Nainital Bank Business Loan

nainital bank business loan

Business Loan

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    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

    Interest RateAs applicable by the bank
    Loan AmountUp to Rs. 2,00,00,000
    TenureUp to 7 years
    Processing FeeAs 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.

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    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.)
    1,00,00,00011.30% - 14.30%18,85,217 - 8,99,2836,22,599 - 7,91,4001,06,22,599 - 1,07,91,400
    1,00,00,00011.30% - 14.30%24,67,472 - 4,81,54712,19,338 - 15,57,1351,12,19,338 - 1,15,57,135
    1,00,00,00011.30% - 14.30%33,28,810 - 3,43,23518,37,149 - 23,56,4661,18,37,149 - 1,23,56,466
    1,00,00,00011.30% - 14.30%42,59,915 - 2,74,77224,75,898 - 31,89,0581,24,75,898 - 1,31,89,058
    1,00,00,00011.30% - 14.30%52,18,923 - 2,34,24131,35,401 - 40,54,4451,31,35,401 - 1,40,54,445
    1,00,00,00011.30% - 14.30%61,91,881 - 2,07,66738,15,425 - 49,52,0411,38,15,425 - 1,49,52,041
    1,00,00,00011.30% - 14.30%71,72,806 - 1,89,06145,15,688 - 58,81,1471,45,15,688 - 1,58,81,147

    Amortization Table

    YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
    18,95,946 - 9,94,1131079559– 13,72,7869005887– 91,04,054
    210,32,808 - 11,12,454961218– 12,35,9247893433– 80,71,246
    311,90,572 - 12,44,879828793– 10,78,1606648554– 68,80,674
    413,72,439 - 13,93,069680603– 8,96,2935255485– 55,08,235
    51558900– 15,82,085514772– 6,86,6473696585– 39,26,150
    61744472 – 18,23,756329200– 4,44,9761952113– 21,02,394
    71953725– 21,04,621121535 – 1,66,387

    Loan Schemes, Eligibility, Quantum of Loan and Tenure

    Loan SchemesEligibilityQuantum of LoanTenure
    Vyapar Suvidha for TradersAll individuals, firms, companies, regd. co-operative societies engaged in lawful trading of goods & commodities at least for last 2 yearsUp to Rs. 2 Crores7 years
    Naini Health Care For DoctorsAny 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 ContractorsAll 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/ othersLoan 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 MSMEMicro, 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 arrangementMinimum- Rs. 15 lacs12 months, subject to monthly review
    The unit proposed to be financed should preferably be registered with DICMaximum – Rs. 2 crores
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    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 :

    CategoryList of Documents
    Self-Employed Individuals / Sole ProprietorshipsLatest 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 ProfessionalsLatest 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 CompaniesLatest 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 SecurityCollateral Security
    Hypothecation of stocksMortgage of immovable property (Only Commercial or Residential property to be taken as security)
    Hypothecation of Book DebtsThe 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

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