Tamilnad Mercantile Bank Limited Tractor Loan Interest Rate at 10.90% as on Apr 2024

Tamilnad Mercantile Bank Limited Tractor Loan Interest Rate (Updated on Apr 2024)

INTEREST RATE	10.90%
LOAN AMOUNT	Upper Ceiling Rs 15 lakhs
LOAN TENURE	Maximum 9 years
MARGIN REQUIRED	15% of loan amount
PROCESSING FEE	2% to 3% of loan amount
PREPAYMENT CHARGES	As per bank's policy

Tamilnad Mercantile Bank Limited Details

• BANK OFFICIAL WEBSITE - www.tmb.in
• CONTACT NUMBERS - 18004250426, 9842461461
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9211937373
• CUSTOMER CARE NO. - 18004250426, 9842461461
• TOTAL BRANCHES - 569
• HEADQUARTER - Tuticorin
• BANK ADDRESS - 57, V.E. Road, Tuticorin-628002, Tamil Nadu

Purpose of Tamilnad Mercantile Bank Limited Tractor Loan

To purchase Tractor and other implements.

Features & Benefits of Tamilnad Mercantile Bank Limited Tractor Loan

• Financing available for New as well as Used Tractors
• Get up to 90% finance on your tractor
• Affordable Tractor loan interest rates
• The Loan amount will cover the cost of tractor, accessories, implements, insurance and registration expenses.
• Customized financing solutions to meet individual requirements
• Minimal documentation, quick processing and faster disbursements
• Loan can be availed of with or without additional collateral
• Flexible loan tenure
• Facility of Monthly, Quarterly and Half yearly repayment
• You can use post-dated cheques (PDCs)/ Standing Instruction/ECS/ ACH to easily repay the loan
• Non farmers are also eligible to avail of a loan

Eligibility Criteria for Tamilnad Mercantile Bank Limited Tractor Loan

Individual / Joint, Sole Proprietary Concerns, Partnership Firms, Trusts, Societies, Limited Companies and all legal entity.
Upto Rs.3 Lakhs: Minimum 2.5 acres of irrigated land or 5 acres of dry land fully cultivable
Above Rs. 3 Lakhs: Minimum 4 acres of irrigated land or 8 acres of dry land fully cultivable

Documents Required for Tamilnad Mercantile Bank Limited Tractor Loan

• Proof of Identity: (Passport / Voter's ID / Driving License/PAN Card/Aadhar Card)
• Address Proof: (Ration card /Driving License/ Voter's ID / Utility Bill (any one within last 3months) / Registered Rental Agreement / Passport)
• Land holding proof/ Latest Land Records: Should not be more than 3 months old, in case of farmers
• Income Tax (ITR) and financial statements for the last two years, complete with schedules and P&L account.
• Bank statements for the last six months
• Driving license for commercial usage cases
• Signature Proof: Copy of driving licence / Copy of PAN card / Present Banker verification.
• Fleet list details
• A certified true copy of Proprietorship declaration, partnership deed, board resolution, Memorandum & articles of association will be required in case of partnership firms and limited companies respectively.

Security for Tamilnad Mercantile Bank Limited Tractor Loan

1. Primary Security: Hypothecation of Tractor and other implements going to be purchased.
2. Collateral Security:
   • In case of agricultural land, collateral security should be obtained for not less than 100% of the limit.
   • In case of other properties, collateral security should be obtained for not less than 50% of the limit.
   • Collateral Society may be obtained in the form of fixed deposits, National Savings Certificate, LIC Policy (Surrender Value only) or such other acceptable security.

Loan Amount for Tamilnad Mercantile Bank Limited Tractor Loan

Upper Ceiling Rs 15 lakhs

Margin

Margin 15% of loan amount

Tenure for Tamilnad Mercantile Bank Limited Tractor Loan

Maximum 9 years

Repayment as Equated Monthly Installments (EMI)

Any one of the following methods can be used to repay the loan:

• Standing instruction registration at your bank
• Through Internet Banking solution
• Automated Payment through ECS (Electronic Clearing service)
• Through Mobile Banking App, if provided by the bank

Interest Rate for Tamilnad Mercantile Bank Limited Tractor Loan

10.90%

Processing Charges for Tamilnad Mercantile Bank Limited Tractor Loan

0.50% of Limit sanctioned without any maximum cap

How to Apply for Tamilnad Mercantile Bank Limited Tractor Loan

1. Apply Online: You can apply online through website of Tamilnad Mercantile Bank Limited and fill up your personal information and work information & uploading necessary documents. You can apply after checking your loan eligibility.
2. Apply Offline: You can visit personally to any of Tamilnad Mercantile Bank Limited branches along with all the required documents , fill up the form and get your loan approval process started.

Tractor Loan Processing by Tamilnad Mercantile Bank Limited

After you have submitted completed tractor loan application form along with the necessary supporting documents, Tamilnad Mercantile Bank Limited will take following steps:

• Tamilnad Mercantile Bank Limited will consider its loan policy guidelines and verify the documents submitted by you.
• If Tamilnad Mercantile Bank Limited finds you eligible, you will be sent an approval letter for a specific loan amount that is based on your requirement and repayment capacity.
• Tamilnad Mercantile Bank Limited will inform its loan approval decision within its time limit, if your application is complete in all respect.
• After complying all terms and conditions loan will be disbursed.

Documents Required: Pre Disbursement & Post Disbursement of Tractor Loan

Pre Disbursement	Post Disbursement
Duly completed loan documents	Registration (RC) book with hypothecation charge in favour of bank
Original title deed of land for collateral	Original invoice issued by tractor dealer
Post Dated Cheques, ECS Request	Tractor Insurance Copy

Other Importent Points