General Credit Card
get rollover credit facility for personal use
Learn more about our General Credit Card Scheme under TMB Retail Loan Products.
The General Credit Card is sort of rollover overdraft loan facility where in no specific purpose / end use is insisted. Repayment can be made within 12 months. Special 2% incentive for repayment within 6 months with prompt interest payments.
Special Rate of Interest for Women also provided. Further no collateral security is insisted upon. Processing charge is low and documentation is also simple.
- Purpose / End Use
- No insistence of purpose / end-use
- Eligibility
- Our Bank constituent with sufficient earning capacity & cash flow, residing in rural and semi-urban areas. Only one in the entire household can avail the credit facility.
- Scheme Implementing Branches
- Rural and Semi-urban branches
- Loan Quantum
- Minimum Rs. 5,000.00 plus multiples of Rs. 1,000.00 thereon subject to a maximum of Rs. 25,000.00. Limit is decided on the basis of repaying capacity.
- Security
- No insistence of collateral security
- Style of Credit
- Overdraft - Can be withdrawn by loan debit slip. Statement will not be issued. Pass Book will be issued. No cheque books will be issued.
- Guarantee
- Guarantee of an adult family member and / or a suitable third party guarantee.
- Period
- 12 months from date of sanction - Review once in a year.
- Repayment
- This is a revolving credit. The customers should pay back the entire loan amount within 6 months for rollover. The loan can be revived / drawn in the same overdraft account after a break of at least one day. The interest should be serviced within 7th of succeeding month.
- Rate of Interest
- General - BR + 8.50% (19.25% p.a.).
- For Women - BR + 8.50% (19.25% p.a.).
- To encourage prompt repayment an incentive of 2% will be allowed on repayments within 6 months subject to eligible rollover. Interest incentive of 2% will be given by way of refund if the General Credit Card holder complies with the following terms: a. Monthly interest is serviced promptly within 7th of the succeeding month. b. Account is brought into credit balance once in six months. Overall time for repayment is 12 months.
- Current Base Rate for Lending (BR) is 10.75% p.a.
- Recovery
- Continuous 3 months default in payment of interest will attract corrective action including reduction in sanctioned limit and/or recall of the facility.
- Folio Charges
- Nil.
- Processing Charges
- Rs. 50.00.
- Documentation
- Simple documents as per our Bank Norms.
All the above Terms and Conditions are subject to change and sanctioning of the loans is at the sole discretion of the Bank. Service Tax on All Service Charges extra wherever applicable.
For complete details governing the credit card services offered by the bank, please refer to our Credit Card Policy (Format: Adobe "PDF" Document).
