Nainital Bank Personal Loan Eligibility

Nainital Bank Limited was established in the year 1922 with the objective to cater to the banking needs of the people of Nainital. Later in the year 1973, Reserve Bank of India directed Bank of Baroda to manage the affairs of the Nainital Bank Limited. Nainital Bank offers Naini Sahyog for Personal. The bank lends financial help to the salaried/pensioners of government departments and other institutions or category of borrowers.

Nainital Bank Personal Loan Eligibility

The eligibility to avail Nainital Bank personal loan or Naini Sahyog is as follows:

• Profile:The applicant must be a permanent employee of Government Departments/ Companies/ Reputed Institutions.
  Field Officer or Agents of insurance companies are considered if they maintain accounts with Nainital Bank for at least 6 months and the commission proceeds are credited to their Nainital Bank accounts.
  Professionals like doctors, advocates, Chartered Accountant etc. can also apply for Naini Sahyog.

• Age: The applicant must be above 21 years of age but below 58 years of age.

• Loan amount: Salaried employee- are given a personal loan equal to 15 times the net take home monthly salary subject to a maximum of Rs.3 lakhs. High income employees like Professors, Doctors or Engineers can get a personal loan up to Rs.5 lakhs.
  Pensioners get loan equal to 10 times the pension that is being credited to a maximum of Rs.50,000.
  Insurance Agents get a personal loan equal to the average commission that they have received in the past two years subject to a maximum of Rs.2 lakhs.
  Doctors and C.A. get an amount equal to two times the average income of the last two years subject to a maximum of Rs.2 lakhs.

Factors affecting Nainital Bank Personal Loan Eligibility

There are various factors that affect the eligibility criteria while taking a personal loan from RBL Bank.

• Residence: If the applicant lives in a metro city, then the chances of him getting a loan is higher. And if he has a house of his own, it is preferred by the bank as then the applicant will not have to pay rent and he will have a higher disposable income.
• Income: The applicant’s income will decide how much EMI he can afford. If the applicant’s income is higher, then he will get loan for a higher amount as he can afford higher EMI.
• Age: Banks refrain from giving loans to young individuals as they keep changing jobs. The banks prefer those who have a stable work life.
• Type of employment: The self- employed professionals and nonprofessionals are required to have higher work experience than compared to salaried individual and salaried professionals.
• Employment status: The banks prefer those who have been employed in a company for a longer time.
• CIBIL Score: The applicants’ CIBIL score and credit report is referred before the bank looks further into the applicant’s profile.

How CIBIL score affects your Nainital Bank Personal Loan Eligibility?

The first thing Nainital Bank does when they receive an application for personal loan is that they check the applicants CIBIL score.

The bank checks for the following:

• The repayment history.
• Credit available for the applicant.
• Credit and assets built by the applicant.
• The number of credit cards that the applicant has and how much credit he has utilized under them.
• The overall credit utilization.
• The bank also checks if the applicant has settled any loan. If the applicant has agreed to settle for a loan due to certain financial constraints, then it gets recorded in the credit report and stays in the report for 6 years. The settlement of the loan is considered as a negative remark and hence Nainital Bank might not offer you a personal loan as they might be unsure about your capacity to repay the loan.
• Capacity to repay the loan. This information can be gathered from the profile as it includes his income information and age and the assets that he has acquired through credit etc.

How to increase Nainital Bank Personal Loan Eligibility?

You can do the following to increase Nainital Bank personal loan eligibility:

• Maintain a good credit history by making all the payments on time.
• Get lower EMIs on existing loans. If you are able to, refinance your existing loan for a lower interest rate or extend the tenure of the existing loan. Reduce the EMIs each month, it ensures that you do not miss out on making payments.
• Prepay the loans if you have lesser EMIs left on any loan. This closes the loan and the applicant will then have a higher disposable and stand a chance of getting a higher amount loan.
• Have both secured and unsecured loans, it shows the bank that you do have managed to attain some assets over the period of time and not just built credit.
• Don’t apply for too many loans as all the banks will run a credit check which gets recorded in the credit report. This will look bad on your report and affects your credit score.
• Don’t have too many credit cards. Though you may not have used the credit on all of the cards, it lowers your overall credit limit.

FAQs on Nainital Bank Personal Loan Eligibility

Q. What are the age requirement for an individual to take Nainital Bank personal loan?

A. At the time of taking the loan the minimum age requirement is 21 years and the applicant must be less than 58 years of age.

Q. Who are eligible to take a Naini Sahyog?

A. Applicant must be a permanent employee of Government Departments/ Companies/ Reputed Institutions.
Field Officer or Agents of insurance companies are considered if they maintain accounts with Nainital Bank for at least 6 months and the commission proceeds are credited to their Nainital Bank accounts.
Professionals like doctors, advocates, Chartered Accountant etc. can also apply for Naini Sahyog.

Q. What is the loan amount offered for applicants who fall under different category under the Naini Sahyog offered by Nainital Bank?

A. Salaried employee are given a personal loan equal to 15 times the net take home monthly salary subject to a maximum of Rs.3 lakhs.
High income employees like Professors, Doctors or Engineers can get a personal loan up to Rs.5 lakhs.
Pensioners get loan equal to 10 times the pension that is being credited to a maximum of Rs.50,000.
Insurance Agents get a personal loan equal to the average commission that they have received in the past two years subject to a maximum of Rs.2 lakhs.
Doctors and C.A. get an amount equal to two times the average income of the last two years subject to a maximum of Rs.2 lakhs.