Nainital Bank Business Loan | Nainital Bank MSME Loan

Nainital Bank Business Loan, Nainital Bank MSME Loan, Interest rate, Eligibility Criteria

A business loan or MSME loan can be a turning point in your business growth. If you are planning to start a new business or already have an established business and you want to expand it, getting a business loan can be a good option.

Today we are going to discuss Nainital Bank Business Loan | Nainital Bank MSME Loan that may fulfill your business requirements.

Loan AmountUp to Rs. 40000000
Loan TenureUp to 7 years
Interest Ratewill be decided by the bank as per your business profile
Processing FeeAs applicable by the bank

Objectives of Nainital Business Loan

  • Nainital Business loan can be used for working capital requirements.
  • It can be used to purchase or acquire assets.
  • It can be also used in the installation of the plant, machine repairing.
  • To purchase various surgical instruments, renovation of medical centers, Nursing homes etc.

Required Documents For Nainital Bank Business Loan

  • KYC documents
  • Application form
  • Last two year’s bank statement
  • Last Two year Financials and Income tax Return
  • Documents as per product norms

Note: Additional documents may be required as per your financial stability.

Nainital Bank Business Loan/MSME Loan Types

It offers various types of loans depending on the customer’s business profile. you can find below the loans offered by Nainital Bank.

Nainital Bank Vyapar Suvidha Loan

Loan TypeFeatures/Descriptions
Nainital Bank Vyapar Suvidha LoanThis loan can be availed by the traders for meeting their working capital requirement, for acquiring/purchasing assets like furniture, office equipment, etc. which is needed for their business.
FeaturesBank will provide Credit Facility in form of term loan/working capital term loan or overdraft.
A personal guarantee is not required.
EligibilityAll individuals
Firms & companies
Registered co-operative societies engaged in legal trading of goods & commodities for the last two years at least from the date of registration.
Loan AmountUp to Rs. 40000000
Loan Tenure84 months for term loans and 12 months for overdraft (subjected to change)
Margin15% on the surrender value of Life Insurance Policies.
40% on the realizable value of Immovable property.
Agricultural land is not to be taken for security purposes.

Naini Udhyog Prasar Scheme by Nainital Bank

Loan TypeFeatures/Descriptions
Naini Udhyog Prasar Scheme by Nainital BankThis loan can be beneficial for the construction of building for business, purchase/installation of plants, machinery & equipment.

To meet the working capital requirement. i.e short term expenses or liquidity for your business.

You can use this loan for financing commercial vehicles or another vehicle in the name of the Business Unit.
FeaturesCredit Facility will be provided in form of Demand/Term Loan/ Overdraft/ Bank Guarantee.

No Collateral is required for a credit facility up to Rs.10 Lakh though a third-party guarantee is mandatory.

If the loan is repaid from its own sources or internal cash accruals then there will no foreclosure or prepayment charges.

Extra concession of 0.25% will be given to the women beneficiaries.
EligibilityThe scheme is available to all eligible Manufacturing & Services business types.
Loan AmountUp to Rs. 10000000
Loan Tenure84 months for term loans and 12 months for overdraft (subjected to change).
Processing FeeNo Processing Fee for credit facility up to Rs. 2 Lakh, after it will be applicable as per the bank norms.
MarginUp to 25% depending upon the type of credit facility.

Naini Udhyog Suvidha Scheme by Nainital Bank

Loan TypeFeatures/Descriptions
Naini Udhyog Suvidha Scheme by Nainital BankThis is mainly for your working capital requirement that involves the amount needed to run the production cycle, paying salary to your employees, etc.
FeaturesThe credit facility is only available in the form of Overdraft.
EligibilityFor Micro, Small and Medium Enterprises engaged in Manufacturing or Service sector.
The business must be established for a minimum period of 2 years.
Loan AmountUp to Rs. 2 crore
Loan Tenure120 months for term loans and 12 months for Overdraft.
MarginIt will be 40% on the value of the immovable property mortgaged as collateral security.

Naini Shiksha Prasar Scheme by Nainital Bank

Loan Type
Naini Shiksha Prasar SchemeThis loan is for Educational Institutions including schools, colleges or any institution. It can be availed for opening a new school/college or any other educational institute.
FeaturesCredit Facility available in the form of Demand/Term Loan/ Overdraft/ Bank Guarantee.
No Collateral is needed for a credit facility up to Rs. 5 Lakh.
EligibilityAll Registered Trusts/Societies/Companies are eligible that provide academic/professional education by establishing Schools/ Colleges and other educational/professional institutions.
It must be affiliated with any of the recognized Boards of Central/State Governments/competent Authority/University etc.
Loan AmountUp to Rs. 100000000
Loan Tenure120 months for term loans and 12 months for Overdraft.
MarginThe margin will be 35 % of the cost of construction and 25% of the cost of other assets like furniture, computers, lab equipment, library books, etc.

Naini Health Care Scheme by Nainital Bank

Loan TypeFeatures/Descriptions
Naini Health Care SchemeThis loan is for Medical Equipments or Working Capital requirements of the hospital/ nursing home etc.

This loan can be useful for the purchase of various surgical equipment, renovation, furnishing of Clinics, Nursing Home / Medical Centers (Including Land for Clinics / Nursing Home / Medical Centers.
FeaturesCredit Facility is available in the form of Term Loan and Overdraft.
No Collateral is needed for a credit facility up to Rs. 10 Lakh.
If the loan is repaid from its own sources or internal cash accruals, no Pre-payment or Pre-closure Charges will be taken.
EligibilityAn individual having a Bachelors/Masters Degree in the field of Medical Sciences like MBBS/ MS/ MD/ BDS/ MDS from a University recognized by the Medical Council of India / Government of India is applicable.
Any Company, Society, or Firm engaged in Medical Services are eligible if at least one of its Directors/ Members/ Partners holds the above qualification.
Loan AmountUp to Rs. 40000000
Loan Tenure120 months for term loans and 12 months for Overdraft.
Margin15 % to 50 % depending upon the purpose of the loan.

Scheme For Financing to Government Contractor by Nainital Bank

Loan TypeFeatures/Descriptions
Scheme For Financing to Government ContractorThis loan aims to provide working capital facility Credit to Registered Government Contractors.
FeaturesThe Credit Facility is available in the form of Cash Credit, Term Loan, Bank Guarantee & Letter of Credit.

There will be no pre-payment or pre-closure Charges after 24 months of initial sanction.
EligibilityAll contractors must be registered with State or Central Government Department or any public sector unit (PSU) for undertaking Civil, Mechanical, Electrical, Mining and Transport work, etc.

The borrower must be Government Department registered contractor or PSU for the last 5 years.
Loan AmountUp to Rs. 10000000.
Loan Tenure84 months for term loans and 12 months for Cash Credit (CC), Bank Guarantee (BG), or Letter of Credit (LC).
Margin40 % on Realizable Value of immovable properties.

How to Apply for Nainital Bank Business Loan?

By Visiting Branch

You can visit the Nainital Bank branch and enquire about the loan first. If you are satisfied with the loan offer, you can submit the required documents and avail of the business loan.

Applying Loan Online

Visit Nainital Bank loan apply link and fill in the required details like Name, mobile number, address, etc.

After submitting the final application, you will get a call from Nainital Bank executives for a detailed explanation of the loan. If it is good, you can visit a branch for submitting the documents.

How to Check/Track Your Nainital Bank Loan Application Status

Visit the Bank’s official website, enter your Loan application Number, Date of Birth or loan Establishment, verification code, and click on the Track status button.

On the next screen, you will be able to see the status of the loan.

One can even call the bank customer care number 1800 180 4031, provide your loan application to the executives, and know your loan status.

How to Download Your Loan Application PDF Online

For downloading the application you need to visit the link, Enter your Application Reference Number, Date of Birth, or loan Establishment Number, and click on the Download button.

Your loan application will start downloading in PDF format.

Nainital Bank Customer Care Details

Nainital Bank customer care number = 1800 180 4031

Nainital Bank Head Office Address =

The Nainital Bank Limited, Head Office,
Seven Oaks Building, Mallital, Nainital
Uttarakhand – 263001

Conclusion

In this article, you have learned about Nainital Bank Business Loan | Nainital Bank MSME Loan. I hope the information will be useful in deciding the business loan lender.

There are other charges involved apart from the interest rates. make sure to calculate the total fee & charges with the bank before finalizing the business loan.

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FAQs

1: What is the Nainital Bank customer care number?

Nainital Bank customer care number = 1800 180 4031

2: Is there any penalty for default in loan repayment?

Penal Interest @ 1% to 2% will be charged for default in loan repayment.

3: How is the Nainital Bank loan interest rate decided?

The bank loan interest rate is decided by the Assets and Liabilities Committee of the bank.

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