Nainital Bank Limited is a scheduled commercial bank founded in 1922 and headquartered in Nainital, Uttarakhand.
The bank offers an extensive array of financial products and services that cater to the diverse financial needs of its customers, with car loans being one of them.
The Nainital Bank Car Loan Eligibility Calculator is a tool that helps potential borrowers calculate their eligibility for a car loan from the bank based on their financial profile and loan requirements.
Verify your eligibility by consulting the table provided below.
|70 years (inclusive of the payback period)
|Minimum 10% of the cars on-road value for new cars. Minimum 25% of Present Value for old vehicles.
|Maximum Finance Amount
|Rs. 1,00,00,000 Lakhs or Rs. 1 Crore
The main factors affecting the eligibility for a car loan from Nainital Bank are as follows:
Employment status: Stable employment is essential to demonstrate your ability to repay the loan. Having a full-time job or a business with a steady income can enhance your eligibility.
Existing debts: Existing debts, such as credit card bills or other loans, affect your eligibility for a car loan. A high debt-to-income ratio can lower your eligibility.
Loan-to-value ratio: The loan-to-value ratio is the percentage of the car's value that the bank is willing to finance. A lower loan-to-value ratio can increase your eligibility.
To aid your lender in verifying the details you have provided on your car loan application, it is crucial to provide the following documents:
Identity Proof: Any of the following documents can be submitted - an Aadhaar card, Passport, Voter ID card, Driving license, or PAN card.
Address Proof: Any of the following documents can be submitted - an Aadhaar card, Passport, Voter ID card, Driving license, or utility bills.
Income Proof: Salary slips for the last few months, bank statements for the past few months, Form 16, or Income Tax Returns
Employment Proof: For salaried individuals, a letter from the employer indicating designation, salary, and job continuity is required. Self-employed individuals must provide a copy of their business registration certificate.
The result provided by the calculator is an estimation, and the final decision depends on the banks discretion.
Yes, anyone can use the calculator to check their eligibility.
The maximum loan amount is Rs 1 crore. However, it depends on your eligibility and the banks discretion.
Yes, Nainital Bank offers pre-approved car loans to eligible customers.
Yes, the calculator is free to use.