Nainital Bank Personal Loan Interest Rates

Nainital Bank offers personal loans interest rates which ranges between 11.95% to 12.20% p.a. The processing fee charged by the bank goes up to Rs.1500. This is based on the loan amount. The bank offers the Naini Sahyog personal loans to salaried individuals, pensioners, self-employed individuals, and insurance agents.

Factors affecting Nainital Bank Personal Loan interest rates

There are many factors that affect your Nainital Bank Personal Loan rates, some of which are mentioned below:

• Employment details: The details of your employment, like whether you are a full-time or part-time employee of an organization, or a pensioner who is not currently working in any organisation but drawing a pension can have an impact on the interest rates. The interest rate will vary for each professional depending on his/her employment.
• Relationship with Nainital bank: The bank, at its discretion, may offer a lower rate of interest to the potential borrowers on the basis of their relationship with it. If you have a good relationship with Nainital Bank, they might give you a consideration due to past actions, like loan repayments.
• Period of loan repayment: Loan repayment tenure with the bank also influences the rate of interest they offer. If the loan tenure is for a shorter duration, the rate of interest is generally higher in comparison to a loan taken for a longer tenure.

Other Fees and Charges applicable to Nainital Bank Personal Loans

The fees and charges which are applicable to Nainital Bank Personal Loan are as follows:

• Late payment of EMI – 2% of the unpaid EMI amount
• Deviation charges – Rs.2,000 for each deviation
• Documentation charges –
• Loan amount of up to Rs.25,000 – Nil
• Loan amount between Rs.25,000 and Rs.2 lakh – Rs.500
• Loan amount between Rs.2 lakh and Rs.5 lakh – Rs.1,000
• Inspection charges –
• Loan amount of up to Rs.25,000 – Nil
• Loan amount between Rs.25,000 and Rs.2 lakh – Rs.500
• Loan amount between Rs.2 lakh and Rs.5 lakh – Rs.600

Illustrations

1) Mr. Xavier, a corporate employee, draws a monthly salary of Rs.20,000. He has taken a personal loan of Rs.2 lakh from Nainital Bank for a period of 3 years. The rate of interest charged by the bank on the loan amount is 12.20% p.a.

The amortisation schedule for the loan amount availed by Mr. Xavier is given below:

For a salary of Rs.20,000 per month

As seen in the table given above, Mr. Xavier will be paying Rs.6,662 as EMIs for 36 months to pay off his loan. Nainital Bank charges Rs.500 as the processing fee for loans of up to Rs.2 lakh. Thus, the total amount that he would be paying off is Rs.2,40,331. He would be paying off the loan fully in the 36th month.

2) Mr. Trevor, a Central Government employee, earns a monthly salary of Rs.75,000. He has taken a personal loan of Rs.4 lakh from Nainital Bank for a period of 3 years. The rate of interest charged by the bank on the loan amount is 11.50% p.a.

The amortisation schedule for the loan amount availed by Mr. Trevor is given below:

For a salary of Rs.75,000 per month

As seen in the table given above, Mr. Trevor will be paying Rs.13,190 or Rs.13,191 as EMIs for 36 months to pay off his loan. Nainital Bank charges the processing fee at the rate of Rs.300 for every lakh for loan amounts of Rs.2 lakh to Rs.1 crore. On that basis, the processing fee payable by Mr. Trevor will be Rs.1,200, i.e. Rs.300 x 4. Thus, the total amount that he would be paying off is Rs.4,76,054. He would be paying off the loan fully in the 36th month

FAQs Nainital Bank Personal loan Interest Rates

1. How can I calculate the EMI amount for the personal loan that I take from Nainital Bank?

There are a number of online EMI calculators which can be used to calculate the effective EMI amount. You can use the BankBazaar Personal Loan EMI Calculator to find out the EMI amount. All you need to do is fill up the fields with the required information such as loan amount, processing fee, rate of interest, and loan repayment tenure in months. Once you have filled up the details, click on the ‘Calculate’ button and BankBazaar will show you the breakup of your loan accordingly.

2. I am a doctor and I want to avail a personal loan through Nainital Bank. What is the maximum loan amount that I can avail?

You can avail a loan amount of up to 2 times your average income of the last two years for which you have filed returns. However, this loan amount will be capped at Rs.5 lakh.

3. What is the maximum loan amount for salaried employees who get a personal loan through Nainital Bank?

Salaried employees can avail a maximum loan of up to 15 times of their net take-home monthly salary, subject to a maximum of Rs.3 lakh. However, this amount can go up to Rs.5 lakh for high-income drawing government and PSU employees.

4. How is the maximum loan amount decided for insurance agents?

If you are an insurance agent who wants to take a personal loan through Nainital Bank, the maximum loan amount that you would be eligible for will be equal to the average of the commission that you have received in the last 2 financial years. However, this amount will be subject to a maximum of Rs.2 lakh.

5. How can I check the status of my Nainital Bank personal loan application?

You can visit one of the nearest branch offices of Nainital Bank and provide your application number to know the status of your personal loan application.

6. How can I locate the nearest Nainital Bank branch office?

Nainital Bank offers a branch locator on their official website. You can use the branch locator to locate the branch office that you are looking for. At present Nainital Bank has 139 branch offices.