Canara bank has introduced a new loan scheme aimed at addressing financial shortfalls during hospital treatment, providing relief to individuals whose medical claim limits may not cover the full extent of their medical expenses. Named "Canara Heal," this healthcare-focused loan product offers individuals the option to cover remaining hospital bills by availing a loan from the bank.
Under the Canara Heal scheme, individuals facing financial constraints during hospitalization can secure a loan from Canara bank to bridge the gap in funds. The bank has stated that in instances where the funds are insufficient to settle the hospital bills, particularly in cases where the healthcare insurance claim through Third party Administrators (TPA) falls short, Canara bank will extend the necessary loan amount.
The loan facility offers competitive interest rates, with a floating rate set at 11.55% and a fixed rate at 12.30%. This ensures flexibility for borrowers to choose the option that best suits their financial preferences and circumstances. The primary aim of Canara Heal is to assist customers whose medical expenses surpass their insurance coverage limits.
In addition to the Canara Heal scheme, the bank has also introduced Canara Angel, a savings account product tailored for women. This account includes a cancer care policy with unique features, along with pre-approved personal loan options and online loans against fixed deposit facilities. Moreover, the Canara Angel savings account is offered free of cost, and existing women customers of the bank can easily upgrade their accounts to avail of these additional features.
By launching these initiatives, Canara bank aims to provide comprehensive financial solutions to address the evolving needs of its customers, particularly in the healthcare sector. The Canara Heal scheme and Canara Angel savings account underscore the bank's commitment to supporting individuals during challenging times and empowering women with specialized financial services.
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