• Nainital Bank Car Loan

    The Nainital Bank Limited is a private Indian bank, Based in Nainital, over the years, the bank has expanded to Uttar Pradesh and especially in Uttarakhand State, and has over 100 branches in Rajasthan, Delhi and Haryana states. In 1975 Government-owned Bank of Baroda (BOB), third largest bank in India, after the State Bank of India and the Punjab National Bank, acquired a majority stake (98.6%) and management control of the bank, and made it a subsidiary. Their deposit products and retail loans help you with your growing financial needs with facilities like Lockers we ensure that your valuables are safe with us. To know more, follow some simple steps given below to get best interest rates.

    Documentation needed to apply for an Nainital Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Nainital Bank Car Loan Interest RatesUpdated on 25 Oct 2021

    Nainital Bank Car Loan Details
    MCLR 8.50%
    Interest Rate (Floating) 1 year MCLR + 0.70% ie., 9.20%
    Processing fees Nil
    Loan Tenure 1 year to 7 years

    Overview About Nainital Bank Car Loan

    Nainital Bank Limited has its roots dating back to 1922 when it was established to cater to the banking needs of the regional customers. In 1973, Bank of Baroda was directed by Reserve Bank of India to manage the affairs of Nainital bank. Bank of Baroda has 98.57% of the shares while the remainder of 1.43% shares is held by the public. The bank currently operates across five states in India through over 120 branches. It is a customer-centric bank that services customers financial needs promptly and efficiently.

    Why choose Nainital Bank Car Loans

    Nainital offers car loans under the Suhana Safar Scheme that provides customers with financing for both two wheelers and four wheelers. You can get a loan for both new and used cars with very minimal eligibility criteria to fulfill. Enjoy maximum loan amounts with very low margins. Repay the loan with long tenures and easy EMIs.

    Features of Car Loans from Nainital Bank

    • Avail of a loan for new and used cars or jeeps.
    • Loans are available only for new two-wheelers.
    • You can avail of this loan to repay loans of other banks, financial institutions or companies, and continue your loan with Nainital at better interest rates and terms.
    • Enjoy low margins on your vehicle loan.
    • Get long tenures to pay off the car loan in easy EMIs.
    • Farmers can avail of loan repayment schemes on half-yearly basis in accordance to crop patterns.
    • Special concessionary rates are available as a Festive offer.

    Nainital Bank Car Loan Interest Rates

    Nainital Bank has incorporated the MCLR system for determining the interest rate on its various loan products, including its car loan – Suhana Safar car loan scheme. Existing Nainital Bank Car Loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations. The MCLR rate followed by the Bank is as follows:

    Tenure MCLR Percentage (in effect from April 2016)
    Overnight 9.00%
    1 month 9.00%
    3 months 9.05%
    6 months 9.15%
    1 year 9.30%

    Base Rate applicable for existing Nainital Bank Car Loan borrowers = 9.75%

    Eligibility criteria for a Car Loan from Nainital Bank

    Nainital bank has a very low eligibility criteria set for its customers to avail of a car loan.

    • Individuals who are at least 21 years old.
    • Proprietorship/Partnership Firm /Private and Public Ltd. Co.

    How to calculate EMI on Nainital Bank Car Loans

    To estimate the EMI amount on your car loan, visit BankBazaar.com, and follow these simple steps.

    • Select “Finance Tools” in the tab available on the home page.
    • Under “EMI Calculator”, select “Car Loan EMI Calculator”
    • You need to enter details required for EMI calculation:
      • Loan amount
      • Tenure
      • Interest rate
      • Processing fee
      • And if you would like to make prepayments on your loan
    • Click on “calculate” to find out the necessary details of your car loan.

    Nainital Bank Car Loan FAQs

    1. Who can apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?

      All individuals can apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler.

    2. For what purpose can I apply for a car loan from Nainital Bank?

      You can apply for a car loan from Nainital Bank for the purpose of purchasing a new or old car or Jeep.

    3. Can farmers apply for a car loan from Nainital Bank?

      Yes, farmers can apply for a car loan from Nainital Bank.

    4. What is rate of interest for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?

      The rate of interest for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler is Base Rate plus 0.25 percent.

    5. Can I apply for a car loan from Nainital Bank for the purpose of repaying loans of other banks or financial companies or financial institutions?

      Yes, you can apply for a car loan from Nainital Bank for the purpose of repaying loans of other banks or financial companies or financial institutions.

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    Nainital Bank Car Loan Reviews

    • Nainital Bank
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I have taken a loan with Nainital bank for an amount of 27L. It has been a good experience with them so far as the procedures were organized and done on a timely manner. The loan was approved and disbursed on time. I have not faced any issues with them till date.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2017
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