Nainital Bank Business Loan
Last Updated : Dec. 3, 2016, 7:28 a.m.
Avail the benefit of a business loan from the Nainital Bank and get funds as per your requirements. The bank provides loans for multiple business needs like working capital, expansion of current business, purchase of new assets, up gradations and so on. The bank has proposed various schemes keeping in mind the diverse business profile and needs. The eligibility criteria, loan amount and the tenure vary per scheme. The loan amount is disbursed after the verification of the documents. The disbursed loan amount depends on the eligibility and repayment capacity of the applicant. To know more about the schemes, tenure and loan amount read the details given below :
Nainital Bank Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | As applicable by the bank |
| Loan Amount | Up to Rs. 2,00,00,000 |
| Tenure | Up to 7 years |
| Processing Fee | As per bank's norms |
How To Apply
The candidate willing to avail business loan from Nainital Bank can apply by visiting the nearest bank branch. Fill the application form and submit the requisite documents at the branch office to avail the benefit of a business loan.
Nainital Bank Business Loan EMI Calculator
The EMI calculator aids the calculation and assists in computing the monthly installment value. The user can know the amount due for payment each month during the loan tenure. They can even calculate the total outgo amount which comprises of principal and interest amount using the Business Loan EMI Calculator . The calculator shows true results in very less time as compared to the manual calculation. Let’s see how the calculator works.
For Example- If a candidate avails the loan of Rs. 1,00,00,000 for the period of 7 years than his EMI will range between Rs.1,72,806 – 1,89,061 at the rate of interest which ranges from 11.30% p.a. – 14.30% p.a. The total amount he will be paying by the end of the tenure at the same rate of interest will be Rs. 1,45,15,688 – 1,58,81,147.
To know the EMI, total interest amount and total repayment amount on various tenure at same interest rate refer the table given below :
Table Showing EMI, Total Interest Amount and Total Repayment
| Loan Amount (in Rs.) | Interest Rate (p.a.) | Tenure (in years) | EMI (in Rs.) | Total Interest Amount (in Rs.) | Total Repayment Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 1,00,00,000 | 11.30% - 14.30% | 1 | 8,85,217 - 8,99,283 | 6,22,599 - 7,91,400 | 1,06,22,599 - 1,07,91,400 |
| 1,00,00,000 | 11.30% - 14.30% | 2 | 4,67,472 - 4,81,547 | 12,19,338 - 15,57,135 | 1,12,19,338 - 1,15,57,135 |
| 1,00,00,000 | 11.30% - 14.30% | 3 | 3,28,810 - 3,43,235 | 18,37,149 - 23,56,466 | 1,18,37,149 - 1,23,56,466 |
| 1,00,00,000 | 11.30% - 14.30% | 4 | 2,59,915 - 2,74,772 | 24,75,898 - 31,89,058 | 1,24,75,898 - 1,31,89,058 |
| 1,00,00,000 | 11.30% - 14.30% | 5 | 2,18,923 - 2,34,241 | 31,35,401 - 40,54,445 | 1,31,35,401 - 1,40,54,445 |
| 1,00,00,000 | 11.30% - 14.30% | 6 | 1,91,881 - 2,07,667 | 38,15,425 - 49,52,041 | 1,38,15,425 - 1,49,52,041 |
| 1,00,00,000 | 11.30% - 14.30% | 7 | 1,72,806 - 1,89,061 | 45,15,688 - 58,81,147 | 1,45,15,688 - 1,58,81,147 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 8,95,946 - 9,94,113 | 1079559– 13,72,786 | 9005887– 91,04,054 |
| 2 | 10,32,808 - 11,12,454 | 961218– 12,35,924 | 7893433– 80,71,246 |
| 3 | 11,90,572 - 12,44,879 | 828793– 10,78,160 | 6648554– 68,80,674 |
| 4 | 13,72,439 - 13,93,069 | 680603– 8,96,293 | 5255485– 55,08,235 |
| 5 | 1558900– 15,82,085 | 514772– 6,86,647 | 3696585– 39,26,150 |
| 6 | 1744472 – 18,23,756 | 329200– 4,44,976 | 1952113– 21,02,394 |
| 7 | 1953725– 21,04,621 | 121535 – 1,66,387 | 0 |
Loan Schemes, Eligibility, Quantum of Loan and Tenure
| Loan Schemes | Eligibility | Quantum of Loan | Tenure |
|---|---|---|---|
| Vyapar Suvidha for Traders | All individuals, firms, companies, regd. co-operative societies engaged in lawful trading of goods & commodities at least for last 2 years | Up to Rs. 2 Crores | 7 years |
| Naini Health Care For Doctors | Any individual having a Bachelors/ Masters Degree in the field of Medical Sciences like MBBS/ MS/ MD/ BDS/ MDS from a University recognized by Medical Council of India / Government of India | - | - |
| Any Company, Society or Firm engaged in Medical Services, provided at least one of its Directors/ Members/ Partners possesses above qualification | |||
| In case of individuals, 2 years practical experience as a practising doctor is mandatory | |||
| Naini Nirman For Contractors | All Individual, Firm, Company, Regd. Society, engaged in undertaking construction or any other type of work as contractor for lawful activity i.e., construction in infrastructure project, Housing/ Building, Rail Roads Projects and any other sector of economy etc. | Cash Credit – Up to Rs. 2 Crores | - |
| The prospective borrower/s must be an income tax assessee/ payee for last three financial years (Return should not be filed in a bunch) | |||
| The borrower should not be a defaulter of any bank/ financial institutions/ others | Loan Up to Rs. 1 crore | ||
| The borrower should be permanent resident of the area/ nearby area of branch and should have satisfactory social and economic status | |||
| Naini Udhyog Suvidha for MSME | Micro, Small and Medium Enterprises engaged in Manufacturing or Service sector (other than Retail Trade) established in the line of business for a minimum period of 2 years and financed/ proposed to be financed under sole banking arrangement | Minimum- Rs. 15 lacs | 12 months, subject to monthly review |
| The unit proposed to be financed should preferably be registered with DIC | Maximum – Rs. 2 crores |
Documents Required:
- PAN Card
- Identity Proof
- Address Proof
- Passport Size Photographs of all applicants and co-applicants
Financial Documents :
The following documents are required at the time of loan application :
| Category | List of Documents |
|---|---|
| Self-Employed Individuals / Sole Proprietorships | Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) |
| Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet | |
| For Self-Employed Professionals | Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) |
| Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet | |
| Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.) | |
| For Partnership Firms / Private Limited Companies | Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) |
| Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet | |
| Partnership Deed and partnership authority letter for partnership firms | |
| Memorandum and Articles of Association and Board Resolution from the company | |
| Certificate of Incorporation (COI) for companies | |
| Latest shareholding patterns for Private Ltd. / Public Ltd. companies |
Security Accepted
The list of assets accepted as primary and collateral security is given below :
| Primary Security | Collateral Security |
|---|---|
| Hypothecation of stocks | Mortgage of immovable property (Only Commercial or Residential property to be taken as security) |
| Hypothecation of Book Debts | The immovable property proposed to be mortgaged as security must have some construction on it or it must be demarcated by proper boundary wall for easy identification of the property |
| Hypothecation of Assets created out of bank finance |
Features & Benefits
- Different schemes for diverse business requirements
- Loans available against security and collateral
- Attractive rate of interest
- Hassle free processing
- Flexible tenure
Factors Affecting Business Loan Eligibility
- Loan Repayment track
- Credit Performance
- Debt servicing ability of the customer
- Business Vintage
- Financial Ratios
- Existing relationship