Interest Rate & Loan Details

• Interest Rate: Starts from 7.00% per annum.
• Loan Amount:
  • Minimum: 3,000
  • Maximum: 75% of the value of gold jewellery or up to 10 lakh.
• Loan Tenure: Details available upon application.
• Processing Fee: Typically 1% of the disbursed loan amount.
• Pre-closure Charges: Up to 0.50% of the principal amount.
• Loan-to-Value (LTV) Ratio: Up to 75% of the gold’s market value.

Purpose of Gold Loan

• Personal expenses
• Business needs
• Agricultural investments
• Medical emergencies
• Educational expenses

Eligibility Criteria

• Ownership: Individuals who own gold jewellery (typically 18-22 carats).
• KYC Compliance: Valid KYC documents required.

Documents Required

• Application Form: Duly filled and signed.
• Photographs: Two recent passport-size photos.
• Identity Proof (Any one):
  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter ID
  • Driving License
• Address Proof (Any one):
  • Aadhaar Card
  • Utility Bills
  • Ration Card
  • Lease Agreement

Repayment Options

• Bullet Repayment: Principal and interest payable on or before maturity.
• EMI Option: Equated Monthly Installments over the loan tenure.

Charges & Fees

• Processing Fee: Typically 1% of the disbursed loan amount.
• Gold Appraiser Charges: Borne by the applicant.

Key Considerations Before Applying

• Gold Quality: Loans are based on the purity and net weight of the gold. Typically, loans are granted against gold jewellery of 18-22 carats.
• Loan Terms: Review the loan agreement carefully before signing.
• Gold Security: Non-repayment may lead to forfeiture of the pledged gold.

Benefits of Tamilnad Mercantile Bank Gold Loan

• Quick Loan Approval: Instant processing and disbursal, often on the same day of application.
• Attractive Interest Rates: Competitive rates starting from 7.00% per annum.
• High Loan Value: Loan up to 75% of the gold’s market value.
• Flexible Repayment: Options for bullet repayment or EMI.
• No Guarantor Required: The pledged gold itself serves as collateral.

Contact Tamilnad Mercantile Bank

• Customer Care: Please visit the official website for contact details.
• Email: Please visit the official website for contact details.
• Official Website: Tamilnad Mercantile Bank

Disclaimer: The above information is subject to change. For the latest updates, please refer to the official Tamilnad Mercantile Bank website or contact your nearest branch.