Nainital Bank Car Loan

The Nainital Bank is providing car loans to the individuals for the personal use only at the rate of 9.15% per annum. The loan tenure can be as long as upto 84 months. Nainital Bank finances upto 85%-90% of the price of car upto a maximum of Rs.75 lacs.


Nainital Bank is a good fit for you if?

If You are looking for a loan tenure upto 84 months – Nainital Bank offers a loan tenure of as long as 84 months. While its peer like City Union Bank allows a tenure of 60 months only.

If You have a preclosure/prepayment plan in future – Nainital Bank do not charges for both pre closure and prepayment of loan. So at any point of time in future if you have some extra cash you can reduce or wipe off your loan without any charges.

If you are a farmer – Nainital Bank offers a special half yearly/yearly repayment plan for the farmers, Where they can pay half yearly/yearly according to their cropping pattern while paying the interest on monthly basis separately.

Nainital Bank Car Loan at a glance

Annual Interest Rate

9.15%

Loan Term

Up to 84 months

Loan Amount

Upto 85% -90% of On-road price of car

Preclosure Charges

Nil

The Nainital Bank offers car loan to individuals for the purchase of personal use at the rate of 9.15% per annum. The interest rate of the bank is 9.15% which is quite competitive if we compare with 9% of Allahabad bank and 9.40% of Andhra bank. The bank provides the loan for a tenure of as long as upto 84 months.

Nainital Bank 85%-90% of the price of car and charges 0.50% of the loan amount as processing charges. The maximum loan amount you can get from the bank is Rs. 75 lacs. There are no pre closure and part payment charges charged by the bank.

Why Choose Nainital Bank?

Nil prepayment and part payment charges – The Nainital Bank do not charges for the preclosure of loan as well as for the part payment. So you can think about these options without paying any charges if your loan is with the Nainital Bank.

What to watch out for?

High Penal Interest charges – In case of you do not pay your EMI on time ,the Nainital Bank levies a 2% penal charges on unpaid EMI.

Compare Nainital Bank Car Loans to Other Banks

Bank Name Nainital Bank Andhra Bank Oriental Bank Of Commerce

Typical APR

9.15%

9.40%

9.15% - 9.25%

Loan Term

Upto 7 years

Upto 7 years

Upto 100 to 120 months

Maximum Lending Amount

Upto 90% of On road price of car

Max Rs. 75 Lacs

Upto 90% of On road price of car

85% of the on road price

Processing Fee

0.50% of loan amount

1% of loan amount

Rs.1,000 - Rs.25,000

0.50% of the loan amount

Rs.500 to Rs.7,000

Pre-Closure

Nil

1% of the outstanding amount.

Nil

Nainital Bank offer car loan at the rate of 9.15% per annum, While the peer OBC charges 9.15%-9.25% and the Andhra bank charges 9.40% per annum. The maximum repayment loan tenure allowed by the Nainital bank and Andhra bank is 7 years whereas Oriental Bank of commerce is providing loan for a longer tenure upto 100-120 months.

The Nainital Bank finances upto 85%-90% of the price of car upto a maximum of Rs.75 lac, While the OBC allows a credit only upto 85% of the on road price of car. The pre closure charges of both Nainital bank and OBC is nil and Andhra bank charges 1% of the outstanding amount. The processing fee of Nainital bank is 0.50% and the Andhra bank is charging the processing fee at 1% of loan amount.

Am I Eligible?

  • Applicant should be a resident indian.
  • Minimum age of the borrower should be at least 21 years at the time of loan application.
  • Maximum age of the borrower should not exceeds 65 years.
  • Nainital bank only provides car loans to Individuals for private/personal use.

Loan Offerings

Suhana Safar Car Loan

  • The Nainital bank runs the scheme "Suhana safar" to provide the car loans to Individuals to purchase the car for personal/private use. The bank provides a loan upto 85%- 90% of the price of car with a maximum cap of Rs.75 lacs. The repayment tenure can be as long as 84 months at maximum.
  • The Nainital bank do not charges for the prepayment and part payment of the loan, While charges 0.50% as processing charges and 2% as penal charges on unpaid EMI.
  • Documents required for Salaried applicants:
    • KYC Documents
    • Income proof
      • Form 16 / letter from Employer
      • Last 6 months salary slip
      • Last one year ITR
    • 3 passport photographs
    • Quotation from the dealer.
    • Any other document which may be required from case to case.
  • Documents required for Self-Employed applicants:
    • KYC Documents
    • 3 passport photographs
    • Income proof
      • Last 3 years' ITR
      • Profit and Loss statement and Balance sheet.
    • Quotation from the dealer.

Nainital Bank Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Suhana Safar Car Loan

9.15% per annum

How do I apply for Nainital Bank Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT"

At the nearest Nainital Bank branch

  • To locate a branch near you click here. Enter your location/city and you will find a list of the branches available near you.
    • You can visit the nearest Nainital bank branch with the application form and necessary documents. For application form click here.
    • Attach all the necessary documents and re-check the application form for confirmation.
    • Submit the application form along with the documents.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.50% of the loan amount

Foreclosure Charges

Nil

Part-payment Charges

Nil

Penal Charges

3% per month

The Nainital bank charges 0.50% of the loan amount as processing charges for the car loan. The foreclosure and part payment charges are Nil, While some of the peers like Allahabad bank charges upto 2.28% for the foreclosure of car loan. The bank also charges 2% on the unpaid EMI for the overdue period as penal charges.

FAQs

How much do i have to pay if the EMI got bounced?

The penalty charges for the EMI bounce at Nainital Bank is 2% of the unpaid EMI for the overdue period.

What If I pre close my loan?

Unlike other peers, Nainital Bank do not charges for the pre closure of loan. Either you fully settled the loan or partially the bank will not levy any charges.