Canara Bank launches loan products to meet shortfall of hospitalisation expenses

State-owned Canara Bank on Wednesday launched a slew of new products, including a loan scheme to meet shortfall of hospital expenditure.

A healthcare-focused loan product called Canara Heal is aimed at meeting the shortfall of hospitalisation expenditure while settling through TPA healthcare insurance claims of self and/or dependents, the bank said in a statement.

The loan for meeting hospital expenses will be available at 11.55 per cent per annum on a floating basis and 12.30 per cent at fixed interest rate basis. The healthcare loan facility is available for customers whose treatment bill exceeds the insurance limit.

The bank also introduced a customised savings account for women called Canara Angel with unique features such as cancer care policy, pre-approved personal loan Canara ReadyCash and online loan against term deposit product Canara MyMoney, it said.

It is free of cost for women at the time of opening a savings account, it said, adding that existing women customers can upgrade their accounts to avail these features.

The bank also unveiled 'Canara UPI 123PAY ASI', a user-friendly payment interface, and 'Canara HRMS Mobile App for Staff', an HR management solution for the bank's employees.

Canara Bank becomes the first bank to offer seamless doorstep digital services to self-help groups (SHGs) in collaboration with Reserve Bank Innovation Hub, it claimed. Digital SHG will help the customers to get instant digital credit in their accounts, it said.