Canara

• 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 .

• 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.
  • Rs.90,000/-

    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).

• 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.