Canara Bank Launches Healthcare Loan Scheme, Women's Savings Account And More

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posted on 7 months ago — updated on 1 second ago

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This healthcare-focussed loan product is aimed at meeting the shortfall in hospitalisation expenses.

The state-owned Canara Bank launched a bunch of several new products on Wednesday, including a loan scheme to meet the shortfall of hospital expenses. The new loan scheme is called Canara Heal. This healthcare-focussed loan product is aimed at meeting the shortfall in hospitalisation expenses, while settling health insurance claims of self or dependents, the bank said in a statement. The loan for meeting hospital expenses will be available at 11.55 percent per annum on a floating basis and 12.30 percent at a fixed interest rate basis. It is available to customers whose medical expenses exceed the sum insured by the insurance companies.

The bank has also introduced a Canara Angel savings account for women. These include a cancer care policy, a pre-approved personal loan (Canara ReadyCash) and online loans against term deposits (Canara MyMoney) as stated in the official statement by the bank. It is free of cost for women while opening a savings account. Existing women customers can upgrade their accounts to avail of these facilities.

The Bank has also introduced a user-friendly payment interface ‘Canara UPI 123Pay ASI’ and ‘Canara HRMS Mobile App’ for the employees of the Bank. The bank also claimed that it has become the first bank to provide seamless digital services to the homes of Self Help Groups (SHGs) in collaboration with the Reserve Bank Innovation Centre. Rajesh Bansal, CEO of the Reserve Bank Innovation Hub launched a Digital SHG Initiative concerning the above product. It is named Canara SHG e-MONEY. Bansal also exchanged a White paper on Digital SHG with K Satyanarayana Raju, MD and CEO of Canara Bank. It will help the customers to get instant digital credit in their account, according to the statement.

The PSU Bank index has risen 96 percent in the past year. The stock of Canara Bank and Union Bank Of India has soared over 100 percent during this period. The international brokerage has a ‘buy’ call on the smaller Canara Bank with a target price of Rs 600. Canara Bank is currently trading at Rs 607 per share at NSE.