Tamilnad Mercantile Bank Gold Loan

Gold Loan @ 7%

Apply & Get Instant Money

Tamilnad Mercantile Bank Gold Loan Key Features

Tamilnad Mercantile Bank Gold Loan Amount Up to Rs. 1 Crore (With Income Proof)
Tamilnad Mercantile Bank Gold Loan Interest Rate 7.0% per annum
Tamilnad Mercantile Bank Gold Loan Per Gram Rate Per Gram Today is ₹ 5,268
Tamilnad Mercantile Bank Gold Loan Processing Fee 1.50% of the Principal Loan Amount
Tamilnad Mercantile Bank Gold Loan Prepayment Charges 2%+GST (Within 3 Months), 0 (After 3 months)
Tamilnad Mercantile Bank Gold Loan Repayment Tenure 3 Months to 24 Months
Tamilnad Mercantile Bank Gold Loan Repayment Scheme Bullet Payment Scheme, Overdraft Scheme

Tamilnad Mercantile Bank Gold Loan Explanation

Tamilnad Mercantile Bank’s gold loan is an ensured loan that, instead of gold adornments like gold gems, a leaser takes from a moneylender. A specific level of the gold’s worth is typically the loan sum approved by banks to you. You will take care of it by regularly scheduled payment after which you get back your gold items.

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 Upto 1% of 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
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 2,801 to ₹ 5,121 ₹ 3,111 per lakh ₹ 4,610 per lakh

Advantages of  Tamilnad Mercantile Bank Gold Loan

  • Quick Process: You can take a Gold Loan from Tamilnad Mercantile Bank simply and hastily without any difficulties. The loan gets accepted in 60 minutes.
  • Fewer Documents: The documentation procedure is unswerving here; fewer documents are mandatory for the gold loan in Tamilnad Mercantile Bank.
  • Transparent System: The Tamilnad Mercantile Bank offers complete transparency to their client; and that is, there are no obscured charges.
  • Amount of Loan: The minimum amount of loan that Tamilnad Mercantile Bank can offer to their client is Rs. 15,000. And, it can be less than Rs 10,000 in rural areas.
  • Safety of Jewellery: One important thing to note is that the bank takes the whole concern for the security of your gold. Henceforward, they kept the gold in fire-proof safety.
  • Loan Tenure: The time-period of the Gold loan in Tamilnad Mercantile Bank can be from 3 months to 2 years. After this, you can select your affluence accordingly.
  • Profits for Farmers: Tamilnad Mercantile Bank offers some different deals for farming purposes. Tamilnad Mercantile Bank offers a minor Gold Loan interest rate for farming purposes.
  • No Debt Problem: There can be circumstances like in which if an aspirant is not able to refund the amount of loan, in that case, the aspirant will not be under any debts as the bank will only take hold of the aspirant’s ornaments.
  • No Income Restrictions: There are no limitations on the salary or income of the applicant; hereafter, anyone with any salary range can apply for a gold loan in Tamilnad Mercantile Bank.

How Much Gold Loan can I Get through Tamilnad Mercantile Bank Gold Loan?

Tamilnad Mercantile Bank Gold Loan Per Gram – Updated September 2020

Updated - Gold Loan Per Gram Rate

Gold Weight

Gold Purity

Gold Purity

Gold Purity

Gold Purity

24 Carat

22 Carat

20 Carat

18 Carat

1 gram

4680 4290 3900 3510

10 gram

46800 42900 39000 35100

20 gram

93600 85800 78000 70200

30 gram

140400 128700 117000 105300

40 gram

187200 171600 156000 140400

50 gram

234000 214500 195000 175500

100 gram

468000 429000 390000 351000

200 gram

936000 858000 780000 702000

300 gram

1404000 1287000 1170000 1053000

400 gram

1872000 1716000 1560000 1404000

500 gram

2340000 2145000 1950000 1755000

 

Tamilnad Mercantile Bank Gold Loan Eligibility

Age

18-70 years of age

Nationality

Indian

Employment Status

Salaried, Self-Employed

Gold Quality

Minimum 18 Carats

 

Tamilnad Mercantile Bank Gold Loan  Documents Required

Photographs

2 Passport Size

Identity Proof

Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)

Residence Proof

Aadhar Card, Driving License, Ration Card, etc. In the case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required)

 

Tamilnad Mercantile Bank Gold Loan Interest Rate, Fees and Charges

Gold Loan Interest Rate

7.00% per annum

Processing Fee

1.50% of the Principal Loan Amount

Prepayment/Foreclosure Charges

2%+GST (Within 3 Months), 0 (After 3 months)

Valuation Fee

Rs 250 for a loan up to Rs 1.5 lacs and Rs 500 for a loan over and above Rs 1.5 lacs

Late Repayment Charges

2% p.a. + Applicable rate of interest.

Renewal Processing Fees

Rs 350 + GST

 

About Tamilnad Mercantile Bank Gold Loan

Life is full of worries and complications. Therefore, you may need money to handle the financial problems in your life. In that case, you can get a Gold Loan from Tamilnad Mercantile Bank to fight with the economic emergency. A gold loan is a safe loan. Next, the people with low CIBIL score can also apply for this service. Tamilnad Mercantile Bank

However, there is a lot of financial banking and non-banking firms that may provide you with the gold loan, but Tamilnad Mercantile Bank Gold Loan is considered the greatest. Tamilnad Mercantile Bank came into existence in 1921. It is one of the most ostensible and reliable banks in India. Also, it is known for its vivid monetary services. Here the transactions are very safe.

  • Tamilnad Mercantile Bank Gold Loan Interest Rate is 7.0% per annum
  • Tamilnad Mercantile Bank Gold Loan Per Gram is ₹ 5,268
  • Tamilnad Mercantile Bank Gold Loan Tenure: Up to 24 months
  • Tamilnad Mercantile Bank Gold Loan Processing Fee is Up to 1.50% of the principal Loan Amount + GST

Types of Tamilnad Mercantile Bank Gold Loan

Tamilnad Mercantile Bank offers some plans associated with the Gold Loan item which are listed below:

  • Loan Against Gold – Tamilnad Mercantile Bank provides Gold Loan at interesting steps that are important to satisfy anybody’s critical need of assets for any reason whether individual or professional. The gold credit is a wholly made sure about type of loans, and then, the bank has no danger in giving the entirety to the applicant, so it is given at a slower step of best when allied with different types of Loan items.
  • Loan Against Gold for the Farming industry – Tamilnad Mercantile Bank provides Gold Loans clearly to farming industry purposes to farmers at a rare step of interest when related to gold loans given for different facilities. They are given different offers, and while taking the loan, you have to provide the bank with your Property evidence.

Tamilnad Mercantile Bank Gold Loan EMI Calculator

Rate of Interest
6 months
1 Yr
2 Yrs
3 Yrs
7.00% 17008 8652 4477 3088
8.00% 17058 8699 4523 3134
8.50% 17082 8722 4546 3157
9.00% 17107 8745 4568 3180
9.50% 17131 8678 4591 3203
10.00% 17156 8791 4614 3227
10.50% 17181 8815 4637 3250
11.00% 17205 8838 4661 3274
11.50% 17230 8861 4684 3298
12.00% 17254 8885 4707 3321
12.50% 17279 8908 4731 3345
13.00% 17304 8932 4754 3369
13.50% 17329 8955 4778 3393
14.00% 17354 8979 4801 3418
14.50% 17378 9002 4825 3442
15.00% 17403 9026 4845 3466

 

How to Pay Your Tamilnad Mercantile Bank Gold Loan EMI?

  • Standing Instruction (SI): If you are a recent account holder with Tamilnad Mercantile Bank, Standing Instruction is the extreme unswerving procedure to pay. Your EMI entirety will be credited naturally on the way to the month’s end to month time frame from the Tamilnad Mercantile Bank account you show.
  • Electronic Clearing Service (ECS): The program can be useful in the incident that you have a non- State Bank of Bikaner and Jaipur account and may need your EMIs to be charged thusly close to the extreme limit of the month to month cycle from this record.
  • Post-Dated Checks (PDC): You can present post-dated EMI inquiries from a non- Tamilnad Mercantile Bank account at your nearest Tamilnad Mercantile Bank Loan Centre. Another method of PDCs should be presented in the right way. It will be great in the incidence that you note Post Dated Checks will be collected non-ECS states symbolically speaking.

Tamilnad Mercantile Bank Gold Loan Contact Number

Call 9878981144 and get quick support and approval for your Tamilnad Mercantile Bank Gold Loan. You can now know the finest offers on Gold Loan available from all the Tamilnad Mercantile Bank Branches in all over the country to gain the top deal-related according to your necessities.

Gold Ornaments Accepted by Tamilnad Mercantile Bank

  • Tamilnad Mercantile Bank approves gold Jewellery like Gold Bangles, Gold rings, Gold anklets, Gold necklaces, etc. all of these for availing a Gold Loan.
  • Quality: The quality of gold must be in between of 18 Carat to 22 Carat. Any gold ornament which is 24 Carat, it can’t be used for availing a gold loan.

Use of Tamilnad Mercantile Bank Gold Loan

The funds settled by availing the Tamilnad Mercantile Bank Gold Loan facility can be used for plentiful purposes like:

  • To fund any specific savings such as a wedding, climbing, instalment of higher education expenditures, etc.
  • For all your marketing necessities, such as purchasing new supplies, developing marketing, etc., the loan facility is reachable.
  • You can also apply for Gold Loan for farming concepts. The bank gives minor charges of interest for Gold Loans that are used for agronomy or associated plans.

Gold Loan Interest Rate of Major Banks

Bank

 Interest Rates

HDFC Bank Gold Loan

7.00% – 14.50%

ICICI Gold Loan

7.00% – 16.10%
Muthoot Finance Gold Loan

7.00% – 24.00%

Axis Bank Gold Loan

7.00% – 17.00%
Manappuram Gold Loan

7.00% – 26.00%

Yes Bank Gold Loan

7.00% – 15.99%
Bank of India Gold Loan

7.00% – 26.00%

Federal Bank Gold Loan 

7.00% – 13.50%
IIFL Gold Loan

7.00% – 12.00%

Central Bank of India Gold Loan

7.00% – 14.65%

Canara Bank Gold Loan

7.00% – 12.65%

Allahabad Bank Gold Loan

7.00% – 10.45%

Induslnd Bank Gold Loan

7.00% – 15.75%
PNB Gold Loan

7.00% – 11.75%

Bajaj Finance Gold Loan

7.00% – 26%
SBI Gold Loan

7.00% – 15.99%

Indian Bank Gold Loan

7.00% – 15.99%
UCO Bank Gold Loan

7.00% – 26.00%

Kotak Mahindra Bank Gold Loan

7.00% – 13.50%
Syndicate Bank Gold Loan

7.00% – 12.00%

 

FAQs about Tamilnad Mercantile Bank Gold Loan

What is Tamilnad Mercantile Bank Gold Loan?

Tamilnad Mercantile Bank Gold Loan is a loan system that you can apply for urgent monetary help by keeping your gold as safety with the bank. It also comes with great interest rates on Term Loan, Overdraft, and EMI based loan. Customary Gold Loan disbursement time at Tamilnad Mercantile Bank is just 45 minutes.

How can I get the Gold Loan from Tamilnad Mercantile Bank?

You can fluently get the Tamilnad Mercantile Bank Gold Loan by visiting any of the gold loan offering branches of Indian or you can apply online with BookmyLoans by just sitting at your home and get the best offers and deals. Tamilnad Mercantile Bank is one of the prime banks in India that offers Gold Loan features.

What is Gold Loan Interest Rate in Tamilnad Mercantile Bank?

The Gold Loan interest rate in Tamilnad Mercantile Bank is 7.0% per annum. The rate of interest is subject to some factors, namely: loan amount, loan time-periods, purity of gold, and affiliation with Tamilnad Mercantile Bank.

How much Gold Loan can I get per gram in Tamilnad Mercantile Bank?

The per gram Gold Loan in Tamilnad Mercantile Bank that you can get depends on the purity of your gold. Tamilnad Mercantile Bank agrees to take the gold of purity between 18 carats to 22 carats to offer a Gold Loan. You can avail up to ₹ 5,219 Per Gram in Tamilnad Mercantile Bank Gold Loan.

How to check Gold Loan status in Tamilnad Mercantile Bank?

To check your Tamilnad Mercantile Bank Gold Loan status all, you need to do is, visit the Tamilnad Mercantile Bank Loan Status Tracker web page and fill your details in the form given there. You can track the status easily of your loan from home and stay updated.

How to calculate Gold Loan Interest in Tamilnad Mercantile Bank?

You can calculate the interest on your Tamilnad Mercantile Bank Gold Loan using BookmyLoans EMI Calculator which gives you protected amounts based on the info you enter into the calculator.

How to Pay Tamilnad Mercantile Bank Gold Loan Interest Online?

You can pay Tamilnad Mercantile Bank Gold Loan interest online thru net banking on the official Tamilnad Mercantile Bank loan compensation web page or else, you can also refund your Tamilnad Mercantile Bank Gold Loan on Paytm using your selected payment process.

What if I can’t pay the interest on Tamilnad Mercantile Bank Gold Loan for 3 months?

If you do not pay your Tamilnad Mercantile Bank Gold Loan for 3 months, firstly the bank will remind you of your inadequate payments. And after that, If the payment requests go ignored an endorsed legal notice is sent demanding the remuneration and to finish the loan. Non-payment on your Gold Loan will lead to a decreasing in your credit score and also makes you legally responsible to face legal actions by the bank as well as repossession and auction of your gold.

How can I apply for EMI Moratorium on Tamilnad Mercantile Bank Gold Loan? 

You can apply for an EMI Moratorium on Tamilnad Mercantile Bank Gold Loan now between 1st March and 31st August 2020 and has to be done by communicating the Bank’s customer care or by visiting the nearest Tamilnad Mercantile Bank branch.

How to pay Tamilnad Mercantile Bank Gold Loan through credit card?

As per RBI Guidelines, the 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.

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