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    Nainital Bank Car Loan Reviews

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    Nainital Bank Car Loan

    Car Loan BYTES FROM OUR KITCHEN

    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.


    You’re probably eligible for an Nainital Bank Car Loan if you are

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    Nainital Bank Car Loan Minimum Age

    At least 21 years old

    Nainital Bank Car Loan Maximum Age

    Less than 60 years old

    Nainital Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Nainital Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Nainital Bank Car Loan amount eligibility is based on these factors

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    Nainital Bank Car Loan Minimum Salary

    Salaried with Regular Income

    Nainital Bank Car Loan Maximum Loan to Value

    Loan capped @
    90% of the ex-showroom price

    Nainital Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Nainital Bank Car Loan amount by these steps

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    Nainital Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Nainital Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    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 01 Oct 2016

    Nainital Bank Car Loan Details
    Base Rate 9.75%
    Interest Rate (Floating) BR + 0.25% ie., 10.00%
    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 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?
    2. All individuals can apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler.

    3. For what purpose can I apply for a car loan from Nainital Bank?
    4. You can apply for a car loan from Nainital Bank for the purpose of purchasing a new or old car or Jeep.

    5. Can farmers apply for a car loan from Nainital Bank?
    6. Yes, farmers can apply for a car loan from Nainital Bank.

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

    9. 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?
    10. 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.

    11. Can I use the loan I get through Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler for commercial purposes?
    12. No, you cannot use the loan you get through Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler for commercial purposes.

    13. What is the maximum amount of loan that I can avail for purchase of new cars through Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    14. The maximum amount of loan that you can avail for purchase of new cars through Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler is Rs.25, 00, 000.

    15. What is the maximum amount of loan that I can avail for purchase of old cars through Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    16. The maximum amount of loan that you can avail for purchase of old cars through Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler is Rs.10, 00, 000.

    17. Can I calculate the car loan EMI that I have to pay to Nainital Bank in advance?
    18. Yes, you can calculate the car loan EMI that you have to pay to Nainital Bank in advance. To calculate, you can use the EMI calculator present on the website of the bank. You can find the link to the EMI calculator in the ‘Tools and Utilities Section’ on the homepage of the bank’s website.

    19. Is there a margin on the car loans offered by Nainital Bank?
    20. Yes, there is a margin on the car loans offered by Nainital Bank.

    21. What is the loan margin on new cars as per Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    22. The loan margin on new cars as per Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler is minimum 10 percent of the cost of the car. This percentage includes the sales tax.

    23. What is the loan margin on old cars as per Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    24. The loan margin on old cars as per Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler is minimum 35 percent of the present value of the car.

    25. What is the maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler in case of new cars?
    26. The maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler in case of new cars is 84 months.

    27. What is the maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler in case of used cars?
    28. The maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler in case of used cars is 36 months.

    29. What is the repayment tenure for farmers who apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    30. For farmers who apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler, the repayment tenure is fixed on half yearly basis and is dependent on their cropping pattern.

    31. Can I apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler online?
    32. No, you cannot apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler online.

    33. How to apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    34. You can apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler from any branch of the bank. To apply you have to visit the Bank branch that is nearest to you and fill up the application form and submit the required documents.

    35. What documents do I have to provide while applying for a car loan from Nainital Bank?
    36. While applying for a car loan from Nainital Bank you have to provide all the KYC documents such as Identity proof, address proof, etc.

    37. Do I have to submit an income proof when I apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    38. Yes, you have to submit an income proof when you apply for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler.

    39. Does Nainital Bank charge a processing fee for car loans?
    40. Yes, Nainital Bank charges a processing fee of 0.5 percent plus documentation charges for car loans. The value of this fee is a minimum of Rs.500 plus service tax.

    41. What is the deviation charge for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    42. The deviation charge for Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler is Rs.1000 per deviation.

    43. Does Nainital Bank charge a fee for CIBIl report?
    44. Yes, Nainital Bank charges a certain amount of fee for CIBIl report.

    45. Am I allowed to prepay the car loan I availed from Nainital Bank?
    46. Yes, you are allowed to prepay the car loan that you availed from Nainital Bank.

    47. Will Nainital Bank charge a prepayment fee if I prepay my car loan?
    48. If you prepay the car loan fully or partially using your own source of funds, then Nainital Bank will not charge a prepayment fee from you.

    49. Will Nainital Bank charge a late payment fee in case I fail to pay my car loan EMI on time?
    50. Yes, Nainital Bank will charge 2 percent on your unpaid EMI as late payment fee in case you fail to pay your car loan EMI on time.

    51. How do I pay the car loan EMI to Nainital Bank every month?
    52. You can give standing instructions to Nainital Bank to debit the car loan EMI every month from your bank account. You can also pay the EMI via post- dated cheques.

    53. Will my CIBIL score help me get a good car loan deal from Nainital Bank?
    54. Yes, if your CIBIL score is very good, then it will help you get a good car loan deal from Nainital Bank. Banks tend to give loans at good interest rates to people with a high credit score.

    55. In how much time will Nainital Bank process my car loan application?
    56. Nainital Bank will process your car loan application very fast if you are eligible for the loan and if you have provided all the required documents along with the application form to the bank.

    57. How will Nainital Bank verify and approve my car loan application?
    58. Nainital Bank will first verify if you have provided all the correct information and documents in the application process. Once they are sure that everything is in order, they will approve your car loan application quickly and disburse the loan amount within a few hours.

    59. How can I get more information about Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler?
    60. You can get more information about Nainital Bank Suhana Safar Scheme for Financing of Four/ Two Wheeler from the customer care department of the bank. To contact the customer care service of Nainital Bank, you can call up on the phone number mentioned on the website. You can also get more information about this loan scheme from any branch of the bank.

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