Canara Bank modifies loan scheme to pensioners

By Our Special Correspondent

BANGALORE, OCT. 3. Canara Bank has recently introduced two new schemes - CanRent to provide finance against rental receivables and CanMortgage to provide finance against mortgage of properties.

According to Mr. R. V.Shastri, Chairman and Managing Director, the bank has modified its loan scheme to pensioners including defence pensioners to make it more attractive and christened it as Canpension. In the revised scheme, the maximum loan has been enhanced to Rs. 50,000 subject to six months pension amount.

The bank has also reduced the rate of interest from 14.25 per cent to 13.50 per cent annually. Also, to provide more convenience to the pensioners, the repayment period under this loan scheme is enhanced from the present 15 months to 24 months. Besides, all pensioners are made eligible under the scheme as against only those retiring from services on attaining the age of superannuation.

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Section  : Business
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