Udayavni Special

Canara Bank announces 3 loan schemes amid fight against COVID-19


Team Udayavani, May 28, 2021, 12:19 PM IST

New Delhi: State-run Canara Bank on Friday announced three loan schemes as part of the fight against the pandemic under which it will offer healthcare credit, business and personal loan to individuals.

The Canara Chikitsa healthcare credit facility will offer loans from over Rs 10 lakh to Rs 50 crore to registered hospitals, nursing homes, medical practitioners, diagnostic centres, pathology labs and all other units engaged in the servicing healthcare infrastructure.

The loan to be offered at a concessional rate of interest will have tenor of 10 years with moratorium up to 18 months, Canara Bank said in an advertisement.

The Canara Jeevanrekha healthcare business loan will offer loan up to Rs 2 crore at a concessional interest rate for manufacture and supply of healthcare products such as medical oxygen and oxygen cylinders and oxygen concentrators to registered hospitals and nursing homes or other manufacturers and suppliers.

Canara Bank said there will be no processing fee for this loan. For micro, small and medium enterprises (MSMEs), there will be no collateral security, which the lender will cover under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the bank will bear the guarantee premium.

CGTMSE is meant to provide financial assistance to such kinds of industries without any third party guarantee or collateral.

For non-MSMEs, the collateral security will be minimum 25 per cent.

Canara Chikitsa and Canara Jeevanrekha loan schemes will be valid till March 31, 2022.

Under the third category of loan — Canara Suraksha personal loan scheme — the lender will offer loan from Rs 25,000 – Rs 5 lakh as immediate financial assistance to customers for COVID-19 treatment during admission or post discharge.

The scheme will offer moratorium of six months. Coming at a nil processing fee, the scheme will be valid till September 30, 2021.

Earlier this month, the Reserve Bank of India (RBI) announced a Rs 50,000-crore special window to banks to lend to vaccine makers, hospitals and COVID-related health infrastructure.

It also allowed individual and small borrowers more time to repay their debt, aimed at providing financial support when the economy is hit by the repercussions of the pandemic.

According to ratings firm Crisil, banks are expected to lend for healthcare activities below the current rates of lending, courtesy the scheme, which entails loans being available to banks at repo rate till March 2022 which are to be utilised for onlending and also earn a priority sector lending classification.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

COVID-19: 3,979 new cases, 138 deaths in Karnataka

NSA Doval pitches for ‘action plan’ by SCO against Pak-based terror groups LeT, JeM

Restoration of Jammu and Kashmir’s statehood must to rebuild trust: Farooq Abdullah

Will keep making efforts to pursue Nirav Modi’s early extradition to India from UK: MEA

One dead, one injured after wall collapses in Karwar

Court denies bail in gang rape case, terms allegations ‘very grave’

Jio’s ‘Made in India’ 5G solution globally competitive: Ambani



Related Articles More

HFCL to set up 2nd model PM-WANI Village in Brahmavara’s Baidebettu village

‘JioPhone Next’ to be most affordable smartphone; will be available from Sept 10: Ambani

Saudi Aramco chairman to be on board of Reliance Industries

Reliance raised Rs 3.24 lakh cr capital through equity sale, rights issue, asset monetisation: Ambani

How business accelerators can help new startups succeed after COVID-19

MUST WATCH

Udayavani news Bulletin 24-July-2021

THEKATTE FISHERMEN OFFERING PRAYERS

Effects of COVID-19 on Textile Business

Law is same for everyone, do not misuse unlock exemptions, warns DC

MLA Renuka Acharya ploughs field

Latest Additions

COVID-19: 3,979 new cases, 138 deaths in Karnataka

Delimitation, holding of polls in J-K important milestones in restoring statehood: says Shah

NSA Doval pitches for ‘action plan’ by SCO against Pak-based terror groups LeT, JeM

India should aim to be among world’s top 3 naval powers in 10-12 years: Rajnath Singh

Restoration of Jammu and Kashmir’s statehood must to rebuild trust: Farooq Abdullah

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.