Money & Banking

Canara Bank offers credit support to MSMEs, corporates, agri, business entities & retail borrowers to tide over Covid-19

Our Bureau | Updated on March 26, 2020 Published on March 26, 2020

Bengaluru, March 26

Public sector Canara Bank has launched a new loan scheme ― Canara Credit Support ― with immediate effect to support its customers to tide over the liquidity/ cash flow mismatches in the wake of disruption in business operations due to the outbreak of Covid-19.

Under the new scheme ‘Canara Credit Support-Covid-19’, MSMEs, corporates, agri, business entities and retail borrowers are eligible to avail from 10 per cent to 35 per cent of their existing working capital or loan limit depending upon category of borrowers on softer terms up to June 30. No additional security is required for the said facility, said a bank in release.

The release further said, “We have as always come to the forefront to extend its support to its customers. Canara Bank has already announced waiver of charges for non-maintenance of minimum balance in SB accounts and waiver of ATM charges for using other bank ATMs for cash withdrawals, etc up to June 30.”

In the wake of Covid-19, customers are advised to stay safe and connect with the bank through various digital modes. Canara Bank advises customers to follow the safety norms and stay healthy. “Together we can overcome Covid-19 very soon.”

Published on March 26, 2020

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