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Mahalir Loan by Tamil Mercantile Bank (TMB)

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Status: Active

Classification: Private Sector Scheme

Release Date(s):
1st October 2022
24th March 2021

Offering: Loan/Credit

Entity Type: Private Sector Bank

Reading Time: 4 Mins

Ticket Size: Upto ₹20 Lakhs

Entity Name: Tamilnad Mercantile Bank Ltd

#Views: 50

Disclaimer….before you read ahead!

The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updation, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.

Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this email.

 

About the scheme…
TMB Mahalir Loan
 was launched by Tamil Mercantile Bank (TMB) tailored exclusively for women in business to give them that extra edge to succeed.

 

How is it being implemented?

Under TMB Mahalir Loan, direct financial assistance is given to

  • Women entrepreneurs

 

What’s on offer?
I. Product: 

  • Term loans or demand loans or working capital facility such as overdraft, cash credit etc.
  • Ticket size up to a maximum of ₹20 Lakhs (this was ₹10 Lakhs earlier)

II. Purpose:

  • Acquisition of fixed assets
  • Working capital requirements

III. Borrower Type

  • Sole Proprietorship, Partnership, Private Limited Company, Co-operative Society

IV. Security or Collateral or Guarantee or Insurance

  • First charge or hypothecation over assets created out of Bank’s finance
  • Collateral security required equal to 100% of the limit
  • For more information around requirement of  guarantee and insurance, please contact TMB via means mentioned below

V. Interest Rate

  • Repo Linked Lending Rate (RLLR) based interest rates: 9.65% – 12.35%
  • Marginal Cost of Funds Based Lending Rate (MCLR) based interest rates: 10.25% – 11.80%

VI. Processing fee

  • For term loans or demand loans: 1.00% of loan amount plus applicable taxes
  • For working capital facility: 0.50% of limit sanctioned plus applicable taxes

VII. Margin money requirement

  • For information around this, please contact TMB via means mentioned below

VIII. Tenure, Repayments & Pre-Closures

  • For term loans or demand loans: 7 years
  • For working capital facility: 1 year
  • For information around pre-closures, prepayments, penal charges etc., please contact TMB via means mentioned below

IX. Turnaround Time

  • For information around this, please contact TMB via means mentioned below

 

Interested? Read ahead to check your eligibility….

I. In case of proprietary concern, do you individually or jointly with other women, fully manage the business?

OR
In case of Partnerships, Private Limited Company or Co-operative Society, do you individually or jointly with other women, have a share of not less than 51%, as Partners, Shareholder/Directors of Private Limited Company or Members of Co-operative Society?

If your answers to the questions above are an emphatic YES, you are all set to avail loans under the TMB’s Mahalir Loan!

 

So…how big is this scheme and what has been done so far?

I. Details around TMB’s Mahalir Loan don’t seem to be available in public domain

 

So, now, how should you go about it?

I. For submitting application:

  • Visit TMB’s nearest branch. Find one here
  • For information on application form and indicative list of documentation that would be required, please click here

II. For any queries,

  • Please contact TMB on
    • Toll free number 1800 425 0426 from 10.00 am to 06.00 pm Monday through Saturday except monthly 2nd & 4th Saturdays being Bank Holidays
    • Call +91 9842 461 461 from 10.00 am to 05.30 pm
      OR
      SMS “help” +91 9842 461 461
      OR
      E-mail customerservice@tmbank.in
      OR
      Visit TMB’s nearest branch. Find one here

 

Go on then…and do spread the word!

 

Sources:

  1. About the Scheme
  2. MCLR Based Interest Rate Applicable on the Scheme
  3. RLLR Based Interest Rate Applicable on the Scheme

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