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Nainital Bank Car Loan Eligibility

Applying for and availing a car loan at Nainital Bank is hassle-free provided an applicant meets the eligibility requirements. Nainital Bank offers four-wheeler and two-wheeler loans under the Suhana Safar Scheme.

Nainital Bank is one of the oldest banks in India, established in the year 1922. The bank has 135 branches and operates in the following five states – Delhi, Haryana, Rajasthan, Uttarakhand, and Uttar Pradesh, providing banking services to the people of those regions.

In 1973, the RBI appointed Bank of Baroda to oversee the operations of Nainital Bank. Bank of Baroda, India’s third-largest public-sector bank today owns the majority stake in Nainital Bank. Nainital Bank functions as a subsidiary of Bank of Baroda. Today, the bank offers several banking services, including car loans to customers across economic spectrums.

Simple eligibility, hassle-free loan processing, minimal documentation, attractive interest rates make car loans from Nainital Bank a preferred choice for consumers looking to purchase a new vehicle.

Here, in this guide, you can find all that you need to know about car loan eligibility, documentation, and features from Nainital Bank.

Overview of Eligibility for Car Loans from Nainital Bank

Nainital Bank Car Loan Eligibility

Nainital Bank offers car loans to individuals to purchase new or old four-wheelers – cars and jeep for personal use. Additionally, consumers of the bank can take car loans from Nainital Bank to repay existing car loans they have taken with other banks, NBFCs (Non-Banking Financial Corporations) and other financial institutions.

Maximum Available Car Loan from Nainital Bank

Here’s the maximum loan amount that an individual can avail from Nainital Bank:

  • For new vehicles (cars, jeeps and other four-wheelers) – Rs. 75 lakhs
  • For old vehicles – Rs. 25 lakhs

Latest Nainital Bank Car Loan Interest Rates

Nainital Bank follows the MCLR (Marginal Cost of funds based Lending Rate) to determine the interest rate for its borrowers. The Suhana Safar car loan scheme from Nainital Bank follows the method.

If you are an existing borrower with Nainital Bank (meaning you have availed any other loans before), you can continue with the same interest rate, based on the base rate of your current loan or migrate to the new MCLR system. The choice lies with the borrower.

However, note that MCLR rates are likely to undergo revision periodically as determined by the RBI. The current MCLR rates for Nainital Bank are as follows:

The base rate for existing Nainital car bank loan borrowers is 9.75%.

Car Loan Margin

  • For new vehicles – minimum 10 to 15% of on-road price
  • For old vehicles – minimum 25% of the current value

Repayment Schedule

Borrowers can choose their preferred repayment tenures based on the EMIs that they can afford. The maximum tenure is:

  • For new vehicles – a maximum of 84 months (7 years)
  • For old vehicles – a maximum of 48 months (4 years)

Nainital Bank Car Loan Eligibility

Nainital Bank has very simple eligibility criteria for car loans, making it easy for all applicants to qualify for a car loan from the bank. The bank offers car loans to both self-employed and salaried individuals.

Nainital Bank Car Loan Eligibility for Salaried Individuals

  • Age – Minimum 21 years and maximum 60 years (the maximum age limit is at the time of maturity of the loan)
  • Income criteria – minimum monthly income
    • In metro cities – Rs. 22,000
    • Urban areas – Rs. 18,000
    • Rural areas – Rs. 16,000
  • Work Experience – Minimum of 2 years of employment with one year in the current job
  • Residence Stability – Must have resided for two years in the city with one year in current residence (or should be staying in own house)

Nainital Bank Car Loan Eligibility for Self-Employed

  • Age – Minimum 30 years (the minimum age is 25 years if applying with a co-applicant) and maximum 60 years (the maximum age limit is at the time of maturity of the loan)
  • Income Proof – ITR (Income Tax Returns) for the last two years
  • Business stability – Must be in the current business for the last two years
  • Residence Stability – Must have resided for two years in the city with one year in current residence (or should be staying in own house)

Nainital Bank Car Loan Required Documentation

It’s essential that you submit all the required documentation during the loan application. If the documentation is incomplete, there are chances of your loan application getting rejected.

Nainital Bank Car Loan Required Documentation for Salaried

  • Photographs – Two recent passport size photographs of the applicant
  • Identity proof – This can be any one of the following documents like driving license, voter ID, Aadhaar card, passport, or PAN card.
  • Address proof – This can be any one of the following documents like water bills, electricity bills, driving license, PAN card, voter ID, Aadhaar card, or rental agreements.
  • Income Proof – Salary slip for the last three months and bank statement for the last six months.

Nainital Bank Car Loan Required Documentation for Self-Employed

  • Photographs – Two recent passport size photographs of the applicant
  • Identity proof – This can be any one of the following documents like driving license, voter ID, Aadhaar card, passport, or PAN card.
  • Address proof – This can be any one of the following documents like water bills, electricity bills, driving license, voter ID, PAN card, Aadhaar card, or rental agreements.
  • Income Proof –Business and Personal ITR statements for the last two years and bank statement for the last six months.

Apart from the documentation listed here, applicants may be required to submit other documentation as required. For instance, if the borrower is pledging land to avail a car loan, then he/she has to provide proof of ownership of land.

FAQs on Nainital Bank Car Loan Eligibility

1. Does Nainital Bank offer any special provisions for farmers for car loans?

Yes. Nainital bank allows farmers to fix the repayment tenure based on the cropping pattern. Check with your Nainital Bank branch to find out other provisions for farmers taking car loans.

2. What are the eligibility criteria to avail car loans by pledging land?

If the applicant is pledging land to borrow the loan, he/she has to provide the following:

  • Land of minimum 4 acres
  • The land must be owned in the name of the applicant
  • The applicant must provide documents that establish proof of ownership of land
  • 3. How do I determine the EMI I have to pay for a car loan from Nainital Bank?

    Nainital Bank offers an EMI calculator that helps borrowers determine the EMI they have to pay for the car loan. You can check this feature by heading to the home page of Nainital Bank website and selecting Tools and Utilities 🡪 EMI Calculator.

    4. Is it possible to apply online for a car loan at Nainital Bank?

    No. Nainital Bank does not have an online application facility. To apply for a car loan, you have to visit the nearest branch of Nainital Bank and fill up the application form and provide the required documents.

    5. What is the processing fee for car loans from Nainital Bank?

    Nainital Bank charges a processing fee of 0.5% along with documentation charges for each car loan application. The minimum processing fee is set at Rs. 500 + GST.

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