Canara Bank loans are a great way to help with personal financial needs. Canara Bank loans are available to all individuals and companies in India. They are offered in a range of sizes and are easy to apply online. The bank offers both short term and long term loans. A short term loan is for a period of three months, whereas a long term loan is for a period of five years. People who are 60 years or older are not eligible for Canara Bank personal loans But there are some exceptions. One exception is for people who are 60 years or older and have owned the same house for at least 25 years. Another exception is for people who are 60 years or older and have been married for at least 25 years. The demand for Canara bank personal loans has increased over time.
The eligibility for a Canara Bank personal loan with a monthly income of less than Rs. 25,000 is that the bank does not require any collateral for the loan and the bank will not ask for any guarantor for the loan. The loan will have a maximum tenure of 5 years.
Canara Bank’s newest COVID-19 personal loan programs
Three different loan programs were recently announced by Canara Bank for their customers to choose from in order to meet their financial needs during the Covid-19 outbreak. We’ll examine these programs and what they have to offer.
- Personal loan program run by Canara Suraksha
This Canara Bank personal loan programme is available now and is good through September 30, 2021. The loan amount available to a consumer who applies for one can range from Rs. 25,000 to Rs. 5 lakh. This loan might make it easier for a person to pay for their Covid-19 treatment and other medical expenses without any stress. In addition, the consumer will be given a six-month moratorium under this plan.
- Health credit facility Canara Chikitsa
This loan program is available at a very low interest rate and is active through March 31st, 2022. Up to 10 years are allotted for loan repayment. Additionally, the bank will provide a moratorium of up to 18 months.
- Loan for Canara Jeevanrekha’s healthcare enterprise
To enable a seamless supply of healthcare items, such as oxygen cylinders to hospitals and nursing homes as well as for other manufacturing enterprises and suppliers, the lender would issue a loan of up to Rs. 2 crores at a very concessional rate of interest.
When applying for this loan, micro, small, and medium-sized businesses (MSMEs) won’t need to offer any collateral because the bank will handle it through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and pay the necessary premium. In addition, the lender will not add a processing fee to the loan amount requested. Canara Bank offers two main kinds of personal loan solutions. These loans are primarily designed to help consumers meet their short-term financial needs.
