A recent press report said that Tamilnad Mercantile Bank (TMB) has announced a “Festival Bonanza” for home and car loans with reduced rate of interest.
Mr. S. Selvan Rajadurai, General Manager, Business Development, TMB (HO), said that the bank has come up with a “Festival Bonanza” for home and car loans, offering competitive rate of interest to the general public by a 0.50 per cent reduction in the loan products in order to meet the aspirations of the public during festival season and increase the retail loan segments.
Reports said that the bank has planned to provide up to 90 per cent financing with the longest repayment of 25 years, for home loans and for car loans, it has planned to provide up to 85 per cent on road price with the longest repayment of five years.
According to reports the interest is calculated on daily reducing balance and the festival offer will starts from October 1. Earlier the bank has also hiked its interest rates makings its loans costlier.