Tamilnad Mercantile Bank Gold Loan

Gold Loan @ 7.10%

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Tamilnad Mercantile Bank Gold Loan Key Features – Apply Now!

Tamilnad Mercantile Bank Gold Loan Interest Rate 7.10% per annum
Tamilnad Mercantile Bank Gold Loan Per Gram Rate Per Gram Today is ₹ 5,255
Tamilnad Mercantile Bank Gold Loan Amount Up to Rs. 1 Crore (With Income Proof)
Tamilnad Mercantile Bank Limited 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

Tamilnad Mercantile Bank Gold Loan

 Need financial help? don’t worry, apply for a gold loan now and get Attractive Interest rates. Instant approval and zero processing fees. Unmatchable offers and benefits are available. Don’t think much to apply now.

What is Gold Loan?

The loan that is given against gold, is known as Gold Loan. This includes the gold ornaments of the borrower excluding the diamond articles and mangal sutra. The borrower keeps his gold ornaments as collateral with the lender and takes the money against those ornaments. Many go for the fulfillment of their short term goal through gold loans, such as their child’s education, marriage, or other family problems. Many think that instead of keeping it idle at home or in a locker, the gold loan is the best option.

Advantages of taking Tamilnad Mercantile Bank Gold loan:-Tamilnad Mercantile Bank Gold Loan

  1. Easy and Hassle-free Process
  2. Approval in 30 minutes
  3. Simple Documentation
  4. Dedicated Assistance
  5. No salary certificate or credit card history is required
  6. Lowest Interest Rate

Interest Rate For Tamilnad Mercantile Bank Gold loan:

  1. Generally, the gold loan is available at the interest rate of 7.10% to 14.5%
  2. ROI for tenure less than 1 year is also available at 1%
  3. Processing fees equal to 2000
  4. The borrower will be given an option to pay only interest during the entire term and at the end of the tenure, you can pay the complete borrowed amount in a single shot

Eligibility Criteria  For Tamilnad Mercantile Bank Gold loan:

  1. The age of the applicant should be more than 18 years.
  2. In addition, the maximum period of the applicant can be 65 years.
  3. Furthermore, the applicant must be a citizen of India.
  4. Besides, that applicant should have gold more than 10 grams.

Documentation Required For Tamilnad Mercantile Bank Gold loan:

  1. There are some documents required for PSB Gold Loan. The process of documentation is very easy and simple.
  2. Identity proof– You can use any of them as identity proof. (Passport/Id card/voter card/driving license)
  3. 3 passport size photos, a passport is needed because a passport has a name, age, address, and photograph of the customer. If you are having a passport then there is no need to bring your address proof separately. But the passport should not be expired.
  4. Residence proof- It can be aadhar card, voter card, and passport (Passport/Id card/voter card/driving license). Electricity and water bill for the last three months can also be considered as residence proof.
  5. Driving license is regarded as a proof of identity and residence proof because it contains the name, date of birth and a photograph of the customer. But the condition is that it should not be expired.
  6. Aadhar card provided by UIDAI that contains biometric details of the customers like age date of birth and photograph of the individual.
  7. PAN card is the permanent account number that is provided to the customers and it prevents financial frauds. So it is also considered as an identity/residence proof. Pan Card is a very essential document under KYC (know your customer) formality.
  8. Ration card is also considered as a residence proof because it provides enough information about the applicant.

Know about the terms and conditions:

  1. Foreclosure Charges- charges that are to be paid when the loan is closed before the tenure is completed.
  2. foreclosure charges can be up to 1%. The minimum loan tenure is 6 Months.
  3. So foreclosure charges after 6 months are 0.
  4. Charges for late payment of Loan Amount
  5. 2% p.a. as penal interest over and above the applicable rate of interest.

How to apply on magic loans.in

1. Search for magic loans.in on Google.
2. First of all, a form will open up.
3. After that, fill the way with the required information.
4. Besides, you will get information furthermore from us.

Gold Loan Interest Rate of Major Banks


 Interest Rates

HDFC Bank Gold Loan

7.10% – 14.50%

ICICI Gold Loan

7.10% – 16.10%
Muthoot Finance Gold Loan

7.10% – 24.00%

Axis Bank Gold Loan

7.10% – 17.10%
Manappuram Gold Loan

7.10% – 26.00%

Yes Bank Gold Loan

7.10% – 15.99%
Bank of India Gold Loan

7.10% – 26.00%

Federal Bank Gold Loan 

7.10% – 13.50%
IIFL Gold Loan

7.10% – 12.00%

Central Bank of India Gold Loan

7.10% – 14.65%

Canara Bank Gold Loan

7.10% – 12.65%

Allahabad Bank Gold Loan

7.10% – 10.45%

Induslnd Bank Gold Loan

7.10% – 15.75%
PNB Gold Loan

7.10% – 11.75%

Bajaj Finance Gold Loan

7.10% – 26%
SBI Gold Loan

7.10% – 15.99%

Indian Bank Gold Loan

7.10% – 15.99%
UCO Bank Gold Loan

7.10% – 26.00%

Kotak Mahindra Bank Gold Loan

7.10% – 13.50%
Syndicate Bank Gold Loan

7.10% – 12.00%