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Nainital Bank is a scheduled commercial bank founded in 1922. It is a subsidiary of Bank of Baroda, the second largest bank in India. It was established with the objective to cater to the banking needs of the people of the region. In the year1973, Reserve Bank of India directed Bank of Baroda to manage the affairs of the Nainital Bank Limited. Founded by Govind Ballabh Pant, this Bank has 125 branches in the states of Uttarakhand, Uttar Pradesh, Delhi, Rajasthan, and Haryana. All the branches of the Bank operate in CBS platform.
About Nainital Bank
It also provides RTGS, NEFT, SMS alerts, ATM Card bearing RuPay and Mobile Banking facilities to its customers. A thoroughly customer centric Bank, this Bank extends prompt and personalized services to its customers in latest technological environment. It also provides online facilities, apart from Personal Banking, Business Banking, Rural and Agricultural Banking. It is associated with Bank of Baroda, HDFC Bank, LIC, National Insurance Company Limited, etc. At present Bank of Baroda holds 98.57% share holding in the Nainital Bank Ltd. and remaining 1.43% shares are held by the public.
Vision and Mission
The mission and vision statement of the Bank is to emerge as a customer centric National Bank and become the most preferred bank for its product, services, technology, efficiency, and financials.
Nainital Bank Loans
Nainital Bank Home Loan : The scheme, known as ‘Apna Ashiana for Home’ has been designed with the objective to solve the problem of housing by offering Housing Credit to the eligible constituents for varied purposes, including – construction/purchase of a new house/flat, purchase of a ready built house, which should not be more than 20 years old, repairs/renovation/addition/extension in the existing house/flat, repayment of loan already availed by the concerned constituents from other banks/housing finance institutions, and for purchase of land provided it is part of the project and construction is completed within 18 months.
Any individual who owns in his/her name the land on which the proposed house is to be constructed along with construction plan duly approved/sanctioned by a competent authority/body satisfies the Nainital Bank home loan eligibility criteria. In case the land stands in the joint names, all the joint owners are to be made co-borrowers. Nainital Bank loan advantage is that the members of registered group housing society and farmers/agriculturists are also eligible under this scheme. Besides, beneficiaries, i.e. Govt. and PSU employees, salaried persons, professionals and businessmen can avail this loan. Additionally, a person, whose more than 50% income is derived from agriculture, falls in the category of farmer under this scheme.
Nainital Bank Personal Loan : the Bank’s ‘Naini Sahyog’ Scheme can be availed by – permanent employees of Govt. Departments/Companies/Reputed Institutions, Field Officer/Agents of Insurance Companies provided they maintain accounts with the Bank for at least 6 months, and the proceeds of their commission etc. are being credited in their accounts. Further, other applicants engaged in business activity and professionals, i.e. doctors, advocates, Chartered Accountants, are also eligible for personal loan from Nainital Bank. For salaried employees, the maximum quantum of loan is an amount equal to 15 times the net take home salary/salary credited to his/her account subject to a maximum of Rs. 3,00,000. For applicants with high income, such as employees of Govt. Dept. or PSU, or Professors/Doctors/Engineers, whose monthly salary is at least Rs. 75,000 per month, and net take home salary is Rs. 50,000 minimum, excluding installment of proposed loan subject to a maximum loan amount of Rs. 5 lakhs. For pensioners, the amount of loan that can be sanctioned is equal to 10 times of monthly pension credited/remitted to the account of pensioner subject to a maximum amount of Rs. 50,000 including the staff of the Bank. When it comes to Insurance Agents, the quantum of finance is equal to average commission received during the last 2 financial years, subject to a maximum of Rs. 2 lakhs. As far as Doctors and Chartered Accountants are concerned, it is equal to two times of average returned income of last 2 years subject to a maximum of Rs. 5 lakhs, as laid down by Nainital Bank loan details. For others, the amount of loan is equal to two times of average returned income of last 2 years subject to a maximum of Rs. 2 lakhs.
Nainital Bank Business Loan : Under this category, Nainital Bank loan schemes include, Vyapar Suvidha for Traders, Naini Udhyog Prasar-MSE, Naini Udhyog Suvidha- MSME, etc.