Consolidation Loans from Nainital Bank
Different loans for the financial needs of different people
Considered to be one of the popular private banks in India, Nainital Bank offers a range of financial products in different segments to its customer base. The bank offers a range of loans that are specifically suited for its customers’ varied needs.
Nainital Bank Consolidation Loans
A consolidation loan can help you pay off your debts and consolidate them into one to repay easily. These loans can be divided into two categories: unsecured and secured. Personal loans fall into the category of unsecured loans since you do not have to offer a collateral as security for these loans while loans against gold, time deposits, property, car or securities fall into the category of secured loans where the loan amount directly depends on the asset pledged to the bank for financial assistance.
Consolidation loan schemes help make your life easier since you only have to “worry” about making one repayment per month instead of stressing over multiple repayments all through the month. By choosing the right schemes for debt consolidation, you can also reduce your overall debt burden.
Please note that Nainital Bank does not label a specific loan as a consolidation loan. However, many loan schemes can be used for consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Nainital Bank that you can avail as a consolidation loan:
- Naini Sahyog (Personal Loan)
- Financing Against Immovable Property (Mortgage Loan)
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Nainital Bank Naini Sahyog for Personal Needs
This loan scheme is designed to help borrowers get funds to meet their urgent financial needs. Borrowers can use the funds to pay for expenses for a child’s wedding, child’s education, medical emergency, domestic/foreign travel and even debt consolidation.
Features of Nainital Bank Naini Sahyog Personal Loan
Why this Loan?
- The Nainital Bank Personal Loan scheme is meant for salaried employees of Govt. organisations, pensioners, insurance agents, self-employed individuals, etc. who need financial assistance to meet their urgent personal needs such as wedding expenses, higher education expenses, overseas/domestic travel, medical exigency, etc. This personal loan can also be repurposed into a consolidation loan to pay off their debts
- This is a collateral-free loan
Nainital Bank Financing Against Immovable Property
This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education, debt consolidation, etc.
Features of Nainital Bank Financing Against Immovable Property (Mortgage Loan)
Why this Loan?
- The Nainital Bank Loan Against Property is meant for salaried employees and self-employed professionals who want to avail financial assistance by mortgaging their residential or commercial property to meet their urgent financial needs other than for capital market, trading or speculative purposes
- This loan can also be availed as a consolidation loan to pay off debts
- The bank offers this scheme as a term loan and overdraft facility
Important Note: Nainital Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Nainital Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR and (Strategic) Spread. As of October 2020, the MCLR of Nainital Bank is 7.40%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Reference Facts
- Nainital Bank Website: www.nainitalbank.co.in
- Headquarters: Nainital, Uttarakhand
- Call Centre Toll-free Number: 1800 180 4031