Tamilnad Mercantile Bank Education Loan: In case of a financial hurdle, taking up an education loan to pursue your higher education is a great option. It not only gives you an opportunity to pursue your education effortlessly but also provides you with enough time after the course to first find a job and then start repaying it. It is always advisable to do thorough research on various education loan options in order to choose the best one for you.
To help you with the research, in this blog, we will cover all the information related to the Tamilnad Mercantile Bank education loan. Keep reading further to know important details like TMB education loan interest rate, eligibility criteria, application process and so much more!
Table of contents
TMB Education Loan Schemes And Interest Rates
Tamilnad Mercantile Bank offers various education loan schemes which students can choose according to their needs and situation. The table below contains information related to TMB education loan schemes and interest rates levied by TMB on them.
| Name of the Loan Scheme | Rate of Interest (p.a) |
| TMB – Education Loan | 9.40% p.a to 16% p.a |
| TMB – Super Education Loan | 11.90% p.a to 12.40% p.a |
| TMB – Skill Development Loan | 11.40% p.a |
| TMB – Education Short-Term Loan | 11.40% p.a |
Must Read: Education Loan Interest Rates – A Complete Guide
Application Process
Tamilnad Mercantile Bank provides you the convenience of applying for an education loan either through offline or online mode. In order to apply through offline mode follow the steps mentioned below:
- Visit the nearest branch of TMB.
- Complete the application form and attach all the required documents.
- Upon submission, your documents will be verified manually.
- Once this is done you will be notified about the same by your relationship manager.
- If your application gets approved your loan amount will be sanctioned and disbursed.
To apply for a TMB education loan through online mode, follow the steps mentioned below:
- Visit the official website of TMB where you will be able to find the application form for an education loan.
- Click on that link and provide all the required details.
- Attach the digital copies of the documents required.
- Before submitting the application form make sure that you go through the details again in order to avoid any mistakes.
- Within 2 to 6 days you will get notified by the bank about the status of your application.
- If your loan application gets approved you will receive the sanction letter after which you can sign the loan agreement.
Also Read: Understanding the Education Loan Application Process
Eligibility Criteria
A candidate applying for a TMB education loan needs to fulfil the general eligibility criteria mentioned below:
- The applicant should be a citizen of India.
- The applicant should be aiming to pursue higher education and therefore, must have taken admission to a course in a recognised Indian or foreign university.
Documents Required
You would be required to submit certain documents with the application form for the TMB education loan. Therefore make sure you keep the following documents ready when applying for the TMB education loan.
| Categories | Documents Required |
| Documents of the Applicant | Identity proof- Aadhar card Pan card Passport for abroad education loan Residence proof- Aadhar card Voter ID Ration card Bank account statement Electricity bill Telephone bill |
| Application form | Duly filled application form along with signature and photographs. |
| Academic documents of the applicant | Marksheets Admission proof in a university or college with the duration of the course mentioned clearly Fee structure IELTS/GRE/GMAT scorecard |
| Financial co-applicant income documents | For Salaried- Last 3 months’ salary slips The balance sheet for the last 3 years Address proof of the business For Self-Employed- Business proof ITR of last 2 years Last 2 years’ profit & loss account, balance sheet and computation along with all schedules Professional qualification certificates or degree certificates for professionals like doctors, architects, CA, etc. |
| Other Documents | Letter that says the extra expenses will be borne by the co-applicant. Notarised joint affidavit of co-applicant and applicant. |
| Additional Documents (if required) | Loan account statement of any pending loans. If you have paid fees in advance then provide a receipt of the payment. If the student had any gap in their education then they need to explain it on INR 100 stamp paper. |
Expenses Covered Under TMB Education Loan
There are many expenses covered under the TMB education loan so that students are able to pursue their education without facing financial hurdles. Mentioned below is the list of these expenses:
- Course fee/ tuition fee
- Hostel fee
- Examination fee
- Library fee
- Lab fee
- Caution deposit and other funds
- Academic expenses- the cost of books, equipment, laptop, study project, uniform, etc.
- Travel expenses
- Airfare (for education abroad)
Also Read: Pro Tips for Managing Your Student Loans
FAQs
Students who are going to pursue courses under the government subsidy schemes and have taken admission to an Indian or a university abroad are eligible for a Tamilnad Mercantile Bank education loan.
It can turn out to be risky if you fail to repay the loan back. You will come under the CIBIL’s defaulter list and won’t be able to take loans in the future.
Yes, you can get an education loan without your parents.
We hope this blog helped you to clear doubts related to the TMB education loan interest rate, eligibility criteria, application process, etc. To know more about the loan application process, and the best bank accounts for students or international money transfers, subscribe to Fly.Finance or reach out to our experts to help ease your study abroad experience.
