A Car Loan, also known as an automobile loan or auto loan, is a unique facility provided by the banks in India, that allow you to purchase a new or used car. Car loans follow the same rule as all the other loans. You can also purchase a car through a personal loan which is more inclusive, but a car loan provides you with a longer tenure.
The Nainital Bank happens to be a private bank that is based in Nainital. The bank has expanded to many parts of India over the years, such as Uttar Pradesh, Uttarakhand, Rajasthan and Delhi. There are around 100 branches in Rajasthan, Delhi and Haryana of the Nainital Bank. However, in 1975, Bank of Baroda, which is the third-largest bank in India, took control over the majority shares of the Nainital Bank.
Nainital Bank provides a car loan under the Suhana Safar Scheme at an interest rate of 9.75 percent and a long tenure and easy EMIs which makes your life easier. Anyone can apply for this loan scheme if he or she is able to produce the documents needed and fulfil the eligibility criteria. They are as follows:
Eligibility Criteria for obtaining a Nainital Bank Car Loan:
- The individual must be of at least 21 years of age.
- Private and Public Ltd. Co./ Partnership Firm/Proprietorship
Documents Required for availing a Nainital Bank Car Loan:
- Application form.
- Photo ID and age proof.
- Last six months bank statement.
- Residence Proof.
For Salaried Individuals:
- Last three months salary slips
- Income Tax Returns or Form 16.
For Self-employed Individuals:
- Last three years Income Tax Returns
- Last three years CA Certified or Audited Balance Sheet and Profit & Loss Account
Car Loans from the Nainital Bank can be beneficial not just for a salaried or self-employed individual but also for farmers at a very low-interest rate during the best time of crop growth, for their benefit.