Nainital Bank Car Loan EMI Calculator

₹ 50k ₹ 50L
6.0% 30.0%
6 months 30 years
Principal Amount
Interest Amount

Monthly EMI

4,442.44

Principal Amount

50,000

Interest Amount

3,309.27

Tenure (Month)

12 months

Total Amount

53,309.27

Your Amortization Details (Yearly/Monthly)

2024

Month Principal Paid Interest Charged Total Payment Balance
Aug ₹3,942.44 ₹500.00 ₹4,442.44 ₹46,057.56
Sept ₹3,981.86 ₹460.58 ₹4,442.44 ₹42,075.70
Oct ₹4,021.68 ₹420.76 ₹4,442.44 ₹38,054.01
Nov ₹4,061.90 ₹380.54 ₹4,442.44 ₹33,992.11
Dec ₹4,102.52 ₹339.92 ₹4,442.44 ₹29,889.60

2025

The Nainital Bank Car Loan EMI Calculator is an easy-to-use online tool that helps you estimate your monthly EMI for a car loan based on the loan amount, interest rate, and repayment tenure. With the EMI calculator, you can adjust the inputs to suit your budget and compare different scenarios before applying for a loan with Nainital Bank.

Loan Purpose Covered

  • Purchase of new passenger cars, Multi Utility Vehicles (MUVs), and SUVs for private use.
  • Purchase of used cars (not older than 3 years) for personal use.

How to Use Wishfin Nainital Bank Car Loan EMI Calculator?

The Wishfin Nainital Bank Car Loan EMI Calculator is a user-friendly tool designed to help you estimate your monthly loan repayments with ease. To use it, simply enter the loan amount you wish to borrow, the applicable or expected interest rate, and the loan tenure in months or years. Once these details are filled in, the calculator will instantly display your estimated EMI, along with the total interest payable and the overall repayment amount.

This helps you evaluate different loan scenarios and choose a repayment plan that best fits your financial needs, making the loan planning process more efficient and informed.

Example of Nainital Bank Car Loan EMI Calculator

Let’s assume you take a car loan of ₹10,00,000 from Nainital Bank for 5 years (60 months) at an interest rate of 9% per annum (on a reducing balance basis). This means the interest is calculated on the outstanding loan amount each month, which gradually decreases as you repay the principal. The reducing balance method leads to a lower interest cost compared to the flat rate method.

Year Principal(A) Interest(B) Total Payment(A + B) Balance

2025

₹ 1,08,893

₹ 57,174

₹ 1,66,067

₹ 8,91,107

2026

₹ 1,76,045

₹ 73,055

₹ 2,49,100

₹ 7,15,062

2027

₹ 1,92,559

₹ 56,541

₹ 2,49,100

₹ 5,22,503

2028

₹ 2,10,623

₹ 38,478

₹ 2,49,100

₹ 3,11,880

2029

₹ 2,30,380

₹ 18,720

₹ 2,49,100

₹ 81,500

2030

₹ 81,500

₹ 1,534

₹ 83,033

₹ 0

Formula for Calculating Nainital Bank Car Loan EMI

To calculate your monthly EMI for a Nainital Bank Car Loan, you can use the following standard formula:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]​

Where:

  • P = Principal loan amount
  • r = Monthly interest rate (annual interest rate divided by 12 months)
  • n = Loan tenure in months

Given -

  • Loan Amount : ₹10,00,000
  • Interest Rate : 9% per annum
  • Loan Tenure : 5 years (60 months)

The monthly EMI would be approximately ₹20,758.

  • Total Repayment Amount : ₹12,45,501.31
  • Total Interest Payable : ₹2,45,501.31

These figures are calculated using the reducing balance method for interest computation. The formula helps determine the fixed monthly payment that includes both principal and interest components, making it easier to plan your car loan repayment effectively.

The Lowest EMI Available on Nainital Bank Car Loan

The table below shows the lowest possible EMI for a Nainital Bank Car Loan, calculated based on a loan amount of ₹10,00,000, a tenure of 5 years, and an interest rate of 9% p.a.

Years Interest Rate at 9% p.a.

1

₹ 87,451.48

2

₹ 45,684.74

3

₹ 31,799.73

4

₹ 24,885.04

5

₹ 20,758.36

Eligibility Criteria for Nainital Bank Car Loan

    • Salaried individuals, pensioners, staff members, and ex-staff members
    • Businessmen, professionals, and farmers
    • Directors of private or public limited companies
    • Proprietors, partners of partnership firms
    • Corporate entities, including Public Ltd. Co., Private Ltd. Co., Proprietorships, Partnerships, LLPs, Trusts, and Societies—provided they have been profit-making in the last two financial years as per audited balance sheets or income tax returns
  • Minimum Age:
    • Applicant: 21 years
    • Co-applicant: 18 years
  • Maximum Age:
  • The combined age of the applicant, guarantor, or co-applicant and the loan repayment tenure should not surpass 70 years.

Key Features of Nainital Bank Car Loan

  • Interest Rate Concession: Special discount of 0.25% for borrowers who already have a housing loan with the bank.
  • Additional Concession: Extra 0.25% interest concession for borrowers providing CRM securities with a present value of at least 50% of the loan amount. (Maximum total concession allowed is 0.25%)
  • No Collateral Required: For loan amounts up to ₹25.00 lakh, no collateral security is needed.
  • No Personal Guarantee Needed: Not required for permanent PSU/government employees with a minimum of 2 years of service, as well as for staff and ex-staff members.

Summary!

The Nainital Bank Car Loan EMI Calculator is a convenient tool that helps borrowers estimate their monthly EMI for car loans based on the loan amount, interest rate, and loan tenure. By inputting the desired loan details, you can quickly determine the EMI amount, total interest payable, and overall repayment amount. This calculator is especially helpful for those looking to finance the purchase of a new or used car or even a two-wheeler. It allows you to experiment with different loan amounts and tenures to find the most suitable repayment plan for your budget, ensuring you make an informed and confident decision.

Frequently Asked Questions (FAQs)

How do I use the Nainital Bank Car Loan EMI Calculator?

Is the EMI calculation shown by the Nainital Bank Car Loan EMI Calculator tool accurate?

What is the use of the Nainital Bank Car Loan EMI Calculator?

Is there any cost involved in using the Nainital Bank Car Loan EMI Calculator?

Does the Nainital Bank Car Loan EMI calculator consider prepayment or part-payment?

How is the Nainital Bank Car Loan EMI calculated?

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