Canara bank is a prime example of customer-centric banking facility that caters to the need of vast population all over the world. As a public sector bank, it offers variety of services to beneficiaries with special focus on providing loan services. Primarily, the loans offered by Canara bank are: Personal loans, Home Loans, Vehicle Loans, Business Loans, Educational Loans etc. targeted to foster long-term customer relationships.
Home Loans.
- Canara Housing Loan offers a low interest rate, available for renovation purposes as well as the benefit of minimal charges on processing. Further, there is no ceiling on the amount of housing loans.
- Canara Housing cum Solar Loan offers the similar facilities with the added benefit of longer period provided for repayment. It is useful in setting up roof-top solar photovoltaic systems.
- Canara Kuteer makes available loan for construction of house on plots already being owned by the beneficiary.
- The benefits associated with Canara bank Housing loan are also accessible to NRIs by way of Canara Home Loans for NRIs.
- A unique loan scheme provides for housing loan to customers with minimal or no income documentary proof wherein the scheme caters to MIG/LIG/EWS category customers who lacks such income proofs but have proof of digital banking.
- Canara Pradhan Mantri Awas Yojana also caters to individuals with low interest rate and offers subsidy of Rs.1.80 lakhs to those whose loan tenure exceeds the term of five years.
Personal Loans.
- Canara Insta MF Loan is a seamless digital facility for loan services where the disbursal is made instantaneously into the Saving account.
- Canara My Money is a similar feature wherein the existing customers have the advantage to online term deposit up to 75% of the amount.
- Canara Ready Cash is a facility available for existing salaried customers who can approach for minimum Rs.50, 000 to maximum Rs. 10 lakhs for loan amount.
- Canara Heal is a health loan facility. For convenient discharge, the loan quantum is directly transferred to the Hospital. This digital facility covers upto Rs. 5 lakhs and offers repayment upto 36 months.
- Canara Budget offers quick service to meet any personal need of the customer on lower interest rate and no penalty for pre-payment.
- Canara Pension is a personal loan guaranteed to meet the medical expenses and similar other personal needs incurred by the Pensioners with 100% waiver on processing charges.
Vehicle Loan.
- Canara Vehicle helps in making the new vehicles more affordable with loans offering up to 90% financing and low rate of interest.
- The benefit of this service can also be made available for financing of second and subsequent future vehicles. The quantum does not have a upper limit however, for pre-owned vehicles the maximum quantum is offered at Rs.50 lakhs subject to certain norms.
- Canara Green Wheels is a quick vehicle loan which offers up to 90% of financing for a new vehicle and even available for buying second-hand vehicles. This loan facility can be availed by both individuals and companies.
- Canara Green Vehicle to Agriculturists is a loan service granted to agriculturists on purchasing both new and pre-owned vehicles. It is a quick loan disbursal service and no upper limit is prescribed for loan quantum.
Educational Loan.
- Pradhan Mantri Vidyalaxmi Scheme is a scheme offered to get loans to pursue higher education in the top 860 Quality Higher Educational Institutes (QHEIs) as identified by the Ministry of Education. There is no requirement of any collateral security or any guarantor. For education loans up to Rs. 10 lakhs, the following criteria shall apply based on annual family income:
- Upto rs. 4.5 lakhs- Full interest subvention
- From Rs. 4.5 lakhs to 8 lakhs- 3% interest subvention
- Vidya Turant is a collateral-free education loan aimed for exemplary students to pursue higher education in selective top institutions. The Loan quantum is subject to three categories A, B and C depending upon the type of institution.
- IBA Skill Loan Scheme is a loan scheme granted to support the skill development initiative of the country. The loan quantum is dependent on the need-based financing for the range of Rs.5000 to Rs. 7,50,00. Again, there is no need of any collateral security or any third party guarantor.
- IBA Model Education Loan Scheme is a loan scheme of similar nature that supports education both in the country as well as abroad. It is a need-based financing scheme and no collateral security is required for loan quantum up to Rs.7.50 lakhs. However, security is mandatory for loans exceeding the mark.
- Education Loan Scheme for pursuing Masters Degree is a loan scheme for the benefit of students to pursue their Master degree under STEM courses from foreign top ranking institutions. The loan starts at amount exceeding Rs.7.50 lakhs, while maximum loan is contingent upon the extent of collateral security.
Other Loans.
Canara Bank not only offers the most-sought after loan services but also caters to the specific loan services like Gold Loans, MSME Loans, Solar Loans and Mortgage Loans.
- Under Gold Loans, Swarna Loan is a service to meet medical expenses and other exigency-like situations with low interest rate and quick processing. Overdraft against Gold Jewellery for Crop Cultivation is a loan scheme to meet the expenses of crop- cultivation with minimal processing charges.
- Under MSME Loans, Canara bank introduced schemes to cater to the MSME segment for credit facilities against collateral securities in form of immovable properties or bank deposits, with minimum loan quantum above Rs.10 lakhs. There are general schemes as well as specific schemes targeted towards Textile, Pharma and Hotel Industries etc.
- Under Solar Loans, loan facility is available for installation of roof-top solar on-grid photovoltaic system upto 3kW, with no minimum annual income and NTH criteria. The maximum loan amount is upto Rs.2 lakhs. Similarly, loan facility is available for installation of PV system above 3kW to 10kW for which maximum loan amount to be sanctioned is above Rs.2 lakhs.
Conclusion.
Canara bank offers a diverse portfolio of loan services aimed at overlooking various needs of individuals, businesses and companies and offers them multiple flexible options to choose from thus, helping them to make an informed decision.