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
The amount of Annual Premium payable for the year.
Maximum, eligible loan amount as per Canara Pension Loan Scheme.
Whichever is lower out of the above three.
However, the maximum loan liability at the time of sanction and disbursement of loan under both the component shall not exceed 20 months’ pension amount or Rs. 10,00,000/- (whichever is lower).
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.
Pensioners and Family Pensioners of our Bank.
Stipulated Loan Application with 2 passport size photos of applicant / Co-applicant or guarantor.
KYC documents of applicant/Co-applicant or guarantor.
Proof of Residence (Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., and others.