personal loan

Canara Bank has introduced three special loan schemes to provide financial relief to customers suffering from the economic blowout of the pandemic. The new loans offered include:

  • Canara Suraksha Personal Loan Scheme 
  • Canara Chikitsa Healthcare Credit Facility 
  • Canara Jeevanrekha Healthcare Business Loan 

Let’s take a closer look at the features, benefits and eligibility for these three new loans from Canara Bank. 

  • Canara Suraksha Personal Loan 

As the name implies, it’s a personal loan provided to individuals to help them avail immediate financial assistance for Covid-19 treatment for their family members and themselves. The loan is available for both Covid-19 admission as well as discharge post the treatment. 

The loan amount offered under this scheme ranges from a minimum loan of Rs. 25,000 to a maximum loan of Rs. 5 lakhs. The maximum loan repayment tenure is 60 months and the loan scheme is available only until 30th September 2021. 

Key Features of Canara Suraksha Personal Loan 

Loan Amount
  • Minimum – Rs. 25,000
  • Maximum – Rs. 5 lakhs
Available to individuals for Covid-19 treatment for their family members as well as self. 
Processing Fees NIL Since it’s an emergency loan scheme for Covid-19 treatment, Canara Bank has waived the processing fee. 
Repayment Tenure Up to 60 months (5 years) Also has a moratorium period of 6 months, meaning the repayment commences only after 6 months. 
Validity Only until 30th September 2021
Interest Rates Case by case basis Canara Bank has not yet published the interest rates. The interest rates will be decided based on the credit profile of the applicant. 
Application Process Minimal documentation, available online and loan amount is disbursed quickly.

 

Who is eligible for Canara Suraksha Personal Loan Scheme? 

This loan is offered to customers who meet the following criteria:

  • Existing Canara Bank customers who have a home loan can avail of Canara Suraksha personal loans up to Rs. 5 lakhs 
  • Existing Canara Bank customers who have already taken a personal loan, pension loan or car loan are eligible for loan amounts up to Rs. 1 lakh 

How to apply for Canara Suraksha Personal Loan? 

You can quickly apply for the loan via Canara Bank’s online loan portal. Alternatively, you can also visit your nearest Canara Bank branch to apply for a loan. Check the details of how to apply for Canara Suraksha personal loans both online and offline. 

  • Via the Branch – Visit any Canara Bank branch and speak with the loan officer, stating your requirement to apply for the Canara Suraksha personal loan. The loan officer will walk you through the following steps. 
  • Via the Website – Visit the site for Canara Bank online loans. Enter your 7-digit customer ID (this is mentioned on your bank passbook), key in the Captcha and proceed with the online application. 
  • Via Customer Care – You can also connect with phone banking officers using the following toll-free numbers: 1800 425 0018. Make sure to have your customer ID handy for authentication purposes. 

Doctors and hospitals have been the saviours saving millions of lives during the ongoing pandemic. Even as the virus raged on, doctors had to work day in and day out, dispensing their valuable services to citizens. Recognising their invaluable contribution to society, Canara Bank has launched two new loan schemes for doctors, hospitals and other enterprises engaged in the healthcare sector.

Let’s take a closer look at both these loan schemes. 

  • Canara Chikitsa Healthcare Credit Facility 

What is Canara Chikitsa Healthcare Credit Facility? 

The Canara Chikitsa Healthcare Credit Facility offers financial assistance to nursing homes, registered hospitals, pathology labs, diagnostic centres, doctors and other medical practitioners. The loan scheme provides medical professionals and medical facilities with easy access to loans to improve existing health infrastructure. 

Key Features of Canara Chikitsa Healthcare Credit Facility 

Loan Amount
  • Minimum – Rs. 10 lakhs 
  • Maximum – Rs. 50 crores
Repayment Tenure
  • For term loans, the repayment period is a maximum of 10 years (with a moratorium of 18 months) 
  • For working capital loans, the tenure is up to one year, with annual renewal
Interest Rates Decided on a case-by-case basis; note that this loan scheme offers low-interest concessional rates 
Validity of the Scheme 31st March 2022

 

How to apply for Canara Chikitsa Healthcare Credit Facility? 

The easiest way is to walk into your nearest Canara Bank branch and connect with the loan officer to apply and process your loan application. You can also contact Canara Bank via the toll-free number 1800 425 0018 for further details of the loan scheme and check your eligibility. 

  • Canara JeevanRekha Healthcare Business Loan 

What is Canara JeevanRekha Healthcare Business Loan? 

This loan scheme offers financial assistance to enterprises and businesses engaged in healthcare. For example, manufacturers and suppliers of medical oxygen cylinders, oxygen concentrators, registered nursing homes, registered hospitals and other healthcare manufacturers and suppliers can get easy loans under this scheme. 

Key Features of Canara JeevanRekha Healthcare Business Loan

Loan Amount Maximum up to Rs. 2 crores 
Interest Rates Decided on a case-by-case basis; note that this loan scheme offers low-interest concessional rates 
Processing Fee Zero 
Validity of the Scheme 31st March 2022

 

How to apply for Canara Chikitsa JeevanRekha Healthcare Business Loan?

The easiest way is to walk into your nearest Canara Bank branch and connect with the loan officer to apply and process your loan application. You can also contact Canara Bank via the toll-free number 1800 425 0018 for further details of the loan scheme and check your eligibility.

EndNote

The three new loan schemes from Canara Bank greatly benefit individuals and businesses during these challenging times. Understand the terms and conditions, benefits of the three loan schemes and choose the right one for you. 

FAQs on Canara Bank Covid-19 Loans

  • Does Canara Bank offer loans for Covid-19 treatment? 

Yes, the Canara Suraksha Personal Loan scheme is offered to individuals to meet Covid-19 treatment expenses. The loan amount ranges from Rs. 25,000 to a maximum of Rs. 5 lakhs. 

  • Why should I choose Canara Suraksha Personal Loan over a standard personal loan for Covid-19 treatment? 

The Canara Suraksha Personal Loan is specially designed to cover Covid-19 treatment costs. Easy eligibility, quick disbursal, zero processing fees make this loan an attractive option compared to other standard personal loans. Additionally, the loan comes with a moratorium of up to six months, meaning the repayment commences only after six months of loan disbursal. This gives you breathing time, especially when you’re dealing with medical emergencies at home. 

  • Which Canara Bank loan is best for enterprises engaged in healthcare? 

Healthcare enterprises can choose either of the two loan schemes: Canara Chikitsa Healthcare credit facility or Canara JeevanRekha Business Loan, depending on the loan amount required and other eligibility criteria. 

 

 

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