As part of the fight against the epidemic, the state-run Canara Bank unveiled three lending initiatives on Friday, including healthcare credit, business and personal loans to citizens.
Registered hospitals, nursing homes, medical practitioners, diagnostic centres, pathology laboratories, and any other entities involved in servicing healthcare infrastructure would be eligible for loans ranging from over Rs 10 lakh to Rs 50 crore under the Canara Chikitsa healthcare credit facility. Canara Bank claimed in an advertising that the loan, which would be given at a low interest rate, will have a tenor of ten years and a moratorium of up to 18 months.
The Canara Jeevanrekha healthcare business loan will provide a loan of up to Rs 2 crore at a low interest rate for the manufacture and supply of healthcare products like medical oxygen, oxygen cylinders, and oxygen concentrators to registered hospitals and nursing homes, as well as other manufacturers and suppliers.
There will be no processing cost for this loan, according to Canara Bank. There will be no collateral security for micro, small, and medium enterprises (MSMEs), which the lender will cover under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the bank will carry the guarantee premium.
The CGTMSE programme is designed to give financial support to such businesses without the need for a third-party guarantee or collateral. The collateral security for non-MSMEs will be a minimum of 25%.
The loan schemes Canara Chikitsa and Canara Jeevanrekha will be effective till March 31, 2022. The lender would give loans ranging from Rs 25,000 to Rs 5 lakh as urgent financial help to clients for COVID-19 treatment during admission or after discharge under the third type of credit, the Canara Suraksha personal loan plan. The proposal will provide a six-month moratorium. The programme will be active through September 30, 2021, and there will be no processing cost.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.