Tamilnad Mercantile Bank Gold Loan

Gold Loan at 7.15% p.a

Apply & Get Instant Money

Tamilnad Mercantile Gold Loan Key Features – Apply Now!

Tamilnad Mercantile Bank Gold Loan Interest Rate 7.15% per annum
Tamilnad Mercantile Bank Gold Loan Per Gram Rate Per Gram Today is ₹ 5,293
Tamilnad Mercantile Bank Gold Loan Amount Up to Rs. 1 Crore (With Income Proof)
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

Advantages of Tamilnad Mercantile Bank Gold Loan:

  • Fast Processing: The Tamilnad Mercantile Bank Gold Loan approval and disbursement process is speedy and simple. Usually, the loan passes in an hour.
  • Low-Interest Rate: The financing cost of gold credits is a lot of lower when contrasted with different advances as it is a made sure about advance.
  • Minimal Documentation: The documentation method is simple and straightforward; the least number of documents are required for approval of the Tamilnad Mercantile Bank gold loan.
  • Transparent system: we do not apply secret loan charges, the bank strives to remain entirely transparent to you. 
  • Loan Sum: Rs. 15000 is the minimum amount of loan available to customers. Sometimes, in remote areas, it can be less than Rs 10000.
  • Security of Jewelry: We are totally liable for the wellbeing of your gold. In this way, the gold is kept in flame-resistant vaults. 
  • Credit Tenure: The residency of the gold advance can be from 3 months to 2 years. You can choose the residency as indicated by your solace. 
  • Advantages for Farmers: Tamilnad Mercantile Bank gives some exceptional proposals to rural purposes. That demonstrates the bank offers the ranchers a somewhat lower Gold credit loan cost for farming utilization.
  • No Debt Burden: We are aware that circumstances can occur in which an applicant is unable to repay the balance of the loan, in which case the applicant will not be in debt, because the bank will only seize the ornaments owned by you. 
  • No income limits: there are no such restrictions on the lender’s salary or income; thus, anybody with any range of income can use a gold loan at any time. 

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:

HDFC 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:

If you face financial difficulties, the most realistic solution, the Gold Loan, is to solve your crises. The loan issued for gold is known as the Gold Loan. The borrower retains his gold ornaments with the lender as collateral and takes the cash. Get prompt approval and a hassle-free method. Accessible with handy documents. A gold loan is a type of loan that is insured. Therefore, this service can also be conveniently used by people who have a low CIBIL ranking.

In spite of the fact that there is an assortment of money banking and non-banking organizations that furnish you with a gold credit administration, notwithstanding, Tamilnad Mercantile Bank Gold Loan is contemplated the most. It is one of the strongly suggested and reliable banks in India. Additionally, It is famous for its great monetary administrations. Thus, apply for the Tamilnad Mercantile Bank Gold Loan and profit the best proposals on your item.

  • Tamilnad Mercantile Bank Gold Loan Interest Rate is 7.15% per annum
  • Tamilnad Mercantile Bank Gold Loan Per Gram is ₹ 5,293
  • Tamilnad Mercantile Bank Gold Loan Tenure: Up to 24 months
  • Tamilnad Mercantile Bank Gold Loan Processing Fee is Up to 1.50% of the Loan Amount + GST

Types of Tamilnad Mercantile Bank Gold Loan:

Tamilnad Mercantile Bank offers various schemes related to the Gold Loan product that are listed below:

  • Loan Against Gold – Tamilnad Mercantile Bank offers Gold Loans at exceptional interest rates in order to fulfil the direct requirement of funds for any reason, whether personal or technical or not. In fact, the gold loan is then secured. The bank has no risk of granting the amount to the individual, so compared to different types of loan merchandise, it is given at a lower rate of interest.
  • Loan Against Gold for Agriculture – Tamilnad Mercantile Bank gives Gold Loans explicitly to agribusiness capacities to ranchers at a particular pace of enthusiasm when contrasted with gold credits given for different employments. They are given extraordinary offers and that they should turn out the bank Land verifications that they are taking the Loan for.

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?

Your Tamilnad Mercantile Bank gold loan is usually reimbursed inside the following three alternative methods:

  • Standing Instruction (SI): Standing Instruction, if you are currently an account holder with Tamilnad Mercantile Bank, is the easiest and most secure payment form. Your EMI amount is automatically credited from the Tamilnad Mercantile Bank bank account you display toward the end of the month to month amount.
  • Electronic Clearing Service (ECS): This mode of payment is usually applied if you have a non-Tamilnad Mercantile Bank record and might want your EMIs to be debited consequently near to the end of the month to month process from the account you mention to us.
  • Post-Dated Checks (PDC): You can share your post-dated EMI reports from a non-Tamilnad Mercantile Bank financial statement at your nearest Tamilnad Mercantile Bank loan Center. There was a need to rapidly grant a different edition of PDCs. Please notice that post-dated checks are advancing to the collection of non-ECS states since they were.

Tamilnad Mercantile Bank Gold Loan Contact Number:

Call us at 9878981144 and acquire immediate help and approval for your Tamilnad Mercantile Bank Gold Loan. You can quickly get to identify the most effective offers on Gold Loan out there from all the Tamilnad Mercantile Bank Branches throughout the country to avail the most effective deal applicable to your wishes.

Gold Ornaments Accepted by Tamilnad Mercantile Bank:

  • Gold gems, for example, Gold Bangles, Gold groups, Gold anklets, Gold accessories, and so on these trimmings are obtained by Tamilnad Mercantile Bank for benefiting a Gold Loan. 
  • Quality: The nature of gold must be between 18 Carat to 22 Carat. Any gold adornment that is 24 Carat can’t be acknowledged while applying for a gold credit.

Use of Tamilnad Mercantile Bank Gold Loan:

The funds collected by availing the Tamilnad Mercantile Bank Gold Loan service may be used for several functions such as:

  • To fund some personal investments, such as marriage, hiking, higher tuition fees, etc. 
  • Loan programmes are still available for all of your marketing needs, such as getting materials, creating, promoting, etc. 
  • In addition, you can also benefit from a Gold Loan for agricultural ideas. The bank has lower interest rates for gold loans used for farming or related ventures.

Gold Loan Interest Rate of Major Banks

Bank

 Interest Rates

HDFC Bank Gold Loan

7.15% – 14.50%

ICICI Gold Loan

7.15% – 16.10%
Muthoot Finance Gold Loan

7.15% – 24.00%

Axis Bank Gold Loan

7.15% – 17.00%
Manappuram Gold Loan

7.15% – 26.00%

Yes Bank Gold Loan

7.15% – 15.99%
Bank of India Gold Loan

7.15% – 26.00%

Federal Bank Gold Loan 

7.15% – 13.50%
IIFL Gold Loan

7.15% – 12.00%

Central Bank of India Gold Loan

7.15% – 14.65%

Canara Bank Gold Loan

7.15% – 12.65%

Allahabad Bank Gold Loan

7.15% – 10.45%

Induslnd Bank Gold Loan

7.15% – 15.75%
PNB Gold Loan

7.15% – 11.75%

Bajaj Finance Gold Loan

7.15% – 26%
SBI Gold Loan

7.15% – 15.99%

Indian Bank Gold Loan

7.15% – 15.99%
UCO Bank Gold Loan

7.15% – 26.00%

Kotak Mahindra Bank Gold Loan

7.15% – 13.50%
Syndicate Bank Gold Loan

7.15% – 12.00%

FAQs About Tamilnad Mercantile Bank Gold Loan:

  • What is Tamilnad Mercantile Bank Gold Loan?

The Tamilnad Mercantile Bank Gold Loan is a form of loan that can be easily used by holding your gold as a security with the bank for urgent financial needs. It also includes Term Loan, Overdraft, and EMI interest rates based mainly on loans. In India, the average Gold Loan disbursement time is just 45 minutes.

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

You can get a Tamilnad Mercantile Bank Gold Loan by visiting any of the gold loans allowing branches in India otherwise you can apply online with BestLoanDeal from the comfort of your home and take the best deals and offers. It is one of the few leading banks in India that has Gold Loan services.

  • What is the Gold Loan Interest Rate in Tamilnad Mercantile Bank?

The Gold Loan rate in India is 7.15% per annum. The financing cost relies on a few segments, to be specific: credit sum, advance residency, immaculateness of gold, and relationship with the bank.

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

The per gram Gold Loan you will get at the Tamilnad Mercantile Bank depends on the purity of your gold. To offer a gold loan, Tamilnad Mercantile Bank accepts gold of purity between 18 carats to 22 carats. In the Tamilnad Mercantile Bank Gold Loan, you’ll be able to use up to 5,293 per gram.

  • How to check Gold Loan status in Tamilnad Mercantile Bank?

To decide your Tamilnad Mercantile Bank Gold Loan status, you should simply visit the Tamilnad Mercantile Bank advance status tracker page and fill in your subtleties inside the application given. You’ll have the option to straightforwardly follow the status of your credit from wherever and keep refreshed.

  • How to calculate Gold Loan Interest in Tamilnad Mercantile Bank?

You can calculate the interest on your Tamilnad Mercantile Bank Gold Loan interest through BestLoanDeal EMI Calculator which gives you exact results based on the information you enter into the calculator.

  • How to Pay Tamilnad Mercantile Bank Gold Loan Interest Online?

You can quickly pay Tamilnad Mercantile Bank Gold Loan interest online through internet banking on the official Tamilnad Mercantile Bank loan repayment website, or else, you can moreover repay your Tamilnad Mercantile Bank Gold Loan on Paytm applying your most preferred payment method.

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

If you are not paying your Tamilnad Mercantile Bank Gold Loan within 3 months, the bank will first remind you of your incomplete dues. If the payment requests go unheard, an official legal notice is distributed regarding the repayment and closure of the loan. Defaulting on your Gold Loan leads to a decrease of your credit score and conjointly causes you to be susceptible to face legal actions by the bank together with the confiscation and auction of your gold.

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

You can appeal for EMI Moratorium on Tamilnad Mercantile Bank Gold Loan currently between the 1st March and 31st August 2020 and has got to be done by contacting the Bank customer care or visiting the closest Tamilnad Mercantile Bank branch.