Highlights
- Nainital Bank Personal Loan at 12.50% per annnum
- Check Interest Rates Before Applying
In this page, you'll learn about Nainital Bank's personal loan interest rates. Nainital Bank, a trusted and reliable institution with a longstanding history, provides personal loans up to ₹15 lakh, with interest rates beginning at 12.50% per annum and up to 13% per annum to cater to a wide range of financial needs.
Nainital Bank Personal Loan Interest Rate Details 2024
In search of affordable Personal Loan Interest Rates? Nainital Bank provides personal loans under the "Naini Sahyog" scheme, offering term loans, demand loans, or reducing overdrafts. The cost-effective rates would be a big relief to your pocket in the face of inflation. Let’s check out several other details about Nainital Bank Personal Loan.
| Particulars | Details |
|---|---|
| Interest Rate | 12.50% Onwards |
| Loan Amount | INR 15 Lakh |
| Tenure | Up to 7 years and 12 years for reducing OD |
| Processing Fee | 0.50%-1% of the loan amount |
| Who is Eligible | Salaried Employees, Professionals, Insurance Agents and Pensioners |
Advantages of Nainital Bank Personal Loan
The following are some of the main benefits of applying for personal loans with Nainital Bank:
Flexible Loan Options - Nainital Bank offers a range of personal loan options, including term loans, demand loans, and reducing overdrafts, providing flexibility to meet various financial needs.
Competitive Interest Rates - With the interest rates starting as low as 12.50% per annum, Nainital Bank provides competitive rates that make borrowing more affordable and
High Loan Amounts - Borrowers can avail of loans up to ₹15 lakh, which makes it easier to fund significant expenses such as home renovations, weddings, or debt consolidation.
Minimal Documentation - Nainital Bank streamlines the loan application process with minimal documentation requirements, making it quicker and more convenient for applicants to avail of their personal loans.
No Hidden Charges - Nainital Bank is transparent with its fee structure and ensures to its customers that there are no hidden charges, which can easily manage your loan.
Factors affecting Nainital Bank Personal Loan Interest Rates
These are the factors that might affect your personal loan interest rate while availing personal loan interest rates -
- Employment Details - Your employment details, such as whether you are a full-time or part-time employee or a pensioner, can influence the interest rates. The interest rate will differ for each individual based on their employment status.
- Relationship with the Bank - The bank may choose to offer a lower interest rate to potential borrowers based on their relationship with the institution. Because of your prior dealings and relations with Nainital Bank, you might be eligible for a favorable interest rate if you have a solid credit history with them, such as regular loan repayments.
- Loan Repayment Tenure - The loan repayment tenure also affects the interest rate offered by the bank. Typically, loans with shorter repayment periods come with higher interest rates compared to those with longer tenures.
Calculating EMIs on Nainital Bank Personal Loans at Different Interest Rates
An EMI calculator allows you to estimate the monthly payments on your personal loan before applying, helping you select a loan amount and tenure that fits your budget. To determine the EMI you'll pay on a Nainital Bank Personal Loan, you can use Wishfin's Nainital Bank Personal Loan EMI calculator.
Just enter the following information:
-Principal Amount
-Interest Rate
-Tenure
The table below displays the installment payments (EMIs) for a personal loan of Rs. 5,00,000 at an interest rate starting from 12.50% p.a. which can go up to 13% p.a. depending upon your application and credit score. You can apply for a personal loan for a tenure of one to five years. You can alter the loan amount and other details to suit your needs.
|
Tenure (In Years) |
EMI (at 12.50% interest rate) |
EMI (at 13% interest rate) |
|---|---|---|
|
1 |
₹44,541.43 |
₹44,658.64 |
|
2 |
₹23,653.65 |
₹23,770.91 |
|
3 |
₹16,726.81 |
₹16,846.98 |
|
4 |
₹13,290.00 |
₹13,413.75 |
|
5 |
₹11,248.97 |
₹11,376.54 |
What Should You Do in Order to Fetch the Lowest Interest Rate from Nainital Bank?
To secure the lowest interest rate from Nainital Bank, follow these steps:
- Check Your Credit Score: A high credit score increases your chances of getting a lower interest rate on personal loans. Always make sure your credit report is accurate and in good standing.
- Negotiate: Don’t hesitate to negotiate the interest rate with the bank. If you have a strong credit profile or a good relationship with the bank, they might offer you a better rate.
- Go for shorter Loan Tenure: Shorter loan tenures usually come with lower interest rates. If it’s feasible with you, always choose a tenure that reduces your overall interest.
- Look for Promotions and offers: Nainital Bank occasionally offers promotional rates or special discounts. Make sure you look for these kinds of possibilities.
- Maintain a Good Relationship: It’s always believed that long-term customers with a history of timely payments might be offered better rates. If you have other accounts or investments with the bank, use this to your advantage.
Documents Required for a Nainital Bank Personal Loan
Here are the documents you need to apply for a personal loan with Nainital Bank:
- Application Form: Fill out the loan application form completely and sign it.
- Passport Size Photographs: Provide three recent passport-sized photographs.
FOR SALARIED PROFESSIONALS
Proof of Identification:
- Photocopy of one of the following: Voter ID Card, Passport, Driving License, or IT PAN Card.
- Bank Statement/Passbook: Provide a statement of your bank account or passbook for the last six months.
Income Proof:
- Salaried Individuals: Latest Form 16 or Income Tax Returns (ITR) for the last two assessment years.
FOR SELF-EMPLOYED INDIVIDUAL/PROFESSIONAL
: In addition to all the documents that are mentioned above, Income Tax Returns (ITR) for the last two assessment years are also required.
- Proof of Address:
- Copy of a rental agreement showing at least one year of stay, or
- Electricity bills, or Telephone bills.
Make sure all documents are current and accurate to facilitate a smooth application process. If you have any other questions or need further assistance, you can easily contact their customer care number.
Other Charges of Nainital Bank Personal Loan
These are the additional fees and charges of Nainital Bank Personal loan which can be applicable to your personal loan application -
|
Processing fee |
2% along with documentation charges (minimum Rs 500) |
|
EMI Late Payment |
2% of the unpaid EMI amount |
|
Deviation Fees |
2% of the unpaid EMI Amount |
|
Prepayment charges |
1% on outstanding balance (if paid from own sources) |
|
Loan Amount up to 25000/- |
Nil |
|
Loan Amount between 25000/- and 2 lakhs |
Rs 500 |
|
Loan Amounts between 2 Lakh and 5 Lakh |
Rs.1,000 |
|
Inspection charges |
|
|
Loan amount of up to Rs.25,000 |
Nil |
|
Loan amount between Rs.25,000 and Rs.2 lakh |
Rs.500 |
|
Loan amount between Rs.2 lakh and Rs.5 lakh |
Rs.600 |
Nainital Bank Personal Loan Balance Transfer Rates
As personal loans are a type of unsecured credit, lenders can charge a very high interest rate. If you are servicing the said debt at a higher rate somewhere, it calls for a balance transfer at Nainital Bank to benefit from lower interest rates. The lower rates will not only bring down the amount of monthly installment but also greatly reduce your interest liability.
How to Apply for Nainital Bank Personal Loan Online?
You can apply for Nainital Bank Personal Loan online by visiting the official website of the lender. The bank offers a personal loan under the name ‘ Naini Sahyog. You can find a link to the ‘Application Form for Nani Sahyog’, to click. A PDF page will open upon clicking. After that, you need to take a printout of the form, fill it, sign it, and submit it to Nainital Bank for further processing.
Compare Personal Loan Interest Rates from Different Banks
Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice.
FREQUENTLY ASKED QUESTIONS
1. What is the personal loan interest rate of Nainital Bank?
Starting from 12.50% up to 13% per annum is the personal loan interest rate of Nainital Bank.
2. What are the processing fees of Nainital Bank Personal Loan?
The processing fee is 0.5 or 1 percent of the total loan amount.
3. How much of a personal loan can I obtain from Nainital Bank?
The highest amount that may be obtained through a personal loan is Rs. 15 lakhs.
4. How can the payment of EMIs (Estimated or Equated Monthly Instalments) of Nainital Bank be done?
Estimated or Equated Monthly Instalments, or EMIs, can be paid via net banking or by checks placed at a Nainital Bank branch using the Electronic Clearing System (ECS).
5. Is Nainital Bank a private or government bank?
The Nainital Bank Limited, a private sector scheduled commercial bank established in 1922, was founded by Bharat Ratna Late Pt. Govind Ballabh Pant along with several prominent individuals from Nainital.
6. How to check Nainital Bank balance?
To check your account balance with Nainital Bank, call the toll-free number 1800-180-4031. A customer care representative may request personal details for verification purposes.
