Does TamilNad Mercantile Bank Offer Business Loans?

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TamilNad Mercantile Bank Business Loans

Different corporate loans for different needs

Tamilnad Mercantile Bank (TMB) was established as Nadar Bank Limited in 1921 to cater to the Nadar community in Tamil Nadu. However, to widen its appeal, the bank was renamed to Tamilnad Mercantile Bank in 1962. Headquartered in Thoothukudi (Tamil Nadu), the bank has now grown into 500+ branches across the nation. It offers consumer banking, corporate banking, private banking and wealth management services.

TMB offers specialised business loan schemes to its corporate customers. Let us discuss a few of them one by one.

Working Capital Loan: TMB Secured Overdraft

Tamilnad Mercantile Bank offers a working capital scheme known as the TMB Secured Overdraft to businesses in the trade, manufacturing and transport sectors to help them get funds for day-to-day business operations. It is offered as a secured Overdraft and the bank offers up to 75% of the working capital gap under this scheme. The repayment period of this scheme is 12 months and can be renewed every year subject to terms.

Industry-specific Loan Schemes

Tamilnad Mercantile Bank offers certain business loan schemes to specific industry sectors only. These can be term loans, working capital loans or both rolled into one. Some of the popular ones are:

  • TMB Traders Loan: TMB offers this loan to help traders to raise funds to meet their business needs in the short and long term
  • TMB Doctor Loan: This loan scheme helps practicing doctors set up their own nursing home, clinic, blood bank, health centre or pathology centre, or for the purchase of medical equipment, ambulance, computers, stock of medicine, etc. Business entities such as companies, societies or firms engaged in medical services in which one of the directors, members or partners is qualified as a doctor are also eligible for this loan
  • TMB Commercial Vehicle Loan: It helps small road transport operators buy new as well as pre-owned vehicles in the mini, small, light, medium and heavy transport vehicles categories for commercial use
  • TMB Rice Mill Loan: It is targeted towards business to help them get funds to set up a new rice mill, acquire an existing rice mill or upgrade equipment in the rice mill
  • TMB Vehicle Finance for Educational Institutions: This loan helps societies, trusts and other corporate entities running educational institutions buy new or second-hand vehicles for transportation of students or for office use
  • TMB Dhall Mill Loan: This loan is designed to help corporate borrowers get funds to set up a new dhall (i.e. pulses) mill, acquire an existing dhall mill or upgrade equipment in the dhall mill
  • TMB Pharma Finance: Tamilnad Mercantile Bank extends this loan to wholesalers and dealers engaged in the pharmaceutical business to meet their working capital needs
  • TMB Channel Finance: The bank offers this loan scheme to help dealers engaged in the business of commodities directly supplied by manufacturers or stockists meet their working capital and capital expenditure needs

TMB Mahalir Loan

This loan is specially designed to encourage women entrepreneurs. It helps women running businesses as proprietors or as partners or shareholders with more than 51% share acquire funds to meet their working capital or capital expenditure needs. The maximum loan amount sanctioned under this loan is Rs. 20 lakh.

A Final Word

That was it for the different types of corporate business loans offered by Tamilnad Mercantile Bank. If you want to know more about business loans, please check out our business loans section where we have covered popular business loan schemes offered by major Indian banks in greater detail.

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