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  • Nainital Bank Personal Loan Eligibility

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  • To avail a personal loan from Nainital Bank, the basic eligibility criteria is to be a permanent employee of government organisations, a field officer or an agent of insurance firms, professional, or engaged in any business activity. A maximum of Rs.5 lakh can be availed as a personal loan from Nainital Bank. The loan can also be availed by pensioners. The interest rate on the Nainital bank personal loan, also known as Naini Sahyog, ranges between 11.50% and 11.95%.

    Eligibility Criteria for Nainital Bank Personal Loan

    Eligible Individuals
    • Permanent Employees of companies, reputed institutions, government departments
    • Businessmen and professionals such as doctors, chartered accountants (CAs), advocates, etc.
    • Agents and field officers of insurance firms holding a bank account with Nainital Bank for a minimum of 6 months. The commission of these individuals should be credited into their Nainital Bank account.
    Amount of Loan
    • Salaried individuals – Up to 15 times of net take home salary subject to a maximum of Rs.3 lakh.
    • Government employees earning more than Rs.75,000 per month – Up to Rs.5 lakh
    • Pensioners and staff of Nainital Bank – Up to Rs.50,000
    • Insurance agents – Up to Rs.2 lakh
    • CAs and doctors – Up to Rs.5 lakh
    • Others – Rs.2 lakh

    Factors Affecting Nainital Bank Personal Loan Eligibility

    • Place of residence – The eligibility of a person living in a metro city such as Delhi, Bangalore, Mumbai, and Chennai is higher as the cost of living in these cities is higher. Also, an individual owning a property or a flat in these cities have a higher chance of being eligible for any kind of loan including a personal loan, as the disposable income is higher.
    • Applicant’s income – If an individual’s income is on the higher side, his/her eligibility for a personal loan is also higher. This is simply because individuals with a higher income have higher repayment capacity. In addition to that, the individual should also have a low debt-to-income ratio to be eligible for a personal loan.
    • Credit score – Most lenders prefer lending to someone who has a healthy credit score. A credit score of above 750 is considered healthy by lenders and having such a score can increase your eligibility for a personal loan.
    • Age of the applicant – Though not always the case, many lenders are hesitant to offer personal loans to young people simply because young people tend to change their jobs quite often and do not have a steady work life.
    • Employment status – To be eligible for a personal loan, both salaried and self-employed individuals need to ensure that they are stable in their employment or business. To further explain it, salaried applicants should be employed with the current employer for at least 1 year while self-employed individuals should be in the same line of business for at least 3 years to increase their eligibility for a personal loan.

    How to Enhance Your Eligibility for Nainital Bank Personal Loan

    • Maintain a healthy credit score of at least 750 to increase your chances of securing a loan. Also, remember to check your credit score regularly so that you can take corrective steps to improve your score if it is low.
    • Do not apply for multiple loans at the same time because it indicates to the bank that you are incapable of managing your expenses and hence, may not be able to repay the loan amount.
    • If you have lesser EMIs to pay for any loan you may have taken, make a prepayment or foreclose the loan. This way you will clear off a liability which in turn, will enhance your eligibility.
    • Do not own too many credit cards as it may reduce your overall credit limit and your eligibility for loans.
    • You can provide a collateral such as land, property, gold, etc., to increase your eligibility for loans.


    1. I am a businessman. How much loan amount am I eligible for?
    2. Nainital Bank offers personal loan to people engaged in business activities for a maximum amount equivalent to twice the average returned income of previous 2 years up to Rs.2 lakh.

    3. My credit score is 720. Am I eligible for a Nainital Bank personal loan?
    4. A credit score of above 750 is considered a healthy score by most lenders to offer a personal loan but since your score is lower than the mentioned limit, your eligibility may be lower. You may be able to secure a loan but there are high chances of you being charged a higher rate of interest.

    5. I earn Rs.18,000 per month. Will I be eligible for a personal loan from Nainital Bank?
    6. With your income, you may be able to get a personal loan from Nainital Bank but it is a good idea to get in touch with the bank directly to check your eligibility.

    7. I work for a private firm. Will that affect my eligibility?
    8. If you are a permanent employee of a private organisation, you are eligible to avail a personal loan from Nainital Bank.

    9. Do I need to have an account with Nainital Bank to be eligible for a personal loan?
    10. No. You do not need to hold an account with Nainital Bank to avail a personal loan unless you are a field officer or an agent for insurance firms. If you fall under this category, you will need to transact with the bank for at least 6 months and the proceeds of your commission should be credited to the account you hold with Nainital Bank.


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