Tamilnad Mercantile Bank Education Loan

Tamilnad Mercantile Bank offers education loans for courses that come under various government subsidy schemes to students wishing to pursue professional or technical courses in India or abroad in between interest rates of 9 to 14%.

• Tamilnad Mercantile Bank education loan to study abroad
• Tamilnad Mercantile Bank education loan to study in India

The Tamilnad Mercantile bank offers education loans of up to 20 lacs for students to pursue education abroad through the Tamilnad Mercantile bank education loan to study abroad scheme.

Tip: Keep in mind to consider the following before selecting your course to study abroad

• Courses defined under various government subsidy schemes
• Graduation: Technical or professional courses offered by top universities
• Post graduation: MCA, MBA, MS, etc
• Courses that are conducted by CPA in the USA, CIMA in London, etc
• Degree or diploma courses in Pilot training, Aeronautical, Shipping, etc provided by recognized universities

The Tamil Mercantile bank may also offer an abroad education loan to students on the basis of an invitation or conditional offer letter. For more tips on getting the Tamilnad Mercantile education loan to study abroad, talk to a financial officer from WeMakeScholars.

The Tamilnad Mercantile bank offers up to 10 lacs of loans to study in India through the Tamilnad Mercantile bank education loan to study in India scheme. A higher amount also can be considered if the student is pursuing courses in top institutes like the ISB, IIM, etc.

Tip: Try to take up courses in top institutes like the IIM, or the ISB. You can also take courses under government subsidy schemes to avail the best education loan offers from the Tamilnad Mercantile bank.  Check other education loan eligibility criteria to have the best chance of getting an education loan from Tamilnad Mercantile bank.

The government has started several schemes to promote higher education among the less privileged classes which are listed below.

Dr. Ambedkar Central sector scheme

Under this scheme, interest subsidies are provided by the government for students studying abroad

Padho Pardesh scheme

Interest subsidies are provided to students from minorities(Buddhists, Sikhs, Muslims, Jains, Christians, and Zoroastrians) whose family income is less than 6 lacs per annum.

Note: The program has been ended, although beneficiaries who received benefits before March 31, 2022, will still be entitled for interest subsidies.

Central Scheme for Interest Subsidy for Economically Weaker Sections

The center has started the scheme to promote education among the Economically Weaker Sections of society. The scheme provides interest subsidies in the moratorium period to students belonging to EWS and having a family income of fewer than 4.5 lacs per annum.

The Tamilnad Mercantile bank does not charge any processing fee for study in-India loans. However, there is a processing fee of 1% of the sanctioned loan amount in Study abroad loans.

The processing fee charges have to be submitted to the bank. We at WeMakeScholars do not charge any fee to process your education loans through us.

The list of required documents for an education loan differs with the type of education loan you are going with and hence check according to that. Below we have made a table of general documents that you will require to start your Tamilnad Mercantile bank education loan.

A collateralized loan will require you to arrange collateral documents. However, the required documents for a collateralized loan vary by state. Check the requirements for an education loan according to the state you are going from.

• Andhra Pradesh
• Karnataka
• Kerala
• Amritsar
• West Bengal
• Jaipur
• Tamil Nadu
• Hyderabad
• Goa
• Mumbai
• Delhi
• Pune
• Jharkhand
• Gujarat
• MP and Chattisgarh

The Tamilnad Mercantile bank like any other bank is keen on providing students with education loan insurance of 1 to 2% of the whole loan amount to cover the loan that they are taking.

However,  you do not need to pay any amount upfront as the amount for loan insurance is usually adjusted within the loan amount. For more information talk to a financial officer from WeMakeScholars. 

The bank does not have any margin for loans up to 4 lacs and if the loan is under the Credit guarantee scheme, you do not have any loan margin for up to 7.5 lacs of loan.

However, the loan margin on loans above 4 lacs, which do not come under the Credit guarantee scheme are:

Do not be confused about the concept of a loan margin, clear off your confusion by talking to a financial officer from WeMakeScholars. 

Apply for a Tamilnad Mercantile bank education loan through WeMakescholars for a simpler process by following the below steps.

Step 1- Request a callback from the WeMakeScholars team.
Step 2- A financial officer from WeMakeScholars will connect to you and check your eligibility by asking you a few questions.
Step 3- He/she will then send you a document uploading link and will connect you to eligible lenders
Step 4- The next process will be carried on by the assigned lenders. However, your financial officer will be in touch with you throughout the process.
Step 5- You can clear any doubt regarding the process with your financial officer.
Step 6- The lender will complete the process of your education loan and get you the sanction in the time promised by your lender.

Why should you not go directly through banks?

• Incomplete information about the education loan process
• Multiple visits to a bank to get the complete list of documents
• The process will take time to complete
• Chances of getting a loan are slimmer

WeMakeScholars is an organization that provides unbiased education loans to students wishing to pursue higher education in India or abroad. We are partnered with 14+ banks(public/Pvt) and so provide multiple options for students going through us. Students interested in an education loan can request a callback from the team.

Lower interest rates: As we are partnered with 14+ banks (public/Pvt), students going through us automatically have 0.5% to 2% lower interest rates

Faster process: We process education loans 50% faster than the average bank’s processing time.

End-to-end support: We support students throughout the education loan process from sanction to repayment, even at 12hrs different timezone.

Tax benefits: An education loan have exemptions under section 80E which the students are unaware of and hence we take the responsibility of educating them about all the tax benefits that they can avail of.

Cashback: We reward students with a cashback of ₹3000 when they go through us.

Digital: Go digital with WeMakeScholars as we prefer on completing the whole process digitally, with minimal visits to the bank. This results in less hassle compared to when you process your education loan directly through banks.

The attractive education loan interest rates and services from the bank may entice you to transfer your education loan to Tamilnad Mercantile bank. Transfer it through WeMakeScholars, as it offers a simpler process through the following steps.

• Gather the information about the outstanding of your education loan from your previous bank and request a callback from WeMakeScholars.
• Tell your financial officer when he contacts you that you want to transfer your education loan to Tamilnad Mercantile bank
• He/she will provide you with a list of documents. Submit those documents to the Tamilnad Mercantile bank.
• The Tamilnad Mercantile bank will clear off all your dues with the previous bank and will start the education loan process with you.

The below given example will help you in learning to calculate EMIs. 

Suppose you have taken an education loan of 10 lacs for a course duration of 2 yrs and a moratorium period of 1 yr at an interest rate of 11% per annum. Your repayment period is of 10 years excluding the moratorium period.

If finding it difficult to calculate your EMI, request your financial officer from WeMakeScholars to do it for you. 

The interest in the moratorium period for Tamilnad Mercantile bank is optional. The interest if not paid in the moratorium, will add up in the following EMIs.

The bank also offers students the option of closing off the loan early in the following ways.

• Loan transfer to another bank
• Choosing a shorter duration to repay the amount
• Prepayment

Make the daunting process of an education loan simpler by going through WeMakeScholars. Request a callback today!