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Nainital Bank Car Loan

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Nainital Bank Car Loans

It is the most common dream to own a car and enjoy the comfort it offers in terms of travel. From commuting to the workplace to going on a long trip, a car is always the most convenient companion for all the travel needs. However, a car does not come cheap. It requires a good amount of money to purchase one. If you have a stable income and have less amount in hand, not to worry, you can still think of purchasing one. Yes, a car loan from a bank and NBFC could be the right choice for you to buy your favorite car.

Nainital Bank, one of the popular banks in India, offers car loans to individuals who has a good repaying ability. If you are a salaried or self-employed individual, Nainital Bank could be a viable option to secure a car loan.

What Is a Car Loan?

A car loan is the finance provided by public and private banks to purchase a car of the borrower’s choice. The customer will have to pay the loan amount in monthly installments popularly known as EMI. The loan will be repaid with total interest amount until completion of a specific tenure. The borrower must get the quotation for the vehicle from the dealer or manufacturer and submit it the lender to get the car loan. Your application will be processed and approved by the banks.

Introduction to Nainital Bank Car Loan

Nainital bank offers car loans to all individuals under ‘Suhana Safar Scheme’. The loan is provided for the purchase new and pre-owned cars. One can get up to 90% of financing of on-road price of the vehicle. The loan can be repaid in Equated Monthly Installments (EMIs) by the borrower. Low interest rates are offered to the customers based on their credit profile.

Key Features of Nainital Bank Car Loans

Loan Amount: For new cars, the loan amount can be up to INR 75 Lakhs and for old vehicles, the loan amount can be up to INR 25 Lakhs.

Tenure: For old vehicles, the repayment period is up to 48 months and for new cars, it is 84 months.

Margin: Minimum of 10% of road price of the vehicle for new cars and minimum of 25% of the road price for the used cars.

Nainital Bank Car Loan Eligibility

The borrower must have the following eligibility criteria to get car loans for the purchase of new and used cars.

AGEThe age eligibility is determined by the repaying capacity of the borrower.
Salary RequirementIncome requirement depends on the loan amount and repaying ability.
Employment statusShould be in the current employment for a consistent period of time
Residential StabilityYou should have proof of residence to show whether you live in a rented or owned or parental accommodation.

Nainital Bank Car Loan Interest Rates and other Charges

The interest rate is fixed at the sole discretion of the bank. You can contact Nainital Bank customer care to get to know about further details about the interest rate.

Processing fees:

The processing fees differ at the sole discretion of the bank and lender too offers waiver on processing fees from time to time.

Pre-Owned Car Loans

Many banks provide loans for pre-owned cars for up to 85% of the car value or in some cases insurance value. Insurance value is nothing but the value at which your car is insured for. There are some banks who do provide 100% finance for used cars but 70% to 85% is the norm.

The interest rate will be similar to the rate offered for new cars or slightly higher ranging between 0.05% to 2%. The processing fee also varies from bank to bank and is based on the bank policy.

The tenure for the used car loan will be lesser than that of the tenure for new car loans. The norm for new car loans is 7 years with it being a maximum of 5 years for used car loans.

All the other charges that come with a loan are similar to that of a new car loan.

Documents required for Nainital Bank Car Loan

The following are the documents required for Nainital Bank car loan

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List
  • Aadhar card copy

The following documents are further required in case of pre-owned cars loans

  • Signature verification proof
  • Car Valuation report
  • RC copy in case of refinance
  • Insurance copy

Applying Through CreditMantri

Before a person applies for a Nainital Bank car loan it is best to do an eligibility check which is available on the Nainital Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Nainital Bank Car Loan – FAQ

1. What is maximum loan amount for Nainital Bank car loan?

For old vehicles, the maximum loan amount is up to INR 25 Lakhs and for new vehicles, the loan amount is up to INR 75 Lakhs.

2. What is the maximum tenure for Nainital Bank car loan?

The maximum loan tenure is up to 84 months for the purchase of new cars and 48 months for used cars.

3. What type of cars do Nainital Bank provide car loans for?

Nainital Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail a Nainital Bank car loan?

Nainital Bank car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from Nainital Bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Nainital Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.

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