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G. Madhan

Under this scheme employed, self-employed and unemployed women can avail themselves of loans to meet any personal financial needs. The loan amount that can be taken depends on your earnings potential.

IT IS your loved one's graduation ceremony and it is also time to keep your promise by buying him/her a computer. Worried that you do not have enough funds to meet the cost? You don't have to anymore.

A host of loan products are available to meet your personal financial needs. One such is Canara Bank's CanMahila, a personal loan scheme for working women there.

Under this scheme employed, self-employed and unemployed women can avail themselves of loans to meet any personal financial needs.

Quantum of loan and security

The loan amount that can be taken depends on your earnings potential. If salaried, you are eligible for up to 10 months of your gross salary.

The loan is, however, subject to a maximum of Rs 50,000. If self-employed, the maximum eligible amount remains the same. But only self-employed women with a gross annual income of over Rs 1.5 lakh are eligible for the loan.

For non-working woman the maximum eligible amount would be based on the annual income of the family.

No security is required for self-employed and working women.

However, for non-working women, taking loan amounts higher than Rs 25,000 would require the co-obligation of the husband, parent or son.

Rate of interest and other charges

The scheme does not have margin money and Canara Bank will finance 100 per cent of the sanctioned amount.

The bank charges a floating rate interest of 11.5 per cent, on diminishing balance.

The bank levies a one-time processing fee of 0.5 per cent of the loan amount, subjected to a minimum of Rs 100 and a maximum of Rs 500. This fee, however, is waived till March 31, 2004.

Suitability

The scheme is suitable for salaried women. The interest rate charged under the scheme is more attractive than those on offer for personal loans. However, the points to be noted are:

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