Canara Bank Announces 3 Special Loan Schemes For Its Customers, Details Inside

Canara Bank introduced three loan initiatives for its customers on Friday to help them cope with the coronavirus outbreak. Customers will be able to apply for healthcare credit, business loans, and personal loans, according to the bank. The Canara Suraksha personal loan scheme would provide customers with loans ranging from Rs 25,000 to Rs 5 lakh as instant financial support for Covid-19 treatments during hospitalization or after discharge. The Canara Suraksha plan will have a six-month moratorium and will be effective until September 30, 2021.

Registered hospitals, nursing homes, medical practitioners, diagnostic centres, pathology laboratories, and any other entities involved in servicing healthcare infrastructure would be eligible for loans ranging from over Rs 10 lakh to Rs 50 crore under the Canara Chikitsa healthcare credit facility. The loan, which will be issued at a low-interest rate, will have a 10-year term and a moratorium of up to 18 months, according to the lender. The validity of the Canara Chikitsa is set to expire on March 31, 2022. The Canara Jeevanrekha healthcare business loan scheme will offer loans up to Rs 2 crore at a low-interest rate for the manufacture and supply of healthcare services to recognized hospitals and nursing homes, as well as other manufacturers and suppliers.

There will be no processing charge for this loan, according to the bank. There will be no collateral security for micro, small, and medium enterprises (MSMEs), which the lender will indemnify under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the bank will cover the guarantee premium. The state-owned bank announced on its Twitter account that "While you take precautions during this trying time, leave the financial worries of your COVID related bills to us. Canara Suraksha Personal Loan scheme facilitates immediate financial assistance to our customers for any COVID-19 medical treatment. Scheme valid up to 30.09.2021".