In 1922 the Nainital Bank Limited was brought to life by Bharat Ratna Pt. Govind Ballabh Pant and a few other noteworthy personalities of Nainital. The main aim of the bank was to find solutions for the financial needs of the people of the region. In 1973 Bank of Baroda was made to start managing the matters of Nainital Bank Limited. Currently Bank of Baroda holds 98.57% of the Nainital Bank Limitedâ€™s shares and the rest (1.43%) of the shares are held by the public.
Among the many services that Nainital Bank Limited offers is the two wheeler loan which is called Suhana Safar Scheme. This loan is meant for anyone who needs a two wheeler for personal use.
Also Read: Two Wheeler Insurance.
Why two Wheeler Loan?
In India, with a population of over 1.2 billion, traffic congestions are an everyday reality. The public transport in the country is still not capable of serving the entire country suitably. Morepeople are going for their own vehicles for convenience and because it is a symbol of prosperity. Buying a two wheeler by paying the full cash up front is not an option for many of us, so we opt for two wheeler loans which allow us to pay the full amount over a defined time (with additional interest rate).
Nainital Bank Bike Finance Eligibility:
Anyone can apply for this loan
Nainital Bank Two Wheeler Loan Interest Rate:
- Base Rate + 0.25%
- Special concession is allowed only in Festive offer. Other concessions are not allowed.
Features & Benefits of Nainital Bank Two wheeler Loan:
- You can only buy new two wheelers with this loan.
- You could use this loan to repay the loan of other Financial Institutions/ Banks / Finance Companies.
- You can borrow a maximum of Rs. 25.00 Lacs with this loan.
- Minimum margin of 20% for two wheeler vehicles
- You can take a maximum of 84 months for repayment.
- What is the maximum amount that I can borrow from the bank for a new two wheeler?
You can borrow up to Rs. 25.00 Lacs
- I am a student, and do not have an income. Can I apply for a two wheeler loan from Nainital Bank Limited?
Yes. Anyone can apply for a loan at Nainital Bank Limited.
- How many months can I take for repayment?
You can take up to 84 months for repayment.
- Can I buy a used two wheeler with this loan?
No. You can only buy new two wheelers with this loan.