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Under the Naini Sahyog scheme, Nainital Bank offers personal loans of up to Rs.5 lakh at attractive interest rates for Government employees and those offering service in other fields.
Listed below are the features of Naini Sahyog Personal Loan Scheme.
| Naini Sahyog | Interest Rate |
|
|---|---|
| Loan Quantum | Up to Rs.5 lakh |
| Processing Fee | Based on the terms and conditions as set by Nainital Bank |
Listed below are the documents required when applying for a personal loan offered by Nainital Bank:Â Â
Listed above are the basic documents required to apply for a personal loan. If required, Nainital Bank will request for additional documentation for the verification process. Â
Listed below are those who are eligible to avail a personal loan from Nainital Bank:Â Â
| Age | Based on the terms and conditions as set by Nainital Bank |
| Employment Status | Salaried individual, permanent employee of the government or reputed institution, field officer, insurance agents, doctors, advocates, chartered accountants, etc.  |
| Citizenship | Resident citizen of India |
| Minimum Net Salary |
|
For customers that wish to understand how Nainital Bank and banks across the country calculate the personal loan EMI, we’ve listed out the EMI breakup over the repayment tenure. Here, let’s assume that Mr. Shetty availed a personal loan of Rs.2 lakh from Nainital Bank and choose a repayment tenure of 1 year. Let’s also assume that Nainital Bank charged him a 2% processing fee on the total loan amount that he availed and set an interest rate of 13% p.a on the loan amount.  Â
| Year | Principal Paid(A) | Interest Paid(B) | Total Payment  (A+B) | Outstanding Loan Balance |
| 2023Â | 1,47,551Â | 13,222Â | 1,60,773Â | 52,450Â |
| Apr | 15,697 | 2,167 | 17,864 | 1,84,303 |
| May | 15,867 | 1,997 | 17,864 | 1,68,436 |
| Jun | 16,039 | 1,825 | 17,864 | 1,52,398 |
| July | 16,212 | 1,651 | 17,863 | 1,36,185 |
| Aug | 16,388 | 1,475 | 17,863 | 1,19,797 |
| Sep | 16,566 | 1,298 | 17,864 | 1,03,231 |
| Oct | 16,745 | 1,118 | 17,863 | 86,486 |
| Nov | 16,927 | 937 | 17,864 | 69,560 |
| Dec | 17,110 | 754 | 17,864 | 52,450 |
| 2020Â | 52,450Â | 1,140Â | 53,590Â | 0Â |
| Jan | 17,295 | 568 | 17,863 | 35,155 |
| Feb | 17,483 | 381 | 17,864 | 17,672 |
| Mar | 17,672 | 191 | 17,863 | 0 |
For the loan amount of Rs.2 lakh availed by Mr. Shetty, he will have to pay a monthly EMI of Rs.17, 863 to clear the loan amount in a year. The EMI amount is inclusive of the principal amount availed by Mr. Shetty and the interest rate of 13% p.a. Â
Yes, you can. The basic eligibility criteria set by Nainital Bank to avail a personal loan is to have a permanent job with a regular monthly income to ensure that you can pay the EMIs (Equated monthly installments).
The maximum loan amount that one can avail from Nainital Bank depends on the profession and income of the applicant
The interest rate offered by Nainital Bank is subject to change from time to time and as per the terms and conditions set by Nainital Bank. In addition, the interest rate depends on the MCLR which is set by the Reserve Bank of India.
You can pay your equated monthly installments through your net banking account, ECS (Electronic Clearing System) or via cheque at the Nainital Bank branch.
It is possible that your income, profession, age, CIBIL score, or your perceived inability to repay the loan could be a few reasons why your personal loan application could be rejected by Nainital Bank.
Visit our Nainital bank personal loan customer care page for more details. You can also send your query via post to the following addresses given below:
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