In 1922, Nainital Bank Limited was started by Bharat Ratna recipient Pt. Govind Ballabh Pant and a few other luminary personalities of Nainital. The objective of the bank was to solve the banking problems of the people in the region. In 1973, Bank of Baroda acquired the bank and started managing the matters of Nainital Bank Limited. Currently, Bank of Baroda holds 98.57% of the shares of Nainital Bank Limited, and the public owns the rest (1.43%) of the shares.
Among the many financial products offered by the Nainital Bank Limited is a two-wheeler loan also known as 'Suhana Safar Scheme.' This loan is meant for any borrower who needs a two-wheeler for personal use.
Anyone who wishes to purchase the two-wheeler can apply for this loan.
Base Rate + 0.25%
This special concession is provided only in the Festive offer.
Only new two-wheelers can be purchased with this kind of loan.
This loan can also be used to repay the loan or other financial Institutions, banks, or finance companies.
A maximum amount of Rs. 25.00 Lacs can be borrowed with the loan.
Minimum margin provided by the bank is 20% for two-wheeled vehicles.
The borrower can take a maximum of 84 months for repayment.
Q1. What is the maximum amount that can be borrowed from the bank for a new two-wheeler?
The maximum of Rs. 25.00 Lacs can be borrowed from the bank.
Q2. Can a student apply for a two-wheeler loan from the bank?
Yes. Anyone who wishes to purchase the two-wheeler can apply for this loan.
Q3. What is the tenure of repayment?
The borrower can take 84 months for repayment.
Q4. Can I buy a used two-wheeler with this loan?
No. Only new two-wheelers can be bought with this loan.