Nainital Bank Car Loan

Nainital Bank Car Loan

Nainital Bank Car Loan Key Features – May 20 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

Nainital Bank Car Loan Eligibility

Documents required for car loans and other eligibility are discussed below.

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

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:

Car Loan EMI Calculator

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:

  1. 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.
  2. 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.
  3. 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?   

  1. Visit Dialabank and fill a form online.
  2. Our Relationship Manager will call you and assist you throughout the process.
  3. You can compare different offers from banks and pick according to your suitability.
  4. 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

  • Ascertain the amount you need to borrow: It is important that before approaching Nainital Bank for a loan, you inform them about the amount of loan you need to borrow. Limit your Nainital Bank loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking a Nainital Bank loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Nainital Bank Loan after taking into account other obligations.
  • Calculate your Nainital Bank car loan eligibility: Your Nainital Bank eligibility is an assessment of your repayment capacity based on your monthly income. Nainital Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Nainital Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Nainital Bank loan eligibility.
  • FOIR based loan amount eligibility: Nainital Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Nainital Bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Nainital Bank or other banks to calculate your fixed obligations.

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:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

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.