Multiple banks. Different interest rates. Call it a "conflict of interest".

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.

Particulars Salaried/Self-employed Individuals Pensioners Insurance Agents
Interest Rate 11.95% p.a. to 12.20% p.a. 11.95% p.a. to 12.20% p.a. 11.95% p.a. to 12.20% p.a.
Processing Fee Up to Rs.1,500 Rs.500 Rs.500
Loan Amount Up to Rs.5 lakh Up to Rs.50,000 Up to Rs.2 lakh
Lowest EMI per Lakh Rs.3,319 Rs.3,319 Rs.3,319
Pre-Payment/ Foreclosure Charges Up to 2% Up to 2% Up to 2%
Overdue EMI Interest 2% p.a. 2% p.a. 2% p.a.

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

Loan Amount Rs.2 lakh
Processing Fee Rs.500
Loan Tenure 3 years or 36 months
Interest Rate 12.20% p.a.
Month Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
1 Rs.4,629 Rs.2,033 Rs.6,662 Rs.1,95,371
2 Rs.4,676 Rs.1,986 Rs.6,662 Rs.1,90,696
3 Rs.4,723 Rs.1,939 Rs.6,662 Rs.1,85,972
4 Rs.4,771 Rs.1,891 Rs.6,662 Rs.1,81,201
5 Rs.4,820 Rs.1,842 Rs.6,662 Rs.1,76,381
6 Rs.4,869 Rs.1,793 Rs.6,662 Rs.1,71,513
7 Rs.4,918 Rs.1,744 Rs.6,662 Rs.1,66,594
8 Rs.4,968 Rs.1,694 Rs.6,662 Rs.1,61,626
9 Rs.5,019 Rs.1,643 Rs.6,662 Rs.1,56,607
10 Rs.5,070 Rs.1,592 Rs.6,662 Rs.1,51,537
11 Rs.5,121 Rs.1,541 Rs.6,662 Rs.1,46,416
12 Rs.5,173 Rs.1,489 Rs.6,662 Rs.1,41,243
13 Rs.5,226 Rs.1,436 Rs.6,662 Rs.1,36,017
14 Rs.5,279 Rs.1,383 Rs.6,662 Rs.1,30,738
15 Rs.5,333 Rs.1,329 Rs.6,662 Rs.1,25,405
16 Rs.5,387 Rs.1,275 Rs.6,662 Rs.1,20,018
17 Rs.5,442 Rs.1,220 Rs.6,662 Rs.1,14,576
18 Rs.5,497 Rs.1,165 Rs.6,662 Rs.1,09,079
19 Rs.5,553 Rs.1,109 Rs.6,662 Rs.1,03,526
20 Rs.5,609 Rs.1,053 Rs.6,662 Rs.97,916
21 Rs.5,667 Rs.995 Rs.6,662 Rs.92,250
22 Rs.5,724 Rs.938 Rs.6,662 Rs.86,526
23 Rs.5,782 Rs.880 Rs.6,662 Rs.80,743
24 Rs.5,841 Rs.821 Rs.6,662 Rs.74,902
25 Rs.5,900 Rs.762 Rs.6,662 Rs.69,002
26 Rs.5,960 Rs.702 Rs.6,662 Rs.63,041
27 Rs.6,021 Rs.641 Rs.6,662 Rs.57,020
28 Rs.6,082 Rs.580 Rs.6,662 Rs.50,938
29 Rs.6,144 Rs.518 Rs.6,662 Rs.44,794
30 Rs.6,207 Rs.455 Rs.6,662 Rs.38,587
31 Rs.6,270 Rs.392 Rs.6,662 Rs.32,318
32 Rs.6,333 Rs.329 Rs.6,662 Rs.25,984
33 Rs.6,398 Rs.264 Rs.6,662 Rs.19,586
34 Rs.6,463 Rs.199 Rs.6,662 Rs.13,123
35 Rs.6,529 Rs.133 Rs.6,662 Rs.6,595
36 Rs.6,595 Rs.67 Rs.6,662 Rs.0

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

Loan amount Rs.4 lakh
Processing fee Rs.1,200
Loan tenure 3 years or 36 months
Interest rate 11.50% p.a.
Month Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
1 Rs.9,357 Rs.3,833 Rs.13,190 Rs.3,90,643
2 Rs.9,447 Rs.3,744 Rs.13,191 Rs.3,81,196
3 Rs.9,537 Rs.3,653 Rs.13,190 Rs.3,71,659
4 Rs.9,629 Rs.3,562 Rs.13,191 Rs.3,62,030
5 Rs.9,721 Rs.3,469 Rs.13,190 Rs.3,52,309
6 Rs.9,814 Rs.3,376 Rs.13,190 Rs.3,42,495
7 Rs.9,908 Rs.3,282 Rs.13,190 Rs.3,32,587
8 Rs.10,003 Rs.3,187 Rs.13,190 Rs.3,22,584
9 Rs.10,099 Rs.3,091 Rs.13,190 Rs.3,12,485
10 Rs.10,196 Rs.2,995 Rs.13,191 Rs.3,02,289
11 Rs.10,293 Rs.2,897 Rs.13,190 Rs.2,91,996
12 Rs.10,392 Rs.2,798 Rs.13,190 Rs.2,81,604
13 Rs.10,492 Rs.2,699 Rs.13,191 Rs.2,71,112
14 Rs.10,592 Rs.2,598 Rs.13,190 Rs.2,60,520
15 Rs.10,694 Rs.2,497 Rs.13,191 Rs.2,49,826
16 Rs.10,796 Rs.2,394 Rs.13,190 Rs.2,39,030
17 Rs.10,900 Rs.2,291 Rs.13,191 Rs.2,28,130
18 Rs.11,004 Rs.2,186 Rs.13,190 Rs.2,17,126
19 Rs.11,110 Rs.2,081 Rs.13,191 Rs.2,06,016
20 Rs.11,216 Rs.1,974 Rs.13,190 Rs.1,94,800
21 Rs.11,324 Rs.1,867 Rs.13,191 Rs.1,83,477
22 Rs.11,432 Rs.1,758 Rs.13,190 Rs.1,72,044
23 Rs.11,542 Rs.1,649 Rs.13,191 Rs.1,60,503
24 Rs.11,652 Rs.1,538 Rs.13,190 Rs.1,48,851
25 Rs.11,764 Rs.1,426 Rs.13,190 Rs.1,37,087
26 Rs.11,877 Rs.1,314 Rs.13,191 Rs.1,25,210
27 Rs.11,990 Rs.1,200 Rs.13,190 Rs.1,13,220
28 Rs.12,105 Rs.1,085 Rs.13,190 Rs.1,01,114
29 Rs.12,221 Rs.969 Rs.13,190 Rs.88,893
30 Rs.12,339 Rs.852 Rs.13,191 Rs.76,554
31 Rs.12,457 Rs.734 Rs.13,191 Rs.64,097
32 Rs.12,576 Rs.614 Rs.13,190 Rs.51,521
33 Rs.12,697 Rs.494 Rs.13,191 Rs.38,825
34 Rs.12,818 Rs.372 Rs.13,190 Rs.26,006
35 Rs.12,941 Rs.249 Rs.13,190 Rs.13,065
36 Rs.13,065 Rs.125 Rs.13,190 Rs.0

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

Frequently Asked Questions (FAQs)

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.

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