TMB Education Loan | ₹20 Lakh Loan Limit, No Collateral up to ₹4 Lakh

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Penal Interest

Any indiscretion or evasion in repayment of loan will get you a penal interest of two percent per annum.

Fees & Charges of TMB Education Loan

1. No Processing Charges for Studies in India & Loan amount upto ₹7.50 Lakh for Studies in Abroad.
2. 1% of the Limit Sanctioned above ₹7.50 Lakh without any maximum cap for studies in abroad.

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Features and Benefits of TMB Education Loan

Achieve your dream of studying at a prestigious institution with the support of a TMB Education Loan.

1. Avail loans up to ₹20.00 lakh for studies abroad

1. Avail loans up to ₹10.00 lakh for studies in India

Higher loan amounts may be considered depending on the course and institution (such as IIMs, ISB, etc.). For studies in India, loans up to ₹7.50 lakh are eligible for interest subsidy under the Central Sector Interest Subsidy Scheme. Make your academic goals a reality with the right financial support from TMB.

Eligible Courses

TMB Education Loan for Studies in India

1. High School, Higher Secondary, Bachelors and Masters
2. Professional Courses: Engineering, Medicine, Dentistry, Veterinary, Law, Computer, Agriculture etc.
3. Courses like CA, ICWA, CFA etc
4. Courses held by IIT, IIM, NIFT, IISc, and XLR1.
5. Courses offered in India by known international universities.

TMB Education Loan for Studies Abroad

1. Bachelors in any employment-oriented course provided by accredited universities.
2. Masters in MBA, MCA & MS.
3. Courses held by CIMA-London, CPA in USA etc.

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Student Eligibility

1. The prospective student must be an Indian citizen.
2. He/ she should have achieved first class in the previous public exam.
3. He/she should already have gotten admission in a recognized Indian or international institute or university.
4. If the student is below age 18, loan may be approved to parents by obeying the applicable conditions.

Documents Required

1. Photocopies of relevant mark sheets
2. Photocopies of National ID cards
3. Admission paper from the institution
4. Permanent address proof of student, parent and sponsor
5. Income proof of all the parties involved

Disbursement of Loan

The TMB education loan will be paid in stages based on the university's requirements or demand. To get the loan accepted, all standard documentation must be submitted according to TMB Bank guidelines.

Follow Up:

The concerned TMB Branch concerned can contact the institution authorities to check on the progress of the student.

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Other Products from TamilNad Mercantile Bank

1. TMB Credit Card
2. TMB Personal Loan
3. TamilNad Mercantile Bank Car Loan
4. TMB Recurring Deposit Rates
5. TMB Fixed Deposit Rates
6. TamilNad Mercantile Bank Personal Loan Interest Rates
7. TamilNad Mercantile Bank Personal Loan Eligibility
8. Tamilnad Mercantile Bank Home Loan
9. Tamilnad Mercantile Bank IFSC Code

Important Education Loan Articles:

1. Planning to Take an Education Loan? Here Are a Few Tips
2. Education Loan for Engineering Students in India
3. Education Loan for Working Professionals in India
4. PAN Card Mandatory for Education Loan
5. Top 5 banks Providing Education Loan for Medical Students
6. Top Education Loan Providers in India for Foreign Education
7. What Makes You Eligible for an Educational Loan?
8. Whom to Consult For an Education Loan: Bank or NBFC?

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FAQs on Tamil Nadu Mercantile Bank Education Loan

• What is the maximum loan amount offered under the TMB Education Loan Scheme?

  Under the TMB Education Loan Scheme, you can get loan up to Rs.20.00 Lakh for studies in abroad and up to Rs.10.00 Lakhs for studies in India. 

• What is the minimum age to apply for a TMB education loan?

   Age limitations are not required. The student needs to meet the remaining requirements for qualifying as specified by the bank. 

• Where can I get an education loan from TMB?

  For information about the loan or the application form, you can apply online or by contacting the nearest branch to you. 

• What schemes does TMB consider for its education loans?

  TMB offers one scheme in addition to the basic education loan. It's the CSIS (Central Sector Interest Subsidy) Scheme. For economically weaker sections, the central government offers subsidies. 

• Can I get an education loan without my parents?

  Yes, you can obtain an education loan even if your parents are not present. 

• Are there any margin requirements for the TMB Education Loan?

  There are no margin requirements for loans up to Rs.4 lakh. However, for the loans more than Rs.4 lakh require 5% for studies in India and 15% for studies abroad.

• Is collateral required for a TMB Education Loan?

  For loans up to Rs. 7.5 lakh, there is no collateral needed. However, for loans above Rs. 7.5 lakh collateral security is mandatory. 

• What expenses are covered under the TMB Education Loan?

  Expenses like tuition fees, accommodation, travel, and other academic costs are covered under the TMB Education Loan. 

• What is the payment mode for a TMB education loan?

  After submitting original receipts, the money will be sent directly to the college, mess, or airline. In rare cases, if the circumstances warrant it, the money will be given to the borrowers.

• What is the repayment tenure for a TMB Education Loan?

  The repayment tenure for a TMB Education Loan is up to 15 years, which excludes the course period and moratorium (holiday) period. 

• Is there a moratorium period for the TMB Education Loan?

  Yes, the TMB Education Loan has a moratorium period which covers the course duration and one year after getting a job. 

• What documents are required to apply for a TMB Education Loan?

  You need to provide identity proof, residence proof, income proof, academic records, and admission details. 

• How can I apply for a TMB Education Loan?

  You can apply by visiting the TMB branch with all your documents or you can apply online through the official website of Tamilnad Mercantile Bank.