You can apply with us through the below-mentioned steps to get a Gold Loan as required.
Tamilnad Mercantile Bank Gold Loan EMI Calculator
- It is the responsibility of the borrowing individual or entity to look into the intricate details of the policy and find out the most appropriate gold loan facility for them. Though, these credit facilities have no complex feature or detail that takes a lot of time to be understood.
- Gold loan calculator is an additional element to the features of this credit facility that provide comfort to the borrowing individual or entity.
How To Pay Your Tamilnad Mercantile Bank Gold Loan EMI?
The loan against gold can be repaid in the following different ways.
- Electronic Clearing Service (ECS): This method can be utilized if you have a non-Tamilnad Mercantile Bank account and want your EMIs to be charged consequently at the end of the month from the indicated account.
- Post-Dated Checks (PDC): Submit post-dated EMI checks from a non-Tamilnad Mercantile account to your nearest branch.
GOLD LOAN @ 0.49%*APPLY NOW+91APPLY NOW
Gold Loan Agent Contact Number
For any sort of assistance regarding the gold loan, you can contact us on the number .
What types of gold can be used to secure a gold loan?
The specific gold ornaments that the bank accepts are:
- Gold Jewelry- First of all, Bangles, necklaces, Earrings, and any other type of jewellery.
- Gold Coins- Next, Not accepted for loan approval.
- Gold Bars- Also, a loan is not given on gold bars.
- Gold Biscuits- Furthermore, in this case, also loan is not approved.
Uses of Tamilnad Mercantile Bank Gold Loan
The funds acquired by availing the Tamilnad Mercantile Bank Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as travelling, weddings, higher education fees, etc.
- For all your business needs, such as purchasing raw material, business expansion, etc.
- You can avail of a Gold Loan for agrarian purposes. The bank offers low interest for Gold Loans that are used for agriculture or allied activities.
Tamilnad Mercantile Bank Agricultural Jewel Loan Scheme
|Scheme||Tamilnad Mercantile Bank Agricultural Jewel Loan Scheme|
|Interest Rate||Starting at 8.95%|
|Least amount of Loan||Depends on the value of jewel|
|Loan period||Adjustment of advance sum inside 2 months from the date of reap of yields|
Benefits Of Tamilnad Mercantile Bank Agricultural Jewel Loan Scheme
- For 0.30% of the loan amount, a Minimum of ₹ 300 is charged ranging from more than ₹25,000 – less than ₹ 5 lakh
- 0.28% of the credit sum, subject to at least Rs.1,500 applicable on more than Rs.5 lakh and less than Rs.1 crore
Tamilnad Mercantile Bank Gold Loan Overdraft Scheme
In the Tamilnad Mercantile Bank Gold loan, the loan amount is provided as an overdraft facility. Working as a Credit Card, the Gold Loan Amount can be spent as per the choice of the borrower. The overall loan amount has a Credit/Loan Limit. In the Bank’s Gold Loan Overdraft facility, the interest is charged only on the amount that is withdrawn/utilize.
Tamilnad Mercantile Bank Gold Loan Overdraft Scheme
Tamilnad Mercantile Bank Offers an Overdraft Scheme. With this, you are provided a loan amount as an overdraft facility. It works like a Credit Card, where you can spend your Gold Loan Amount as you want anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Tamilnad Mercantile Bank Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.
Tamilnad Mercantile Bank Gold Loan Highlights
|Age||18 – 70 years|
|Minimum Loan Amount||Rs. 1000|
|Maximum Loan Amount||Rs. 1 Crore|
|Tamilnad Mercantile Bank Gold Loan Interest Rate||7.00% p.a. onwards|
|Loan Tenure||From 6 months to 36 months|
|Gold Items accepted||Jewellery and gold coins sold by banks|
|Tamilnad Mercantile Bank Gold Loan Processing Charges||1% of the loan amount|
How Does Tamilnad Mercantile Bank Gold Loan Work, Here’s An Example
The suitability of the loan is determined on the basis of the purity of gold, LTV and the weight of gold. Suppose a person named X and his two friends a person named Y and a person named Z have different gold values for different purity. The person named X has 50 grams of gold per 22-carat purity. The person named Y has 60 grams of gold in 20 carats of purity and the person named Z has 70 grams of gold in purity or 22 carats. They approached the Tamilnad Mercantile Bank to get a gold loan. The price used to calculate the suitability of their gold loan according to the high 85% LTV will vary with the purity of the gold and therefore, will lead to the validity of the gold loan.
Tamilnad Mercantile Bank Gold loan customer care
- Tamilnad Mercantile Bank Website: www.tmb.in
- Headquarters: Tuticorin, Tamil Nadu
- Call Centre Number: +91 461 2321382, +91 461 2321929, +91 461 2321932
Things to know before Applying for a Gold Loan
In India, we have emotional value for gold because usually, it is kept in the form of family jewellery. When we want to avail gold loan, we are required to keep this gold as a collateral which we do not agree so easily.
It is also required for you to be aware of the quality of gold which qualifies for the gold loan. The purity of gold which is required as a collateral for gold loan should be 18-22 carat or above. No value of precious gems studded in the gold jewellery is taken into account. It is also equally important for the borrowers to go through the terms and conditions mentioned in loan agreement thoroughly.
Further, if you are not able to repay the gold loan on time then there are high chances of losing your pledged gold/ gold jewellery. This may cause undue emotional stress on you. Hence, it is very necessary for you to think beforehand whether you will be able to repay the gold loan conveniently.
Contact details of Tamilnad Mercantile Bank Limited, Tamilnad Mercantile Bank Limited SMS balance check number, Tamilnad Mercantile Bank Limited SMS banking, Tamilnad Mercantile Bank Limited mobile banking, Tamilnad Mercantile Bank Limited toll free number,Tamilnad Mercantile Bank Limited toll free number 24*7,
Tamilnad Mercantile Bank Limited miss call number
- MISSED CALL NUMBERS – 9211937373
- CONTACT NUMBERS – 18004250426, 9842461461
Tamilnad Mercantile Bank Limited Contact Details
- BANK OFFICIAL WEBSITE – www.tmb.in
- CONTACT NUMBERS – 18004250426, 9842461461
- EMAIL ID – [email protected]
- MISSED CALL NO. – 9211937373
- TOTAL BRANCHES – 525
- HEADQUARTER – Tuticorin
- BANK ADDRESS – 57, V.E. Road, Tuticorin-628002, Tamil Nadu
FAQs About Tamilnad Mercantile Bank Gold Loan
What is Tamilnad Mercantile Bank Gold Loan?
Tamilnad Mercantile Bank gives loans against gold for the personal monetary needs of a borrower for a period of 6 to 12 months. The Gold Loan comes at competitive interest rates, and the loan amount depends upon the quality of the pledged gold and the prevailing market prices of the gold.
Tamilnad Mercantile Bank offers gold loan services to every individual other than brokers and lenders for a minimum amount of ₹ 3000 and a maximum amount of ₹ Ten lacs which depends upon the quality and the quantity of your gold. You can use this amount to fulfil any personal requirements like a vacation, wedding, any expenses, etc.
Applying Through website?
You can avail of Gold Loan in a hassle-free and straightforward process:
- Fill in your vital information in the form available on our portal/ tmb portal
- Our trained Relationship Manager will get in touch with you within 30 minutes.
- We will suggest you the loan according to your requirements, in your specific city.
- Kindly visit the assigned branch of the bank.
- Get the loan sanctioned in just 30 minutes.
How much Gold Loan can I get per gram in Tamilnad Mercantile Bank?
The Head Office gives the maximum lendable per gram rate of 22 Carat gold ornaments daily to the Tamilnad Mercantile Bank Branches. The permissible amount is ₹ 4,621 per gram of gold or 75% of the market value of the gold pledged, whichever is lower.
How does Tamilnad Mercantile Bank Gold Loan work?
The Tamilnad Mercantile Bank Gold loan is a secure credit availing service available for those who have urgent cash requirements and can pledge gold ornaments as collateral security. Once the gold pledged with the bank is valued, the bank processes the loan amount in your indicated account immediately. Various repayment options are available for repaying the loan.
What is the Gold Loan interest rate in Tamilnad Mercantile Bank?
TMB Gold Loan interest rate is 8.950% per annum.
How to check Tamilnad Mercantile Bank Gold Loan status?
Check your Gold Loan status by visiting the Tamilnad Mercantile Bank branch and contacting the loan officer who is in charge of your file.
How to calculate Gold Loan Interest in Tamilnad Mercantile Bank?
You can easily calculate the gold loan interest rate in Tamilnad Mercantile Bank by subtracting the principal amount from the total sum to be paid.
What is the maximum loan amount I can avail of on Gold Loan from Tamilnad Mercantile Bank?
You can get a maximum amount of Rs 1 crore on a Tamilnad Mercantile Bank Gold Loan as the bank offers around 75% of the gold ornaments’ market value.
What is the loan tenure of Tamilnad Mercantile Bank Gold Loan?
The maximum tenure of your Tamilnad Mercantile Bank Gold Loan is up to 36 months. However, kindly renew your loan plan after a year.
How much Processing Fee is applicable on Tamilnad Mercantile Bank Gold Loan?
A processing fee of 1% of the loan amount is charged.
How to renew Tamilnad Mercantile Bank Gold Loan?
Visit your Tamilnad Mercantile Bank Gold Loan branch to renew your Gold Loan. Your gold will be revalued, and loan terms will be decided based on the same.
How to renew Tamilnad Mercantile Bank Gold Loan online?
Renew your Gold Loan with Tamilnad Mercantile Bank by visiting the branch with your loan documents. Your gold will undergo a revaluation process, and upon confirmation of terms, your Gold Loan will be renewed for another tenure.
What are the charges for renewal in Tamilnad Mercantile Bank Gold Loan?
Bank charges approximately Rs. 250- Rs. 500 for renewal of the gold loan.
What are the charges for Pre-payment in Tamilnad Mercantile Bank Gold Loan?
Tamilnad Mercantile Bank charges 1% for the pre-payment of the gold loan.
How to pay Tamilnad Mercantile Bank Gold Loan Interest online?
You can pay the EMI of your Gold Loan from Tamilnad Mercantile Bank by giving a Standing Instruction or ECS on your bank account to deduct the amount automatically.
What if I cannot pay the interest on Tamilnad Mercantile Bank Gold Loan for three months?
If someone defaults on the payments of Tamilnad Mercantile Bank Gold Loan interest for three months, a penalty fee is charged on the total amount due, and in case of repeated defaults, the bank will have the authority to auction your gold ornaments to recover the amount publicly.
How can I apply for EMI Moratorium on Tamilnad Mercantile Bank Gold Loan?
You can apply for the Tamilnad Mercantile Bank Gold loan moratorium online by logging in with your credentials or by personally visiting the main branch. The moratorium request has to be submitted at least five working days before the due date of your EMI.
How to pay Tamilnad Mercantile Bank Gold loan through credit card?
As per RBI Guidelines, Tamilnad Mercantile Bank Gold loan cannot be repaid via credit cards. Other payment modes such as net banking, debits cards, cheques, DDs can be used for loan repayment.
What is the Overdraft Scheme for Tamilnad Mercantile Bank Gold Loan?
Tamilnad Mercantile Bank’s Overdraft Scheme has a Credit/Loan Limit. The interest is charged on the amount withdrawn/utilized.