Tamilnad Mercantile Bank Educational Loans: TamilNadu Mercantile Bank has initiated an Education Loan Scheme under TMB Retail Loan Products. The bank provides Educational loans which are among the most utilized loan schemes that can be used in higher studies. Tamilnadu Mercantile Banks give educational loans to worthy students who are unable to follow further studies due to the lack of financial support. It is the excellent choice for parents who wish to educate their children in professional courses in India / Abroad. Education Loans are given to students pursuing graduation, post-graduation and professional courses from institutes approved by the state and central government as well as foreign universities that are eligible for a loan. The loan is offered with minimum conditions and has been considered with common man’s need in mind. The documentation is simple and processing fast.
Tamilnad Mercantile Bank Educational Loans
- The student should be an Indian National.
- Age limit of individuals should have 18-28 years
- Secured admission to foreign University Institutions / Technical courses through Entrance Test/ Selection Process.
- Candidate must have minimum 50% marks with good academic record in recognized Universities
Eligible Course of Study:
- Studies in India School education / Graduation / Post Graduation Courses
- Professional course: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer.
- Courses like ICWA, CA, CFA. Courses conducted by IIM, IIT, IISc, XLR1, and NIFT.
- Studies in Abroad Graduation: For Job oriented Professional / Technical courses offered by reputed universities. Post-Graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA-London, CPA in the USA etc.
Expenses considered for Loan: Expenses that are included in education loan are College fee, hostel fee, Lab fee, Uniform fee, book fee, equipment fee, exam fee, Buying computers or laptops, Study tours, and project work amount.
Quantum of Finance:
- Maximum of Rs. 10.00 lacs for studying in India
- Maximum of Rs.20.00 lacs for studying in Abroad
- Up to Rs.4.00 Lakhs – Nil.
- Above Rs.4.00 Lakhs – Study in India – 5%.
- Above Rs.4.00 Lakhs – Study Abroad – 15%.
Tamilnad Mercantile Bank Educational Loans For Security:
- Up to Rs. 4.00 Lakhs – No Security
- Above Rs.4.00 Lakhs to 7.50 Lakhs Suitable Third Party Guarantee.
- Above Rs.7.50 Lakhs and up to Rs.20.00 Lakhs – 100% collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities.
Tamilnad Mercantile Bank Educational Loans Interest Rates:
- Loan Upto Rs.4 lakhs, interest rate = Base Rate + 3.50%
- Loan above Rs.4 Lakhs up to Rs.7.5 Lakhs, interest rate = Base Rate + 3.50%
- Loan above Rs.7.5 Lakhs up to Rs.20 Lakhs = Base Rate + 3%
Loan Repayment duration:
- The repayment duration is 5 years to 7 years.
- If the student is not able to pay within the period the repayment duration can be extended two years.
Tamilnadu Mercantile Bank Limited,
V. E. Road, Tuticorin, Tamilnadu, India. Zip: 628 002
Phone: 0461-2321382 / 2321929 / 2321932