Canara Bank announces 3 special loan programs for their customers



oi-Vipul Das


Canara Bank launched three credit initiatives for its customers on Friday to help them cope with the coronavirus outbreak. According to the bank, customers can apply for health loans, business loans, and personal loans. Canara Suraksha’s personal loan program would provide loans to customers of between 25,000 and 5 lakh as immediate financial assistance for Covid-19 treatments during hospitalization or after discharge. The Canara Suraksha plan has a six month moratorium and runs until September 30, 2021.

Registered hospitals, nursing homes, doctors, diagnostic centers, pathology laboratories, and other entities involved in the maintenance of health infrastructure can obtain loans worth over Rs.10 billion to Rs.50 billion under the Canara Chikitsa Health Care Loan Facility. The loan, which is granted at a low interest rate, has a term of 10 years and a moratorium of up to 18 months, according to the lender. The Canara Chikitsa expires on March 31, 2022. Canara Jeevanrekha Health Care Loan Program offers loans of up to Rs.2 billion at a low rate for the manufacture and delivery of health care services to recognized hospitals and nursing homes as well as other manufacturers and suppliers.

According to the bank, there is no processing fee for this loan. There will be no micro, small and medium-sized enterprise (MSME) collateral to be reimbursed by the lender under the Credit Guarantee Fund Trust for Micro and Small Business (CGTMSE) and the bank will provide the guarantee premium. The state bank announced on its Twitter account that “While you take precautionary measures during this difficult time, leave the financial worries of your COVID-related bills to us. The Canara Suraksha Loan Program allows our customers to receive immediate financial assistance for COVID-19 medical treatment. Scheme valid until 30.09.2021 “.

First published: Monday, May 31, 2021, 9:37 a.m. [IST]

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