Nainital Bank Car Loan

About Nainital Bank Car Loan

Nainital Bank offers car loan scheme with the name ‘Suhana Safar’ to all individual borrowers. The car loans are provided to purchase new & old four wheelers(cars or jeep) and new two wheelers; also the loans are available for repaying the existing car loans of other Banks/Financial Institutions/Finance Companies.

Now you can easily plan your trips or weekend getaways or a long drive once you acquire the ownership of your car by settling your claims through Nainital Bank Car Loans.

Nainital Bank Car Loan Eligibility Criteria

1. All individuals who are atleast 21 years of age are eligible to apply for Nainital Bank car loans.

2.Proprietorship/Partnership Firm /Private and Public Ltd. Companies and agriculturists are eligible to apply for Nainital Bank car loans.

Nainital Bank Car Loan Interest Rates

ParticularsDescription
Interest Rate8.65%-9.10% p.a.
Loan Amount Maximum loan for new cars:₹ 75 lakhs
Maximum loan for old cars:₹ 25 lakhs
Tenure 7 years for new cars & 4 years for old cars
Age Limit Minimum : 21 years & max. 60 years
Processing FeesAs per bank's norm
Prepayment ChargesAs per bank's norm
Loan MarginOn New cars:

Minimum 10% on road price
Minimum 15% on road price

For Old cars:

Minimum 25% of present value

Nainital Bank Car Loan EMI Calculator

Nainital Bank Car Loan EMI Calculator is a user-friendly arithmetical tool which helps you to know about the estimated monthly installments which you will shell out from your net salary intake each month. Just enter the following details in your Nainital Bank Car Loan EMI Calculator :

  • Expected loan amount

  • Enter the interest rate of your car loan

  • Tenure of the loan

Based on the above information, the calculator will show you the details on your monthly installment that you are supposed to pay for the car loan and assists you in planning your budget accordingly.

For example : Arpita has applied for a 7-year car loan with Nainital Bank for the loan amount ₹ 20 lakhs to buy a brand new Scoda Octavia. She takes the help of the Nainital Bank EMI Calculator at varying interest rate 8.65%-9.10% p.a. to ascertain about the detailed computation of her EMI, interest outgo and total amount(EMI+Interest) which she needs to repay each year towards car loan. Accordingly, she will go for the best appropriate interest rate which will fit her monthly budget.

Table showing EMI, interest outgo and total amount payable on your car loan

Loan Amount
(in ₹)
Loan Tenure(in years) Interest Rate (in % p.a.)EMI (in ₹)Total Interest Outgo(in ₹)Total Amount(EMI+Interest)

(in ₹)
200000018.65%-9.10%1,74,579-1,74,99694,942-99,94920,94,942-20,99,949
200000028.65%-9.10%91,049-91,461 1,85,168-1,95,07121,85,168-21,95,071
200000038.65%-9.10%63,274-63,6932,77,870-2,92,93322,77,870-22,92,933
200000048.65%-9.10%49,438-49,8653,73,042-3,93,525 23,73,042-23,93,525
200000058.65%-9.10%41,178-41,6144,70,668-4,96,83124,70,668-24,96,831
200000068.65%-9.10%35,705-36,1505,70,734-6,02,83025,70,734-26,02,830
200000078.65%-9.10%31,824-32,2806,73,219-7,11,49926,73,219- 27,11,499

Amortization Table

YearPrincipal(in ₹)Interest(in ₹)Balance Amount(in ₹)
1214,145-217,372164,516-173,2151,782,628-1,785,855
2234,468-236,938144,950-152,8921,545,690-1,551,387
3256,716-258,264123,624-130,6441,287,426-1,294,671
4281,075-281,513100,375-106,2851,005,913-1,013,596
5306,852-307,74975,036- 79,611699,061-705,847
6334,473-336,952 47,415-50,408364,588-368,895
7364,816- 369,13817,308- 18,4340

Features of Nainital Bank Car Loan

  • Hassle-free documentation procedure

  • Clear terms and conditions to understand

  • Flexible tenures

  • The Hypothetication of the car purchased through car loan can be provided as primary security.

  • Lower margins on car loans

  • Farmers can opt for loan repayment schemes on half-yearly basis in accordance to crop patterns.

Documentation Required for Nainital Bank Car Loan

ProofsSalaried ProfessionalSelf-employed
Age ProofPassport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
Identity Proof PAN Card/ Voter ID/Passport/Driving License, photograph PAN Card/ Voter ID/Passport/Driving License, photograph
Income Proof Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account,CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account
Address Proof Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
Sign Verification Proof Driving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card

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EMI Calculator