Canara Bank Launches Emergency Loan to pay Hospital Bills, Know how to apply

State-owned Canara Bank launched a range of new products on Wednesday, including a loan scheme designed to cover hospital expenses. The bank introduced Canara Heal, a healthcare-focused loan product that aims to bridge the gap in hospitalization expenditure by facilitating settlement through TPA healthcare insurance claims for individuals and their dependents.

According to a statement released by the bank, the loan for hospital expenses will be available at an interest rate of 11.55% per annum on a floating basis and 12.30% at a fixed interest rate. This healthcare loan facility is specifically designed for customers whose treatment bills exceed their insurance limits.

Canara Heal Benefits

• The facility will be available from 10 AM to 7 PM.
• Seamless customer journey.
• No Physical visit to the branch. Complete END to END digital journey.
• Direct remittance to Hospital for hassle free discharge formality.
• Pre-Approved limit for Existing customers.

Canara Heal Eligibility

• All individuals i.e Resident Indian Citizens are eligible under subject scheme.
• CIC Score: 700 & above
• Age: Minimum entry age 21 years & Maximum entry Age 55 years.
• Existing Salaried/Non-Salaried and Professionals Class who are credit worthy.
• Only salaried new to bank customers are eligible.
• Income Criteria:
  For Salaried Customer: Minimum salary credit of Rs. 50000/- per month
  For Non Salaried Customer: Average balance of Rs. 50000/- to be maintained in last 6 months.
• NTH: Minimum Net Take Home Salary (NTH) of borrower should not be less than Rs. 20,000/- p.m. after meeting instalments of all existing loans and proposed loan.
• Health insurance mandatory with associated TPA/Insurance Company.

Documents Required

• Aadhar & PAN shall be validated online & complete Video KYC
• Employee ID Card
• Latest 6-months’ salary slips & last one-year bank statement.
• Last 2-year ITR