Personal Loan Rates 2018 217 views
Table of Contents
- 1 About Nainital Bank Personal Loan
- 2 Nainital Bank Personal Loan Interest Rates
- 3 Nainital Bank Personal Loan EMI Calculator
About Nainital Bank Personal Loan
Nainital Bank, a subsidiary of Bank of Baroda, is a commercial bank established in 1922. The bank, with a plethora of custom products and services, aims to meet the requirements of different sets of customers with varied lifestyles. When you require a banking support to fulfill your personal needs, you can trust upon the personal loan of Nainital Bank, which charges minimum interest rates and charges for you to enjoy a cost-friendly loan journey. Looking forward to getting updated on Nainital Bank Personal Loan? Read the article further as it takes you through to the fine details of the bank’s offer.
Quotes from 18 banks | Instant Approval | Maximum Loan Eligibility
Nainital Bank Personal Loan Interest Rates
|Interest Rates||10.00% - 14.75%|
|Loan Amount||₹50,000-₹5 Lakh|
|Processing Fees||0.50%-1% of the loan amount|
Eligibility Criteria for Nainital Bank Personal Loan
- Permanent employees of Government Departments, Companies, Reputed Institutions.
- Field officers, agents of insurance firms on a condition that they are continuing the relationship with Nainital Bank for a minimum period of 6 months. Also their commission and other proceeds must get credited in the accounts
- Professionals like advocates, doctors, Chartered Accountants, etc.
Nainital Bank Personal Loan Eligibility
The eligibility calculator will tell you the exact loan amount receivable from Nainital Bank based on your income, savings and repayment capability. The calculator begins its operations by computing per lakh EMI based on the loan tenure and interest rate. All in readiness to calculate it? Read the example below.
Loan Tenure-5 years
Rate of Interest-12% p.a.
Per Lakh EMI- ₹2,224
Assume you are an engineer in a Noida-based manufacturing firm and receiving a salary of ₹32,000. Out of the salary, you happen to save around ₹17,000. The bank will assume that a portion of the savings can be utilized towards the repayment through the EMIs. The calculation of eligible loan amount will be done by the bank as per the formula written below.
Personal Loan Amount Eligibility- ₹1,00,000 x savings/per lakh EMI
₹ 1,00,000 x 17,000/2,224= ₹7.64 lakhs
So, a personal loan of ₹7.64 lakhs is available for you to meet your purposes.
Nainital Bank Personal Loan EMI Calculator
Now that you are aware of the eligibility norms of the bank, it is also important for you to understand how the EMI Calculator actually calculates your loan EMIs. So if you are thinking how Nainital Bank calculates your EMI for a personal loan, go through this article further.
Well, this smart tool calculates your EMIs in a very easy and simple manner by taking into account your loan amount, interest rate and tenure of the loan.
Actually, the calculator computes the interest component first and then the principal amount that you will have to pay towards the personal loan.
For Example: Juhi Walia is looking for a loan of ₹2,00,000 from Nainital Bank for 5 years, and the bank is charging an interest rate of 12% per annum. , Now, the big concern here is the fact that she is worried about the EMI, total interest outgo and total amount payable from her pocket
Want to know the same, take a look at the table below
Table Showing EMI, Interest Outgo, and Total Repayment Amount EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Total Interest Amount
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
Documentation Checklist Needed
|Signed application form with photograph||Signed application form with photograph|
|Copy of passport/voter ID card/driving license||Copy of passport/voter ID card/driving license|
|Processing fee cheque||Processing fee cheque|
|Last 3 months bank statement/6 months bank passbook||Last 3 months bank statement/6 months bank passbook|
|Latest salary slip||Latest Bank statement|
|Current dated salary certificate with the latest Form 16||Latest ITR or Form 16|
Features & Benefits
- Maximum Loan Amount
- Convenient Loan Repayment Options
- Both Residential and Commercial Property Accepted as Collateral
- Minimal Documentation and Faster Approvals
- Attractive Interest Rates