- Component 1 : To meet the cost of medical expenses and other genuine personal needs of the Pensioners/Family Pensioners.
- Component 2 : To make payment of premium of IBA Group Mediclaim Insurance Policy for Retired Employees of our Bank/Family Pensioners of Retired Employees of our Bank who have opted for and are covered under the scheme .
Quantum and Repayment
- In respect of Retired Employees of our Bank/Family Pensioners of Retired Employees of our Bank :
20 months’ pension amount or Rs 10,00,000/- whichever is less, subject to maintenance of NTH of 25% of Gross after deducting the proposed EMI.
- Maximum loan eligibility of the pensioner/Family pensioner to remit the Annual Premium of the IBA Group Mediclaim Insurance Policy as a Second Loan shall be
100 % waived.
Net Take Home
NTH for Canara Bank Retired Pensioners/Family Pensioners is 25%.
- In case of Loan to Pensioners: Co-obligation of the spouse (wherever there is a provision for family pension) or any other person/pensioner good for the amount to be stipulated by the sanctioning authority.
- In case of Loan to Family Pensioners: Third party guarantee/co-obligation good for the amount should be obtained invariably.
Component 1 :
- To be repaid in 72 equated monthly installments (EMIs) if the Pensioner is below the age of 65 years at the time of sanction.
- To be repaid in 60 equated monthly installments (EMIs) if the Pensioner is above the age of 65 years at the time of sanction.
Component 2 :
- 10 Equated Monthly Installments irrespective of the age of the Pensioner. First installment to commence from the subsequent month after disbursement.