Tuesday, November 19, 2019
Finance

Canara Bank- Doctor's Choice

Canara Bank Doctor's Choice is to cater to the needs of medical practitioners.

Purpose of Loan:

  • Purchase of equipments.

  • Setting up of Clinic, X-ray lab, Nursing Home, etc.

  • Expansion / renovation / modernisation of exiting premises.

  • Purchase of vehicles, ambulance, computers and other essential equipments.

  • Meet working capital needs.

Eligibility:

  • All qualified registered medical practitioners.

  • A well established practice / experience of minimum 3 years.

Quantum of Loan:

Maximum of Rs.10,00,000 (Sub-ceiling of Rs.2 lacs for Working Capital).

Rate of Interest:

Interest rate of Canara Bank Doctor's Choice is :

For Micro Enterprises:

  • Upto Rs.50,000: rate of interest for working capital is 9.25% and term loan is 9.75%.

  • Rs. 50,000 upto Rs.2,00,000:  rate of interest for working capital is 9.75% and term loan is 10.25%.

  • Rs.2,00,000 upto Rs.5,00,000: rate of interest for working capital is 10.00% and term loan is 10.50%.

  • Rs.5,00,000 upto Rs.10,00,000: rate of interest for working capital is 11.00% and term loan is 11.50%.

For Small & Medium Enterprises:

  • Upto Rs.50,000: rate of interest for working capital is 9.75% and term loan is 9.25%.

  • Rs. 50,000 upto Rs.2,00,000:  rate of interest for working capital is 10.25% and term loan is 10.75%.

  • Rs.2,00,000 upto Rs.5,00,000: rate of interest for working capital is 10.50% and term loan is 11.00%.

  • Rs.5,00,000 upto Rs.10,00,000: rate of interest for working capital is 11.50% and term loan is 12.00%.

Security of Loan:

Prime Security : 

  • Hypothecation of assets financed by the Bank.

Collateral Security : 

  • Loans upto Rs.2,00,000/- Existing Assets, if any and 

  • Beyond Rs.2,00,000/- Existing assets and collaterals as stipulated by the Bank.

Margin:

  • Loans upto Rs.25,000/-           : Margin is NIL

  • Rs.25,001 to Rs.5,00,000        : Margin is 10%

  • Rs.5,00,001 to Rs.10,00,000   : Margin is 25 %

For more information: Website

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Canara Bank- Teacher's Loan

Purpose of Loan:

In order to meet any genuine personal needs.

Eligibility of Loan:

All confirmed teaching / non-teaching staff working in a school / college - drawing salary through our branches.

Quantum of Loan:

6 months' gross salary or Rs.1,00,000/- whichever is less is considered as quantum of loan.

Rate of Interest:

Interest rate for calculating Teacher's loan is 14.50 %.

Processing Fee:

1% of the loan amount with a minimum of Rs.50/-.

Repayment of Loan:

Upto 60 months. EMIs also possible.

Documents required for the loan:

  • Stipulated Loan Application with 2 passport size photographs.
  • Latest Salary Certificate and Form No.16
  • Co-obligation where applicable.

For more information: Website