Nainital Bank Personal loans | Interest Rates | Documents List
Nainital Bank, a subsidiary of the Bank of Baroda, is a commercial bank established in 1922. The bank, with a plethora of custom products and services, aims to meet the requirements of different sets of customers with varied lifestyles. When you require banking support to fulfill your personal needs, you can trust the personal loan of Nainital Bank, which charges minimum interest rates and charges for you to enjoy a cost-friendly loan journey. Looking forward to getting updated on Nainital Bank Personal Loan? Read the article further as it takes you through the fine details of the bank’s offer.
Details of the Nainital Bank Personal Loan Schemes
| Nainital Bank Personal Loan Interest Rate | 10.40% |
| Maximum Amount | Rs 15 Lakh |
| Period | Up to 12 years |
| Required Age | 21 years |
| Processing Fee | 2% |
Nainital Bank Personal Loan Interest Rates
Nainital Bank provides personal loans (Naini Sahyog) in the form of term loans, demand loans, or overdraft reductions for amounts up to Rs 15 lakh @10.40% p.a. Except for speculation, applicants may utilize the personal loan for any purpose.
The bank additionally offers a 0.50% discount to borrowers who offer CRM Securities (Nainital Bank’s deposit/ LIC/ NSC/ Acceptable Paper Securities) as collateral with a present value of at least 50%, subject to the same being maintained till the advance facility is liquidated.
Nainital Bank does not levy any prepayment penalty for credit facility foreclosure.
| CIBIL | Interest Rate |
| 700 and above Or -1 and above 3 | 10.40% p.a. |
| Below 700 Or less than 3 | 10.90% p.a. |
How does the EMI calculation for Nainital Bank personal loan work?
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.
Nainital Bank Education Loan Features
- Collateral security for availing of an education loan
- HDFC Education Loans are available up to a tenure of 15 years, including a moratorium period
- Repayment starts either 1 year after course completion or 6 months after obtaining employment (whichever is earlier)
- HDFC education loans are available for short-duration/job-oriented courses.
- You can also avail of the tax rebate offered under section 80-E of the Income Tax Act 1961 for the entire interest amount paid toward your education loan.
- No processing fee is charged for loans up to 10 lakhs.
Who is Eligible for the Personal Loan Scheme from Nainital Bank?
- The permanent staff of government agencies, corporations, and reputable institutions.
- Field officers and insurance agents on the condition that they maintain their association with Nainital Bank for a minimum of six months. Their commission and other earnings must also be credited to their accounts.
- Advocates, doctors, Chartered Accountants, and other professionals
- What are the Documents Required for the Nainital Personal Loan Scheme?
- Important documents to send with your application for Nainital Bank Personal Loans-
Loan application completed
- Three passport-sized photos
- Bank account statement/passbook for the previous six months
- Proof of residency (photocopies of recent phone and electric bills)
- Identification (photocopies of voter ID cards, passports, driving licenses, and IT PAN cards)
- It returns for self-employed professionals for three years
- Form 16/IT returns for salaried personnel for the previous two fiscal years
Documents Required for Nainital Bank Personal Loan
Nainital Bank has not disclosed the documents required for availing of a personal loan. The borrower may have to submit basic documents such as proof of address, age, income, etc when applying for a personal loan.