Tamilnad Mercantile Bank Limited (TMB) is a bank headquartered at Tuticorin, Tamil Nadu, India. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community. For the financial year 2011-2012, the bank reported a net profit of INR 4845.3 million.The bank currently has 400 full branches throughout India, ten regional offices and eleven Extension Counters, two Mobile Banking branches, six central processing centres, one Service Branch, three Currency Chests and 777 Automated Teller Machines (ATM). TMB has plans to open branches in Colombo, Singapore, and Malaysia to serve the Tamil community living in those countries.
The bank has been growing strongly throughout South India and opening new branches.TMB is also preparing for an Initial public offering in 2013.
TMB was rated as the fastest growing Indian Bank for the five years from 2007 to 2012.It was also rated as the Best Bank in the years 2010, 2011 and 2012, due to its fast and robust growth During the years of 2012 and 2013 it did total business of 370 billion rupees.The bank's planned outlay for the financial year is to reach business worth 500 billion rupees, add an additional 150 branches, and increase its ATMs to 600.The bank is expanding rapidly across Mumbai, Delhi, Kolkata, and Gujarat and is on the verge of setting up branches in Dubai, Kuwait and Doha before mid-2014.The growth model of the bank is said to be unique in India; TMB is often referred to as the Bank of America of India.The bank on September,2013 won the ASSOCHAM’s Best Private Sector Bank 2013 award.
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.
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.
For Job oriented Professional / Technical courses offered by reputed universities.
MCA , MBA , MS, etc.
Courses conducted by CIMA-London, CPA in USA etc.
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.
For studies in India:
maximum Rs.10.00 Lakhs
For studies Abroad:
maximum Rs.20.00 Lakhs
Upto Rs. 4.00 Lakhs:
For loans above Rs. 4 lacs:
Studies in India - 5%
Studies abroad - 15%
Upto Rs. 4.00 Lakhs:
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.
1.00% of Limit sanctioned without any maximum cap.
Rate of Interest:
Upto 4 Lakhs:
PLR - 0.75% (13.25% p.a.)
Above 4 Lakhs upto 7.5 Lakhs:
PLR + 0.75% (14.75% p.a.)
Above 7.50 Lakhs upto 20 Lakhs (With 100% Collateral Only):
PLR - 0.25% (13.75% p.a.)
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
Education Loan Application Can Be Download From The Document Below
# 57, V. E. Road, Tuticorin, Tamilnadu, India. Zip : 628 0020461-2321382