Canara Bank floats 2 new loan schemes

Bangalore, Aug 14: In its initiatives towards strengthening its retail operations, Canara Bank has announced that it had launched two new loan schemes CanRent and CanMortgage.

Under CanRent, loan would be provided to owners of property against future rents receivable, the bank chairman and managing director RV Shastri said in a press release. Applicants could get loan up to 60 per cent of gross monthly rent receivables for the unexpired period of lease less TDS and advance rent received, he said.

With a repayment time-frame of five years, CanRent involves fixed interest rate chargeable, compounded on quarterly basis. The scheme entails interest rates pegged at 14 per cent for loans up to Rs 2 lakh and 15 per cent for above Rs 2 lakh, he said.

CanMortgage provides loans against security of equitable mortgage of property (land and building) to professionals, businessmen, and individuals for meeting ‘genuine needs.’ The quantum of loan would be 50 per cent of the value of property offered as security.

-- PTI