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Nainital Bank Car Loan EMI Calculator

Car loan options in India are plenty, whether you are planning to buy a new car or an old car. Depending on the car type, tenure and interest rate options, the EMI for each loan borrower. These factors need to be assessed by the loan borrower so that he/she can choose the right EMI plan for themselves. To make this journey of buying a car a wonderful experience, Nainital Bank offers car loan to eligible customers under its ‘Suhana Safar’ Scheme for the purchase of new and old four-wheeler (car/jeep). The bank offers its customers lower interest rates, lower margin and flexible tenure options.

What is EMI?

Equated Monthly Instalments or EMI depend upon both the interest and the principal repayments every month. EMIs can be taken for a short duration and be paid off in large instalments or they can be taken for a longer tenure with smaller instalments. EMIs make it simple for the borrower to return the money as he/she knows the financial commitment that they are getting into when they are opting for the car loan.

Nainital Bank Car Loan EMI Calculator

Before the loan borrower applies for a car loan, they can use the Nainital Bank Car Loan EMI Calculator online to check the EMI that they need to pay. They need to enter the loan amount, interest rate and tenure and click on the ‘Calculate’ button get the EMI that they need to pay. The CreditMantri portal also allows you to check EMIs for Nainital bank car loans. It is an easy and fool proof method of getting the correct quote at the click of a button instead of using a complicated formula.

Glancing at the EMI calculator is a prerequisite to planning a sound car loan repayment journey. Every lender, be it Nainital Bank, keeps the calculator on its website so that you can compute the indicative EMI and interest amount on a loan. Since the calculator shows a break-up of interest and principal amount for each year, it makes sense to glance at it to enjoy a solid car loan run with Nainital Bank.

Documentation Required to Apply for Nainital Bank Car Loan

  • Signed application form with photograph
  • Photo ID and age proof
  • Residence proof
  • Last 6 months bank statement

Documentation for salaried applicants:

  • Last 3 months salary – slips
  • Form 16 or Income Tax Returns

Documentation for self-employed applicants:

  • Last 3 years Income Tax Returns with computation of Income
  • Last 3 years CA Certified / Audited Balance Sheet and Profit and Loss Account

Benefits of Nainital Bank Car Loan

  • Customers opt for car loans when they wish to buy a new or an on-the road four wheeler (car/jeep). One of the benefits offered by Nainital Bank is that they offer affordable interest rates for both, old and new cars.
  • Documentation for Nainital bank is hassle-free. You do not need to run to the bank to check on the documents you require. You can visit the Nainital bank website or CreditMantri and take a look at the documents required in a single glance. Further, the CreditMantri portal also does a quick eligibility check for a car loan on your profile.
  • Nainital bank offers easy repayment in the form of EMIs. You can choose between factors such as tenure, down payment, pre-payment, etc. to get the EMI that you are comfortable paying.
  • Nainital bank car loans offer lower margin on loans.
  • The primary security that can be provided is the hypothecation of the car purchased.

FAQ – Nainital Bank Car Loan EMI Calculator

1. Which parameters is the credit score judged on?

Credit score is given by the credit bureau based on three main parameters:

  • The way you have handled your previous loans
  • Other loans that you have applied for
  • Your financial standing

2. Why is using CreditMantri Car Loan EMI calculator better than calculating the EMI manually?

The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.

3. Does it make sense to use the CreditMantri EMI calculator after applying for a car loan?

You should always make sure to use the CreditMantri Car Loan EMI calculator BEFORE you actually apply for a loan. This will help you ascertain your loan repayment ability and affordability.

4. Is there a margin on the car loans offered by Nainital Bank?

Yes, there is a margin on the car loans offered by Nainital Bank.

5. What is the loan margin on new cars as per Nainital Bank Suhana Safar Scheme?

The loan margin on new cars as per Nainital Bank Suhana Safar Scheme is minimum 10 percent of the cost of the car. This percentage includes the sales tax.

6. What is the loan margin on old cars as per Nainital Bank Suhana Safar Scheme?

The loan margin on old cars as per Nainital Bank Suhana Safar Scheme is minimum 35 percent of the present value of the car.

7. What is the maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of new cars?

The maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of new cars is 84 months.

8. What is the maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of used cars?

The maximum tenure of Nainital Bank Suhana Safar Scheme for Financing of used cars is 36 months.

10. Can I apply for Nainital Bank Suhana Safar Scheme?

No, you cannot apply for Nainital Bank Suhana Safar Scheme online. You need to visit the nearest branch and fill out the application forms and submit it to Nainital bank.

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