TAMILNAD MERCANTILE BANK

TMB Education Loan Scheme Eligibility :
Student

Should be an Indian National.
Secured first class and wish for admissions in Professional / Technical / Other Courses of various studies.
Secured admission to foreign University Institutions.
Any Student who has attained the age of 18 years or Parent of the Student can avail the loan.

Courses

Studies in India

• School education / Graduation / Post Graduation Courses.
• Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Courses like ICWA, CA, CFA etc
• Courses conducted by IIM, IIT, IISc, XLR1, NIFT etc.
• Courses offered in India by Reputed Foreign universities.

Studies 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 USA etc.

Loan Details

Coverage of Expenses

• Fee payable to College / School / Hostel.
• Examination / Library / Laboratory fee.
• Purchase of Books / Equipments / Instruments / Uniforms.
• Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts.
• Travel expenses / passage money for studies abroad.
• Purchase of computers - essential for completion of the course.
• Any other expense required to complete the course - like study tours , project work, thesis etc.

Quantum

For studies in India - maximum Rs.7.50 Lakhs
For studies Abroad - maximum Rs.15.00 Lakhs

Margin

Upto Rs. 4.00 Lakhs - Nil.
For loans above Rs. 4 lacs
- Studies in India - 5%
- Studies abroad - 15%

Security

Upto Rs. 4.00 Lakhs - No Security
Above Rs.4.00 Lakhs upto 7.50 Lakhs Suitable Third Party Guarantee
Above Rs. 7.50 Lakhs and upto Rs. 15.00 Lakhs - 100% collateral in any of the form of Immovable property / NSC / Units of UTI / LIC policy / RBI Bonds or any transferable Government securities.
Guarantee / Co-obligant

Guarantee of Parents.
In case, the loan is sanctioned to Parents suitable third party guarantee is to be obtained.
Wherever loan is sanctioned to Parents, guarantee is to be obtained from the student on attaining his majority.
Processing Charges

0.50% of the Loan Amount
For Loans upto Rs. 50,000.00 Minimum Charges is Rs. 100.00
For Loans above Rs. 50,000.00 Minimum Charges is Rs. 500.00 and Maximum Charges is Rs. 1,00,000.00

Rate of Interest

Upto 4 Lakhs - PLR - 1.00% (13.00% p.a.)
Above 4 Lakhs upto 10 Lakhs - PLR - 0.50% (13.50% p.a.)
Above 10 Lakhs upto 20 Lakhs (With 100% Collateral Only) - PLR - 2.00% (12.00% p.a.)

Repayment
Holiday / Moratorium Period: Course Period + 6 months after completion of the course. If the student got employed within 6 months after completion of the course, the repayment should start immediately after the expiry of one month from the date of employment.

Maximum Repayment period of Loan: The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time extension of time for completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, sanctioning authority may at his discretion consider such extensions as may be deemed necessary to complete the course

Contact Details
Head Office
Tamilnad Mercantile Bank Limited,
# 57, V. E. Road, Tuticorin, Tamilnadu, India. Zip : 628 002

Phone : 0461-2321382 / 2321929 / 2321932
E-mail : Contact Now
Website : visit
Tamilnad Mercantile Bank Limited Regional Offices