Nainital-Almora Kshetriya Gramin Bank (NAKGB) was established on 26th March, 1983. It is sponsored by Bank of Baroda. Presently the bank has over 58 branches across 4 districts of Uttarakhand, Udham Singh Nagar, Nainital, Bageshwar and Almora.
The bank aims to provide banking facilities in rural area and provide financial assistance particularly to small, marginal, landless labourers and other weaker sections. NAKGB is a joint venture of Government of India, Government of Uttarakhand and Bank of Baroda. NAKGB has its headquarters situated in Nainital.
Purpose: This loan provides finance for New Cars / Vans/ Two wheelers for family /professional use.
Eligibility: Salaried persons / professionals /& others can avail this loan scheme. For car loan the applicant should be income tax assessee /or having repayment capacity of loan installments. The total deductions /monthly installments of loan should be within 60%of the gross monthly income.
Quantum of Loan: Up to a maximum of 85% of cost of car is granted as car loan under this loan scheme.
Security: Hypothecation of vehicle that is purchased by the bank’s finance is taken as security for the loan.