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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. |
There are many factors that affect your Nainital Bank Personal Loan rates, some of which are mentioned below:
The fees and charges which are applicable to Nainital Bank Personal Loan are as follows:
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
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.
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.
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.
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.
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.
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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