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  • Nainital Bank Personal Loan is Rated as "Blown Away!" by 1 Users

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    Nainital Bank Personal Loan

    The Nainital Bank Limited is a private Indian bank, Based in Nainital, over the years, the bank has expanded to Uttar Pradesh and especially in Uttarakhand State, and has over 100 branches in Rajasthan, Delhi and Haryana states. In 1975 Government-owned Bank of Baroda (BOB), third largest bank in India, after the State Bank of India and the Punjab National Bank, acquired a majority stake (98.6%) and management control of the bank, and made it a subsidiary. Their deposit products and retail loans help you with your growing financial needs with facilities like Lockers we ensure that your valuables are safe with us.

    Documentation needed to apply for an Nainital Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    Nainital Bank Personal Loan Interest RatesUpdated on 25 Mar 2019

    Nainital Bank Personal Loan Details
    Interest Rate 11.95%
    Loan Amount Maximum of Rs. 3 Lakhs

    About Nainital Bank Personal Loan

    Nainital Bank established in 1922 by founding member Bharat Ratna Pt. Govind Ballabh Pant, was intended to serve the financial needs of the people of the region. In 1973, Reserve Bank of India directed the well-known nationalised financial institution, Bank of Baroda to handle the affairs of Bank of Baroda. Currently, Bank of Baroda holds 98.57% of the banks shared while 1.43% of its remainder is owned by public. At the moment, the bank operates with 120 branches operating in five states i.e. Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan. In fact, according to data gathered on March 31, 2014, the total business of Nainital Bank was Rs. 7,120 crore.

    The branches operate in CBS platform. Nainital Bank also provides RTGS, NEFT, SMS Alerts, ATM Card bearing RuPay and Mobile Banking services to their customers. However, the Nainital Bank Personal Loan is sure to be one of its most useful products. It is armed to aid people in their quick and smaller financial requirements which at the moment cannot be afforded in full..With flexibility of loan amount and tenure, Nainital Bank Personal Loan has more to offer its customers than meets the eye. Read on to know more about Nainital Bank Personal loan, better known as Naini Sahyog.

    Why Choose Nainital Bank Personal Loan (Naini Sahyog for Personal)

    In every household and family, there are certain financial requirements and wishes of lifestyle improvement that often get ignored due to other priorities. From a new furniture set, to purchasing gold jewellery for the women of the house the, Naini Sahyog for Personal (Nainital Bank Personal Loan) scheme is meant to aid all its users to a convenient ways to make their smaller dreams come true.

    Special Privileges For Professionals: This north-indian bank was established to serve the people around Nainital and beyond. However, the bank’s personal loan is intended to serve professionals from different but reputed walk of life take advantage of their profession. From government officials to doctors, there are various maximum loan amount available for people.

    Flexible Loan Amount: The loan amount available to its applicant and once loan is sanctioned is flexible. Note that the maximum loan amount is dependant of the professional background of the applicant.

    Competitive Rate of Interest: The loan rate of interest for financing salaried and pensioners and other institution/other category of borrowers is chargeable at a base rate of only 5%. This loan scheme is also available for application, for pensioners. This means that the individual is eligible for a personal loan even after retirement age as long as they are being paid a pension.

    Reliable Banking Experience: Nainital bank is a renowned bank in northern India and has been functioning for more than 90 years, making it a reliable and trustworthy source of attaining a personal loan. It also has a good reputation for doing a sustainable amount of business with the last data of business statistics being, Rs. 7,120 crore as of March 31, 2014.

    Nainital Bank personal loans offer its users a hassle-free and reliable financial solution without any hassles. It could be a small financial emergency or a Playstation for your son that needs financing. The Nainital Bank Personal Loan comes in handy to ensure that you have a simple financial solution. The Nainital Bank Personal loan is simplistic and flexibility as it leading features.

    Maximum Loan Amount Based on Profession: Maximum loan amount for borrowers is based on their profession or if they are a pensioner. For instance, the maximum loan amount for a pensioner is Rs. 50,000, while a salaried individual working in the Government is offered a loan amount of Rs. 5 lakhs, maximum.

    Flexible Tenure: An individual can choose up to 60 months for repayment of the loan amount.

    Eligibility for Personal Loan Application: Here are a few parameters that are required to be eligible for availing personal loan from:

    • He/she should be at least 21 years of age at least, but less than 58 years with the exception of people who are paid pension.
    • The individual applying for the loan should be an Indian resident.
    • The eligibility of applicants for a Nainital Personal loan is based on their professional and bank account holding:
      • This includes permanent employees of Government Departments/Companies/ Reputed Institutions.
      • Also, field Officer/Agents of Insurance companies provided they are maintaining accounts with Nainital Bank for at least 6 months and the proceeds of their commission etc. are being credited in their accounts.
      • Other applicants engaged in business activity and professionals i.e. doctors, advocates, Chartered Accountants etc.
    • The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed. In the case of a pensioner, Proof of pension being paid must be provided.
    • He/she should meet the income bracket requirements assigned by the bank.

    Documents Required: To avail a personal loan from Nainital Bank, you would require the following documents:

    • Filled and signed application form, along with photograph
    • Copy of ID and address proof: passport/voter ID card/driving license
    • Processing fee cheque
    • Bank statement for the last 3 months or 6 months record on passbook
    • Documentation for salaried individuals:
      • Latest salary slips
      • Current dated salary certificate with the latest Form 16
    • Documentation for self-employed/pensioner individuals:
      • Latest bank statement
      • Latest ITR or Form 16
      • Proof of Pension/ Receipts

    Nainital Bank offers personal loans which accumulate interest on the MCLR based system of interest rates. All existing personal loans, those taken before the implementation of MCLR system, will continue to accumulate interest on the Base Rate system.

    Nainital Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    Since the RBI made MCLR system a norm in the country, all loans (including personal loans) offered by Nainital Bank have been linked to MCLR (Marginal Cost of Funds based Lending Rate). MCLR rates are dependent on various factors like cost of maintaining cash reserve ratio (CRR), cost of funds, bank’s operating expenses and minimum rate of return (margin / profit). Following is a table which shows Nainital Bank’s MCLR rates that are applicable on loans.

    Tenor MCLR
    Overnight MCLR 9.00%
    1 month MCLR 9.00%
    3 month MCLR 9.05%
    6 month MCLR 9.15%
    1 year MCLR 9.30%

    Nainital Bank Personal Loan Interest Rates (MCLR)

    Interest charged for all new consumer loans will be based on the MCLR system. Additionally, the bank will charge a rate of interest over and above the applicable MCLR rate. Nainital Bank Base and Prime Lending Rates (For existing borrowers)

    The table below indicates the Base and Prime Lending Rates applicable at Nainital Bank.

    Base Rate 9.75% per annum, effective 21 Oct 2015
    Prime Lending Rate 14.75% per annum, effective 24 September 2012

    Nainital Bank Personal Loan Interest Rate (Base Rate)

    Existing customers at Nainital Bank are charged interest rates based on the loan amount, tenure and purpose. The bank has the power to offer differential interests based on these factors.

    Note: The rates mentioned above are applicable as of June 14, 2016. Nainital Bank can change these rates at its own discretion. Borrowers are advised to check prevailing rates while applying for a loan.

    In order to apply for a personal loan with Nainital Bank has certain eligibility criteria set ensuring that the individual may be able to afford the repayment of the loaned amount. Here are the basic eligibility criterias set by the bank

    Job Segment Any salaried/ pensioned or self-employed customer of the bank is eligible to apply
    Age Individual should be more than 21 years and less than 58 years of age
    Maximum Loan Amount

    A loan of up to Rs. 5 lakhs can be taken by an individual based on their current profession or financial situation:

    For Salaried employee: An amount equal to 15 times of net take home monthly salary/salary credited to his a/c subject to maximum of Rs.3 lakhs.

    For high income employees of Govt. Department and PSU such as Professors/Doctors/ Engineers having monthly salary of Rs. 75,000 per month (minimum) and net take home salary of Rs. 50,000 (minimum) excluding installment of proposed loan subject to maximum amount of Loan of Rs. 5 lakhs.

    For Pensioners: An amount equal to ten times of monthly pension credited/remitted to the account of pensioner subject to a maximum amount Rs. 50,000 including staff of Nainital Bank Limited.

    For Insurance Agents: An amount equal to average commission received during last two financial years subject to maximum Rs. 2 lakhs.

    Other Category i.e. Businessman etc.: For Doctors & C.A. – An amount equal to two times of average returned income of last two years subject to maximum Rs. 5 lakhs

    Others - An amount equal to two times of average returned income of last two years subject to maximum Rs. 2 lakhs

    Job Continuity The individual should have a source of income i.e. Should be salaried or proof a regular source of income if self-employed. A person with a sustainable pension may also apply

    If you wish to know the repayment EMI amout per month for your Nainital Bank personal loan, it is best to use EMI Calculator tool. it is not only user-friendly but can help you calculate your finances before you opt for a Nainital Bank personal loan. It takes only a few mouse-clicks to Calculate your Personal Loan EMI.

    All you need to do is enter the loan amount, tenure and rate of interest as input and calculate the monthly EMI. You can also customize the tenure and loan amount based on your loan amount. This helps applicants to ensure that they are able to afford the loan in the long run.

    • Am I eligible for Nainital Bank personal loan?

      Nainital Bank offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for Nainital Bank personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a Nainital Bank personal loan.

    • How do I repay Nainital Bank Personal loan?

      You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

    • What is the maximum loan one can get from Nainital Bank?

      Nainital Bank offers personal loans as high as 15 times of net monthly salary to Max Rs. 3 Lakhs for successful applicants depending on their financial record and repayment history.

    • What are the age limits for taking personal loans from Nainital Bank?

      Applicants must be at least 21 years old, and no older than 58. Nainital Bank does not consider applications from borrowers outside this age group.

    • What is the interest rate for Nainital Bank personal loans?

      Personal loans from Nainital Bank are currently being lent at an interest rate that’s equal to the Base Rate + 5.00%. The current Base Rate is 9.75%.

    • What is the maximum loan amount that can be sanctioned through Nainital Bank?

      Depending on the applicant, loans can be disbursed for amounts up to:

      • Rs.5,00,000 for employees of the government, and other employees with a minimum take home salary of Rs.50,000.
      • Ten times the monthly credited pension for pensioners – up to a maximum of Rs.50,000.
      • The average amount of commissions received by insurance agents during the last two years, up to a maximum of Rs.2,00,000.
    • Is the ECS facility available for repayments of the Nainital Bank personal loan?

      Yes, the ECS facility can be activated to make EMI repayments more efficient and organized.

    • What are the reasons that Nainital Bank rejects personal loan applications?

      Personal loan applications are usually rejected because:

      1. The applicant does not have a sufficient CIBIL score or credit rating.
      2. The applicant requires a large loan amount in an insufficient tenure.
      3. The applicant does not have a sufficient salary.
      4. The bank deems that the applicant cannot repay the loan.
    • What is the maximum loan tenure for NB personal loans?

      Depending on the eligibility of the applicant, and his / her historical performance with credit – loans can be disbursed for tenures up to 60 months.

    • What are the documents required?

      • An application form with a photograph, duly signed and filled out as required.
      • Identity proof: copy of an official document like the driving license, passport, voter ID, etc., that verifies the identity and photograph of the applicant
      • Self-employed applicants must submit:
        • Bank statements for the last 3 months.
        • Passbook for the last 6 months.
        • Latest ITR.
      • Salaried applicants must submit:
        • Latest salary slip.
        • Current dated salary certificate with duly filled out Form 16.
      • A cheque for the processing fee.
    • Is there a processing fee for personal loans from Nainital Bank?

      Yes, Nainital Bank charges a processing fee for its personal loan products.

    • *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of February, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.

    Nainital Bank Personal Loan Reviews

    • Nainital Bank Personal Loan
      "Awesome Services...."
      0.5 5.0/5 "Blown Away!"
      The services offered by nainital bank was very good. The executive came home to collect the documents. The response was quick. Interest rate was very low for my personal loan. No hidden charges. Being a government bank they are working after the banking hours and customer can reach them till 6pm. Private banks must learn this from the nainital banks.
      Was this review helpful? 2
      , new delhi
      Reviewed on Sep 30, 2015
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