Founded in 1906 and nationalised in 1969, Canara Bank has been on the growth trajectory to emerge as the ‘preferred bank’ owing to achievement of various global benchmarks such as high-quality profitability, operational efficiency and risk management among others. Canara Bank has become a major financial conglomerate in India and currently has around nine joint ventures, 9132 ATMs, 147 hi-tech E-lounges and 5727 branches.
The bank has made a mark in several corporate social responsibilities such as promoting rural self-employment via training institutes and rural development among others. Canara Bank has launched various products and services such as digital life certificates and EMV chip cards besides an enquiry portal for social security schemes. Canara Bank offers several services from personal banking and priority banking to NRI banking and SME banking. Canara Bank offers loans for senior citizens as well.
Loan for senior citizens offered by Canara Bank can be used to meet various medical expenses besides any personal requirements of pensioners.
Pensioners eligible to receive pension are listed below:
The net take home income should be 40% excluding the equated monthly installment) of the loan
The following table shows details regarding the guarantee to be offered under this scheme
|Type of pensioners||Guarantee|
|Loan to pensioner||Co-obligation of the spouse or another individual|
|Family pensioner||Co-obligation (third party)|
The maximum loan amount which can be availed by pensioners under this scheme is Rs.2 lakhs or 10 months’ pension. In case of retired employees of Canara Bank and its family pensioners, the amount may extended is Rs.2 lakhs for 15 months.
The interest rate for all loan schemes offered by Canara Bank is based on its base rate. The interest rate offered by Canara Bank for this scheme is base rate +2.80% p.a (floating). The base rate of Canara Bank is 9.65% (October 2015).
The repayment period for pensioners below 65 years is 60 EMIs while for those above 65 years is 48 EMIs.
Customers can apply and track the status of their loan application online at the official website of Canara Bank.
Canara Bank does not impose any processing charges for senior citizen loan scheme.
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