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.
Features of Nainital Personal Loan
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 Personal Loan Interest Rates
Nainital Bank Personal Loan interest rates are reasonably competitive and are easy to calculate and understand with the help of BankBazaar EMI calculator. This makes taking a personal loan from this bank quite convenient both on the pocket and in terms of hassles:
The basic interest rates are as given below:
| Loan Parameter | Value of Parameter |
| Interest rate | This loan scheme is chargeable at 5% over the base rate which is 10%, currently |
| Loan Processing Charges | The bank may charge certain processing fees for the loan. |
| Late Payment Fee | Incase an individual is unable to pay an EMi on time, or continuous failure for the personal loan repayment, the bank will charge a late payment fee. The payment fee is generally levied on the total loaned amount. |
Nainital Bank Personal Loan Eligibility
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
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| 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 |
Nainital Bank Personal Loan FAQs
- Am I eligible for Nainital Bank personal loan?
- How do I repay Nainital Bank Personal loan?
- What is the maximum loan one can get from Nainital Bank?
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.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
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.
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