Features of Nainital Bank Personal Loan
No prepayment charges
If you wish to prepay your Nainital Bank personal loan, unlike other banks, the bank provides you this option without charging any prepayment on foreclosure of the personal loan.
Easy online application
You can easily fill out your Nainital Bank personal loan application from the bank’s website. This will eliminate the hassle of going to the bank and standing in long queues which can become quite tiresome.
Minimal documentation
The documents required for your personal loan application will depend on your profile and bank’s requirements. However, Nainital Bank has quite a simple documentation process which usually involves your age, identity and income proof.
Quick disbursal
Nainital bank offers quick disbursement of funds on personal loans. Hence, as soon as you complete the application process and qualify the eligibility criteria, you can expect the funds to be transferred within a few hours. However, in some cases, you may expect a delay of 1-2 working days.
Nainital Bank Personal Loan Interest Rates
The personal loan interest rates provided by Nainital Bank depend on various factors. These factors include your age, income, employer, relationship with the bank and many more. Your credit score is also an important factor in determining the interest rate for your personal loan. Let us have a look at the interest rates provided by the bank for your personal loan. The interest rates are granted based on your credit score.
| CIBIL Score | Overdraft | Term loan |
| 700 and above Or -1 and above 3 | 12.50% p.a. | 12.50% p.a. |
| Below 700 Or less than 3 | 13.00% p.a. | 13.00% p.a. |
Source: Paisabazaar Note: The details are dated as of 24th September 2024. Refer to the bank’s website for the latest information.
Nainital Bank Personal Loan Eligibility
In order to apply for a Nainital Bank personal loan, you need to fulfil certain eligibility criteria set by the
bank. Let’s have a closer look at these criteria:
- Age: The minimum age to apply for the personal loan is 21 years along with the maximum age
being 65 years for salaried employees and 70 years for others. Hence, even if you manage to fulfil other
criteria, if you do not fall under this age group, you will not be eligible for the personal loan.
- Employment: In order to be eligible for the personal loan, you need to come under any one
of the following category;
- A permanent employee of any Public Sector Undertaking (PSUs)
- A government employee
- Affiliated with UGC or AICTE recognized colleges or universities
- A retired pensioner of Nainital Bank or a pensioner of any of the above mentioned bodies
- A field officer or an agent of public sector insurance company
- A professional such as doctor, advocate, architect, and Chartered Accountant, or a salaried employee
working in a reputed company.
- Credit score: Your credit score plays a major role in determining your interest rate. If
you have a higher credit score, then there is a better chance of getting a lower interest rate. If you have
a credit score lower than 700, then there is a high chance that you may not be eligible for the loan or may
get a high interest rate. Hence, it is important to maintain a good credit score in order to be eligible for
the personal loan.
Nainital Bank Personal Loan Documents Required
Your documents play an important role in your personal loan application process. For verification purposes and bank
records, you are required to submit a few documents. Hence, to have a smooth and quick documentation process, it is
advisable to have these documents available with you at all times.
Salaried Employees and Self Employed Individuals:
Identity proof: (any one)
- Aadhaar card
- Voter ID
- Passport
- Government employment card
- PAN card
Address proof: (any one)
- Aadhaar card
- Voter ID
- PAN Card
- Ration card
Age: (any one)
- Aadhaar card
- Birth certificate
- PAN Card
- Voter ID card
Income Proof:
- Salary Slips
- Bank Account Statement
Other documents:
- Passport size photos
- Income Tax returns or Form 16
Nainital Bank Personal Loan EMI Calculator
The Nainital Bank personal loan EMI calculator is an easy to use online calculator which provides you with a complete
breakdown of your EMIs so that you can get rid of manual calculations eliminating errors and miscalculations. The
calculator works on important factors of your personal loan including your principal amount, interest rate, and
repayment period. This can help you use different combinations and understand which amount aligns with your budget
without giving a burden on your financial health.
With just one single click, you can get access to a complete report of the monthly instalments which you will be
bound to pay every month. This calculator not only simplifies the calculation but also saves you precious time.