Tamilnad Mercantile Bank Base Rate, Tamilnad Mercantile Bank MCLR Base Rate Past Trend

Current Tamilnad Mercantile Bank MCLR Base Rate

Last Updated 26th Nov 2016
Tenure MCLR, Base Rate
Overnight 9.75%
1 Month 9.85%
3 Month 9.90%
6 Month 9.95%
1 Year 10.00%
Current MCLR base rate of Tamilnad Mercantile Bank ranges from 9.75% to 10.00% depending on the reset frequency of the loan. Rates are revised every month.
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Tamilnad Mercantile Bank Interest Rates
Home Loan Interest Rates 10.40% * Floating Detail
Loan Against Property Rates 16.10% * Floating Detail

Past Trend Base Rate of Tamilnad Mercantile Bank

Tamilnad Mercantile Bank base rate history
Revised Date
Overnight MCLR
1 Month MCLR
3 Month MCLR
6 Month MCLR
1 Year MCLR
2 Year MCLR
3 Year MCLR
5 Year MCLR
01st Dec 16
9.75%
9.85%
9.90%
9.95%
10.00%
-
-
-
01st Nov 16
9.75%
9.85%
9.90%
9.95%
10.00%
-
-
-
01st Oct 16
9.85%
9.95%
10.00%
10.05%
10.10%
-
-
-
01st Sep 16
9.90%
10.00%
10.05%
10.10%
10.15%
-
-
-
01st Aug 16
10.00%
10.10%
10.15%
10.20%
10.25%
-
-
-
01st Jul 16
10.00%
10.10%
10.15%
10.20%
10.25%
-
-
-
01st Jun 16
10.05%
10.15%
10.20%
10.25%
10.30%
-
-
-

Tamilnad Mercantile Bank base rate Vs. RBI

  • RBI requires banks to set their own MCLR base rate based on their marginal cost of funds. So, Tamilnad Mercantile Bank decides its own base rate from time to time based on prescribed guidelines and formula of RBI
  • Note that the RBI does not decide the MCLR base rate of any bank
  • Effective 1st April 2016, the minimum base rate is determined based on marginal cost of funds and not on overall cost of funds. Tamilnad Mercantile Bank has different MCLR base rates ranging from 9.75% to 10.00% for different tenures

Changes in MCLR Base rate of Tamilnad Mercantile Bank

  • MCLR rate can be revised by Tamilnad Mercantile Bank every month
  • Note that it is not mandatory for Tamilnad Mercantile Bank to revise its rate every month and it may choose to retain the same rate for a longer period

Tamilnad Mercantile Bank home loan interest rate and MCLR

  • Every floating rate loan sanctioned by Tamilnad Mercantile Bank is benchmarked to its MCLR base rate for a particular tenure, say 1 month or 3 month or 6 months
  • Shorter duration loans (such as cash credit, OD facility, overnight loans) are linked to shorter duration MCLR rate while longer duration loans (such as home loan, loan against property, vehicle loan) are linked to longer duration MCLR rates
  • The applicable rate of interest on a floating rate loan will consist of two parts - the applicable benchmark rate and the spread or margin above the benchmark
  • Your loan from Tamilnad Mercantile Bank will be repriced periodically depending upon the tenure of the MCLR to which it is linked. So, a home loan linked to 1 year MCLR rate of Tamilnad Mercantile Bank will be repriced every year. Say, you take a loan at 1 year MCLR plus 50 bps spread when the 1 year MCLR is 10.30%. This loan will initially be priced at 10.8%. Its next re-pricing will be one year from now. If the 1 year MCLR rate after one year is 10.05%, the loan will be priced at 10.55% for the next year

Past trend of Tamilnad Mercantile Bank Base Rate vs RBI Repo Rate

Date Base Rate
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
15th Oct 15 10.40% decreased by 0.2%
15th Oct 15 10.40%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
01st Jun 15 10.60% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
11th Feb 13 10.75% decreased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
17th Apr 12: 0.5% repo cut by RBI
01st Apr 12 11.00% increased by 0.25%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
12th Sep 11 10.75% increased by 0.25%
26th Jul 11: 0.5% repo hike by RBI
18th Jul 11 10.50% increased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
09th May 11 10.00% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
25th Jan 11: 0.25% repo hike by RBI
01st Jan 11 9.50% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 9.00% increased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.50%

Tamilnad Mercantile Bank Base Rate Vs. RBI Repo Rate Trend

About Tamilnad Mercantile Bank

  • Tamilnad Mercantile Bank is a Private Bank in India with 450 branches, 880 ATM's and 4,119 employees across the country.
  • Tamilnad Mercantile Bank's registered office is located at 57, V.E. Road, Tuticorin Tamilnadu-628002, India.
  • For the year ended 31st Mar 15, the bank reported Net Interest Income of Rs. 883 crs. and Standalone net profit of Rs. 383 crs. Tamilnad Mercantile Bank reported total deposits of Rs. 25,650 crs and total advances of Rs. 19,336 crs.
  • Tamilnad Mercantile Bank's management is led by its CEO Mr. K B Nagendra Murthy.
  • Highest fixed deposit interest offered by Tamilnad Mercantile Bank is 7.15% per annum on deposits.
  • Its current Base Rate is 10.40%, which was last revised on 15th Oct 15.
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News - Dec 2016
01st Sep 16 Tamilnad Mercantile Bank has reduced its MCLR from 1st September, 2016
Tamilnad Mercantile Bank has reduced its Marginal Cost Based Lending Rate (MCLR) by 10 basis point (bps) across maturities. The 1 year MCLR has been reduced to 10.15 percent from the current rate of 10.25 percent. The 3 month and 6 month MCLR has been reduced to 10.05 percent and 10.10 percent respectively. Similarly the Overnight MCLR has been reduced to 9.9 percent. These changes are effective from 1st September, 2016. The interest rates of home loans that have been disbursed after 1st April 2016 are linked to 1 year MCLR.
19th Feb 16 Daimler India signs MoU with Tamilnad Mercantile Bank
Daimler India Commercial Vehicles signed a MoU with TMB to provide tailor-made financing packages to customers across the country for modern BharatBenz trucks and buses
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