Nainital Bank Used Car Loan

Eligibility Criteria for Nainital Bank Used Car Loans

Nainital Bank provides Used Car Loans for the purchase of used cars that are not older than 3 years and are used for private or personal use only. The eligible borrowers for such loans are the following persons.

• Salaried Employees
• Pensioners
• Staff Members
• Ex-Staff Members
• Businessmen
• Professionals
• Farmers
• Directors of Private /Public Limited Company
• Proprietor of Firm
• Partners of Partnership Firm
• Following Corporate Entities that have earned profit during the last 2 financial years as per the audited Balance Sheet/ ITR,
• Public Limited Company
• Private Limited Company
• Proprietorship Firm
• Partnership Firm
• LLP
• Trust
• Society, etc.

Documents Required for Nainital Bank Used Car Loans

Nainital Bank requires basic KYC documents as part of their documentation process for used car loans.

• Address Proof of the applicant – Passport/ Voter’s ID/ Utility Bills
• Identity Proof of the applicant – Driving License/ PAN Card/ Aadhaar Card
• Recent Photographs
• Bank statements for the past 6 months
• ITR/ Form 16 for at least 1 year

The other additional documents that are required are vehicle-related documents.

• Proforma Invoice
• Insurance Copy
• RC Copy

Features of Nainital Bank Used Car Loans

The salient features of the Nainital Bank used car loans are highlighted hereunder.

Tenure – 

The tenure of used car loans of the Bank is very comfortable and offers an easy repayment schedule to the borrowers. Nainital Bank provides 48 months or 4 years for repaying the used car loan taken from the bank.

Amount of loan sanctioned – 

The maximum amount that can be sanctioned by the bank for used car loans is Rs. 25,00,000.

The amount that can be sanctioned as used car loans is calculated to be lower of,

• Rs. 25,00,000
• 75% of the present value of the vehicle

Present Value for this purpose is calculated to be as per the valuation of approved garage or valuer.

Rate of Interest – 

The rate of interest on used car loans of the bank is deferred for staff and ex-staff and other borrowers of the bank. The current rate of interest applicable from 10th March 2020 is,

Margin – 

The margin requirement of Nainital Bank is more or less in line with the usual margin requirement for the loans in this category. Nainital Bank requires the borrowers to provide a margin of minimum 25% of the value of the vehicle. The value of the vehicle for this purpose is determined to be as per the valuation of the approved garage or valuer.

Processing Charges – 

Nainital Bank charges a very nominal charge for processing of the loans. These charges are up to 0.50% of the loan amount in addition to the documentation charges. These are subject to a minimum of Rs. 500 along with the applicable GST.

Borrowers can contact the bank for any additional details that they may need with respect to the used car loans of the bank as well as any other information or queries that they may have.

Nainital Bank Application Form

Borrowers can apply for Nainital Bank used car loans by physically visiting the nearest branch of the Bank. They can get the application form for the used car loan from the branch and fill the same. Applicants will have to provide/ submit the necessary documents along with the duly filled application form in order to process the loan for purchase of used cars.

Alternatively, applicants can download the application form from the bank’s website. This can be found at the following link on the bank’s website.

Home - Application Form

Nainital Bank Customer Care

Customers can contact the bank at the following contact channels and address their queries or concerns that they may have with regards to the loan products or any other products and services of the bank.

Head Office 

Address – The Nainital Bank Limited 

Head Office

Seven Oaks Building

Mallital, Nainital

Uttarakhand – 263 001

Phone/ Fax – 05942 236939

Regional Offices

Delhi/NCR – The Nainital Bank Limited

4th Floor, UPRNN Building

C-20/ 1A/ 7

Sector-62, Noida,

Uttar Pradesh – 201309

Phone – 120 – 2401083

Kumaon Region – THE NAINITAL BANK LIMITED
      REGIONAL OFFICE
      Nainital Bank Building
      Railway Bazaar, Haldwani
      Uttarakhand- 263 139
      Ph:-05946-250321

Garhwal Region – THE NAINITAL BANK LIMITED
                  REGIONAL OFFICE
                  First Floor, Commercial Complex-49
                  Indira Nagar, Vasant Vihar Dehradun
                  Uttarakhand - 248 001
                  Ph:- 0135-2761103

FAQs – Nainital Bank Used Car Loans