Promoted by M A Chidambaram, a leading industrialist and chairman of Southern Petrochemical Corporation (SPIC), Mercantile Credit Corporation was incorporated on 12 Nov.'57 as a private limited company and converted into a public limited one on 28 Apr.'58. 

The company is engaged in hire-purchase, leasing capital equipment, bill discounting and other financing activities.  The company has over 40 branches/offices located in all the important business centres in southern India besides one full fledged branch in each of the metros in India.

Coromandel Finance Company, a Hyderabad-based leading non-banking finance company was merged with the company effective from 1 Apr.'91.

The company is more known for its maiden credit card venture, Mercard, which caught on well in the market.