Nainital Bank Car Loan Key Features – Nov 06 2024
Nainital Bank Car Loan Interest Rate | 7.35% per annum |
Min Loan Amount | ₹ 1,00,000 |
Max Loan Amount (Loan to Value) |
Loan up to Rs. 75 lakhs or 90% of car value |
Loan Tenure | 1 year to 7 years |
Lowest EMI / Lac | ₹ 1,513 |
Minimum Net Monthly Income | ₹ 20,000 |
Minimum ITR for Self Employed | ₹ 300,000 |
Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
Processing Fee | 0.40% of the principal amount |
Foreclosure Charges | NIL |
Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation |
About Nainital Bank Car Loan
Established in 1922, Nainital Bank is offering various products and services to suffice customer’s banking needs. It has around 135 branches across India.
Nainital Bank gives Car Loan to those who want to buy a Car. It presents you with flexible repayment choices. Also, provides low-interest rates for the bigger loan amount for the Car Loan.
You can purchase a second-hand as well as a new car from Nainital at affordable interest rates on a Car Loan. To get a car loan, one must have an acceptable and decent CIBIL score.
Advantages of Nainital Bank Car Loan
⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges
Nainital Bank Car Loan Eligibility
Documents required for car loans and other eligibility are discussed below.
Salaried Individual |
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Self-Employed Individuals |
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Self-Employed Non-Individuals (Company/Partnership) |
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Priority Customers |
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Nainital Bank Car Loan Interest Rate, Fees, and Charges
Details on car loan interest rate and other charges are given below:
Charges | New Car Loan | Used Car Loan |
Interest Rate | Starts@7.50% | 7.80% – 8.90% |
Processing fee | 0.40% of the principal amount | 0.50% of the loan amount(Min Rs. 500+ service tax) |
Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
Foreclosure Charges | NIL | NIL |
Penal Interest | 2% per month | 2% per month |
Part Payment charges | 2% of the paid amount | 2% of the paid amount |
Cheque/Instrument Swap Charge | NIL | NIL |
Documentation Charge | Rs.500 per instance | Rs.500 per instance |
Issuance of Duplicate No Dues Certificate Charges | NIL | NIL |
Registration Certification Collection Charge | NIL | NIL |
Cheque Bounce/Instrument Return Charges | Rs. 500 per instance | Rs. 500 per instance |
Issuance of Duplicate Statement Charges | NIL | NIL |
Loan Cancellation/Re-booking Charges | NIL | NIL |
Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
Nainital Bank Car Loan Documents Required
Documents required for a car loan and other eligibility are discussed below.
Salaried Individual
Category | Documents Required |
Identity Proof
(Any 1) |
Driving License Aadhaar Card Passport PAN Voter ID |
Address Proof
(Any 1) |
Driving License Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving License PAN |
Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
Category | Documents Required |
Identity Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof (Any 1) | Birth Certificate Passport Driving License PAN |
Signature Proof (Any 1) | Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals
1. Partnership Firms/Societies
Category | Documents Required |
Identity Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
Category | Documents Required |
Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
How to Increase Your Eligibility for Nainital Bank Car Loan
- Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Nainital Bank. This will be an indication of your higher repayment capacity for the Nainital Bank Car Loan, which will build a sense of confidence in you.
- Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Nainital Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Nainital Bank Car Loan.
- Maintain a low debt-to-income ratio: A low debt-to-income ratio in Nainital Bank means you have a good balance between your earnings and your spending. This is because before Nainital Bank decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Nainital Bank Car Loan.
- Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for a Nainital Bank car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Nainital Bank loan are higher.
Factors Affecting Nainital Bank Car Loan Eligibility
The eligibility criteria for a car loan will depend on the below-given factors:
- Income: If your income is on the higher side, there is a good chance that your eligibility for a Nainital Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Nainital Bank car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount: Your Eligibility Criteria for Car Loan from Nainital Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Nainital Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Nainital Bank Car Loan.
- Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Nainital Bank. It might give an impression to the bank that you do not possess the ability to pay Your Nainital Bank loan.
- Credit score: This is an important factor that every bank, including Nainital Bank, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Nainital Bank and most lenders.
- Relationship with the bank: As stated earlier, Nainital Bank offers instant car loans to their existing customers, which allow Nainital Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.
Nainital Bank Car Loan Customer Care – Toll-Free Number
Nainital Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune/ Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800-180-4031
Nainital Bank Car Loan EMI Calculator
The candidate has the option to check the EMI’s before availing of a Car Loan. So, you can easily check through the link below:
Nainital Bank Car Loan Types
Nainital Bank offers different types of car loans to its customers. You have the option of picking the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – If you wish to buy a new car, this is the scheme for you. You can get a Car Loan from Nainital Bank for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you want to buy a used car then you can choose to offer a minimum loan of Rs. 1 lakh and a minimum tenure of 3 years.
- Loan Against Car – You can choose this proposal if you need urgent funds where you can keep your cars as security with the bank.
Nainital Bank Car Loan Pre Calculated EMI
Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
How to Apply for Nainital Bank Car Loan?
- Visit Dialabank and fill a form online.
- Our Relationship Manager will call you and assist you throughout the process.
- You can compare different offers from banks and pick according to your suitability.
- You can easily avail of a Car Loan through Dialabank and enjoy offers. Eligibility criteria for a car loan are discussed in the above contents.
Tips to Decide the Right Amount of EMI in Car Loan
Car Loan EMI Changes in Case of Pre-payment
In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Nainital Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Nainital Bank gives you two options:
How to Calculate Nainital Bank Car Loan EMI
Before you avail of a car loan from Nainital Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
Nainital Bank Car Loan for Top Selling Cars
Other Available Products from Nainital Bank
Nainital Bank Personal Loan | Nainital Bank Gold Loan | Nainital Bank Home Loan |
Nainital Bank Credit Card | Nainital Bank Two Wheeler Loan | Nainital Bank Education Loan |
Compare Nainital Bank Car Loan With Other Banks In India
Car loan Banks | Interest Rates |
EMI per Rs 1 lakh for 7 Years
|
Bank Of Baroda Car Loan | 8.80% – 10.55% |
Rs. 1,599 – Rs. 1,689
|
Canara Bank Car Loan | 8.70% – 9.35% |
Rs. 1,594 – Rs. 1,627
|
Corporation Bank Car Loan | 8.75% – 9.50% |
Rs. 1,596 – Rs. 1,634
|
HDFC Bank Car Loan | 7.05% – 11.25% |
Rs. 1,512 – Rs. 1,725
|
Private Bank Car Loan | 8.82% – 12.75% |
Rs. 1,600 – Rs. 1,806
|
Union Bank Car Loan | 8.85% – 11.85% |
Rs. 1,601 – Rs. 1,757
|
SBI Car Loan | 8.65% – 9.70% |
Rs. 1,609 – Rs. 1,645
|
FAQs for Nainital Bank Car Loan
✅ What is Nainital Bank Car Loan?
Nainital Bank Car Loan is a financial product for you to purchase a new car and used a car as well.
✅ How can I get a Car Loan from Nainital Bank?
You can get a car loan from Nainital Bank by visiting the nearest branch of Nainital Bank. You will get the convenience to apply from anywhere.
✅ How does Nainital Bank Car Loan work?
Nainital Bank works on providing the best services at attractive interest rates. You can get a car loan easily. Nainital Bank provides flexible loan tenure duration.
✅ What is the Car Loan Interest Rate in Nainital Bank?
The interest rate in Nainital Bank for a car loan starts at 7.50%.
✅ How to Check Car Loan status in Nainital Bank?
You must visit the Nainital Bank branch to check your car loan status. Also, you can use the net banking facility of Nainital Bank.
✅ How to Calculate Car Loan interest in Nainital Bank?
To calculate your car loan interest in Nainital Bank, the following information is required:
- Loan tenure
- Loan amount
- Interest rate
You can calculate your car loan interest and EMI for Nainital Bank through the EMI calculator.
✅ What is the maximum loan amount I can avail of on a Car Loan from Nainital Bank?
The maximum loan amount for a car loan from Nainital Bank is up to Rs. 75 lakhs or 90% of the car value.
✅ What is the loan tenure of the Nainital Bank Car Loan?
The loan tenure of Nainital Bank ranges between 1 to 7 years for availing of a car loan.
✅ Can I get a 100% Car Loan from Nainital Bank?
You can get a loan of up to 90% Car Loan from Nainital Bank.
✅ How much processing fee applies to Nainital Bank Car Loan?
The processing fee in Nainital Bank is 0.40% of the principal amount for getting a car loan.
✅ What are the EMI options available on Nainital Bank Car Loan?
The EMI options available on Nainital Bank car loan are:
- Electronic Clearance System
- Standing Instruction
- Post Dated Cheques
✅ What are the charges for Prepayment in Nainital Bank Car Loan?
There are no prepayment charges in Nainital Bank for getting a car loan.
✅ Can I get a top-up loan on my existing Nainital Bank Car Loan?
Yes, you can get a top-up loan on your existing Nainital Bank car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.
✅ Do I need to provide a guarantor to avail myself a car loan from Nainital Bank?
Yes, you can avail of a guarantor for getting a car loan from Nainital Bank. It will increase your car loan eligibility.
✅ How to get a Nainital Bank Car Loan Statement?
For getting a car loan statement from Nainital Bank, you can utilize Nainital Bank’s mobile banking app. Also, visit the nearest Nainital Bank branch.
✅ How to pay Nainital Bank Car Loan interest online?
You can pay your car loan interest through the net-banking services of Nainital Bank. If you want a low-interest car loan, you must visit Dialabank online.
✅ What if I can’t pay the interest on Nainital Bank Car Loan for 3 months?
If you can’t pay the interest on Nainital Bank Car Loan for 3 months, then it will add up to the outstanding loan amount and repayment charges will redraft.
✅ How can I apply for EMI Moratorium on Nainital Bank Car Loan?
You can apply for EMI Moratorium on Nainital Bank by visiting the nearby branch of Nainital Bank or by submitting a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.
✅ What is the number for Nainital Bank Car Loan agent?
The number for the Nainital Bank Car Loan agent is 9878981166.
✅ Can I close the Nainital Bank car loan online?
You can close your car loan from Nainital Bank through the net-banking page of Nainital Bank. You have to log in with your details on the net -banking page and pay your car loan.
✅ What is Nainital Bank Car Loan Customer Care Number?
The customer care number of Nainital Bank for car loan queries is 9878981166.
✅ How can I get NOC from Nainital Bank for a car loan?
You can get a car loan NOC from Nainital Bank when you pay your car loan amount.
✅ What is the Nainital Bank Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the Nainital Bank Car Loan account.
- Pay the pre-closure charges as per Nainital Bank Car Loan.
✅ What are the Nainital Bank Car Loan preclosure charges?
Nainital Bank Car Loan preclosure charges are up to 6%+ GST.
✅ What is the Nainital Bank Car Loan maximum tenure?
The Nainital Bank Car Loan’s maximum tenure is 7 years.
✅ What is the Nainital Bank Car Loan minimum tenure?
The Nainital Bank Car Loan minimum tenure is 1 year.