Tamilnad Mercantile Bank Traders Loan

Hi I want to take the traders loan from the Tamilnad Mercantile Bank so can you please tell me the eligibility and the quantum of loan so I can have an idea???

[Rajkumar Agarwal]

Well the Tamilnad Mercantile Bank Ltd provide the traders loan with upto 25 lacs.


Traders Loan Eligibility

Any Individual, Proprietary concern or a Partnership firm engaged in trading of any commodity subject to the applicant not enjoying any working capital limit with bank / or from other Bankers after availment of this scheme.


Term Loan / Demand Loan for working capital purpose as well as for acquiring assets as stated in purpose column with monthly repayment schedule and Overdraft Limit subject to renewal once in a year.

Requirements for the Loan To be sanctioned

Application from the applicant in Form # 139 (Application for Financial Assistance to
Retail Traders, Small Traders & Small Business).

Details of collateral security offered.

Suitable personal guarantee of third party.


Repayment

The repayment period shall be restricted to a maximum of 60 monthly instalments.

The repayment of TL / DL / WCTL / WCDL / OD (WC) shall be fixed on the basis of income generation of the borrower and


Rate of Interest (Irrespective of Loan Amount)

BR + 3.00% (13.40% p.a.) if repayment period is upto 36 months.
BR + 3.50% (13.90% p.a.) if repayment period is above 36 months.
BR + 4.00% (14.40% p.a.) for all Over Draft Loans.

Margin

WCTL / WCDL / OD (WC) - Nil
TL / DL - 20%