The Nainital Bank Personal Loan: A personal loan refers to an unsecured loan granted to individuals based on their income level, employment history, etc. The amount of loans needs to be paid back to the bank within the stipulated time along with the bank’s interest rate. The personal loan provided at the Nainital Bank has amazing features, and hence an individual must apply for it.
The Nainital Bank toll-free number is always available, and their personnel is very considerate and well-behaved. They have their Personal loan EMI calculator using which the calculation of EMI becomes much easier.
In this article, we will discuss the Nainital Bank Personal Loan interest rates, their eligibility criteria, the documents required, and similar things.
The Nainital Bank
- The Nainital Bank Overview
- How to Apply for a Personal Loan in the Nainital Bank?
- The Nainital Bank Personal Loan Eligibility Criteria
- The Nainital Bank Personal Loan Documents Required
- Reasons for Rejection of the Loan
- The Nainital Bank Personal Loan Features
- Takeaways from the Article
The Nainital Bank is a limited scheduled commercial bank that was founded in the year of 1992. It is a subsidiary of the Bank of Baroda and has headquarters at Nainital, Kumaon. Mr. Dinesh Pant is the CEO of the bank, and it is under the Ministry of Finance, Government of India.
The Nainital Bank currently has 163 branches, and the bank offers personal loans, gold loans, private banking, consumer banking, corporate banking, etc.
To apply for a personal loan at the Nainital Bank, one firstly needs to meet all their eligibility criteria and must have the required documents as well.
The individual needs to visit the bank’s online portal. They need to log in and fill in the application form with the required details and information regarding their personal loan. The required details may include the name of the individual, their age, address, income, amount of the loan they are applying for, etc.
Next on the line of priority, they need to submit the application form along with the information they filled in. After the submission, the processing of the application will be done by the bank, and the loan will get either approved or rejected.
There is another way to apply for a personal loan in the Nainital Bank. For that, the individual needs to visit the nearest branch of the bank. Then the application form needs to be filled in, and the applicant must also submit the required documents.
After the submission is over, the processing of the application will be done by the bank. This may take around 30 days, and then the approval or rejection of the loan will be known. An individual can also contact the Nainital Bank contact number and apply for a personal loan.
If an individual wants, they can even track the status of their personal loan application both offline and online.
Each bank has certain criteria that an individual needs to meet to get a personal loan. The Nainital Bank also has such criteria that estimate the eligibility of an individual for receiving a personal loan. The list of criteria that makes an individual eligible for the Nainital Bank Personal Loan is given below.
- The age of the candidate registering for the personal loan must be between 21 to 65 years.
- The individual applying for the loan must be an Indian.
- The minimum income of the individual must be between Rs. 4,000 to Rs. 20,000 per month. The income will vary according to their area of living.
- The individual must be employed. They must be either salaried personnel or self-employed personnel.
- If self-employed, the employment should be at least for two years. If salaried, the individual must work at least for a year with their current employer.
- The highest loan amount that an individual can apply for is Rs. 70 lakhs. It may vary according to their capability to repay.
- The credit score of the individual is preferred to be 750 and above.
People who fail to meet the above-mentioned criteria are not eligible for the application of a loan under the Nainital Bank Personal Loan and hence should not apply for it.
There is certain specific documentation that an individual needs to submit along with their application form to apply for the Nainital Bank Personal Loan. These documents and paperwork may vary from bank to bank, and hence the documents needed at this bank are given below.
- The individual must have their application form. The form has to be properly filled and signed.
- They also require three passport size photographs of themselves.
- As proof of identification, the individual must have a photocopy of their Voter ID Card, or Passport, or Driving License, or IT PAN Card.
- The individual must have either their statement of the bank account or their passbook for the last six months.
- The salaried individuals must have the latest Form 16 or Income Tax Returns for the last two assessment years.
- The self-employed individuals must have their Income Tax Returns for the last two assessment years.
- As proof of address, the individual must have a copy of their rental agreement that shows at least one year of their stay, or electricity bills, or telephone bills.
- Low credit score: After applying for a personal loan, one of the first things that the bank will do is check the credit score. If the CIBIL score of an individual is less than 700, then there are chances of their loan getting rejected.
- Incorrect documents: If information about the name, residence, and other account details about the individual is incorrect, then it can be difficult for the bank to provide the loan. Without relevant information, banks can’t approve personal loans.
- Unstable work conditions: Financial stability is very important when it comes to lending money. If an individual changes job regularly or has very flexible self-employment, chances of their loan application getting rejected are high.
- Not meeting the eligibility criteria: Apart from income level and existing debt, there are other factors as well that affect the approval of personal loans. If an individual is unable to meet the age, nationality, and other similar eligibility factors, then their loan will get rejected.
- Loan amount: Nainital Bank permits an individual to have a personal loan amount of up to Rs. 5 lakh that would allow them to fulfill their requirements.
- Flexible repayment alternatives: The bank offers flexible repayment alternatives for the repayment of the personal loan amount.
- Minimal documentation: Nainital Bank proposes a hassle-free and minimal documentation process for personal loans. Their loan approvals are also very quick and easy.
- Swift disbursal: Once approved, the Nainital Bank Personal Loan amount is transferred digitally to the individual’s account within a few days.
- Amazing interest rate: The personal loan offered at Nainital Bank presents exciting interest rates. The rate ranges between 11.95 percent to 12.20 percent.
This article includes all the exclusive information regarding the Nainital Bank Personal Loan. One needs to follow all the given information before applying for a loan at this bank. They also need to have a proper idea regarding the terms and conditions of the bank.