There was a time when owning a car was a luxury for people and purchasing one was nothing short of a milestone. However, with time owning a car has become more of a necessity for people. A car, however, requires a lot of money that a lot of people belonging to the lower or medium income groups cannot afford. This is where loans come in. A car loan is specifically designed for this purpose and can be used by one to purchase any new or used car for his or her benefit. Car loan borrowers can apply for loans up to Rs.1.5 cores, which mostly comprises of 100% of the vehicle’s on-road price.
A Nainital Bank Car Loan is something that any individual can avail of to get access to many offers and benefits. It’s Suhana Safar Scheme is a god sent for anyone looking to buy a car. It also provides many benefits for farmers.
While you can go to any nearest branch of the Nainital Bank to avail of a car loan, you can also do the same on its official website. The official website comes with an eligibility calculator that will help you calculate if you are eligible to apply for a car loan. One must be of at least 21 years of age to be able to do so. There is also an interest rate calculator which will tell you the rate of interest along with the EMI and loan tenure. An interested borrower has to fill out the form and provide all the documents that the bank asks for. Once the verification is complete, the bank will approve the loan and disburse the amount.
Nainital Bank provides a car loan at the interest rate of 9.75 percent and a tenure of up to 60 months. It must also be noted that a car loan by any bank provides a longer tenure than any other loan.