Festival bonanza for home and car loans

Tamilnad Mercantile Bank has announced 'Festival Bonanza' for Home and Car Loans by offering low interest rate of 9 per cent.

"Under the festival bonanza, housing loans up to Rs 30 lakh repayable by 60 months will be available at 9 per cent (fixed) for first year, 9.5 per cent (fixed) for second year and BR+ one per cent (10 per cent variable) from 25th Month onwards," General Manager (Business
Development) of Tamilnad Mercantile Bank Ltd S Selvan Rajadurai said in a release.

For Car Loans irrespective of amount, the interest rate will be fixed at 9 per cent for first year and 9.5 per cent for second year. From third year the rate will be available at BR+ one per cent (10 per cent) repayable by 36 months and BR+ 1.5 per cent (10.5 per cent) repayable by 60 months.

The festival bonanza will be valid from November 1 to March 31 next.