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Our Bureau

Thiruvananthapuram , Oct. 16

CANARA Bank has launched `Cantools' a new finance scheme intended to help artisans and self-employed people acquire power tools.

Launching the scheme in the city, Mr B. Swaminathan, Executive Director, Canara Bank pointed out that `Cantools' is intended to help people working in areas such as plumbing, carpentry and automobile repair acquire modern equipment such as power tools and thus upgrade their skill set. All branches of the bank in Kerala will implement the scheme, he added.

Speaking at the launch of the `Cantools' scheme, Mr T.O. Sooraj, Director of Industries and Commerce, said that the initiative would help people in sectors such as construction improve their productivity, he added.

Under the scheme, the bank will sanction up to Rs 1 lakh at rates of interest ranging from 8.75 per cent to 10.75 per cent. Loans can be repaid in monthly instalments in a period of three to five years. No collateral is required for issue of loans.

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