Canara

Instant Term Loans with Canara My Money: Features, Benefits and Eligibility

In today's fast-paced world, access to quick financial assistance is crucial. Recognizing this need, we offer a unique facility that allows customers to leverage their online Term Deposits for immediate funding. Whether it’s an unexpected expense, urgent business requirement or personal financial need, this service ensures that genuine requirements are met promptly.

With the growing demand for convenient banking solutions, this facility is designed to provide instant liquidity, full digital accessibility and a seamless customer experience. Customers can apply from the comfort of their homes or offices, anytime, ensuring that financial planning remains uninterrupted and stress free.

What is the Online Term Deposit Funding Facility?

The Online Term Deposit Funding Facility is a digital loan product offered by us that allows customers to borrow funds against their existing online Term Deposits opened through Internet/Mobile banking.  It is aimed at fulfilling genuine financial requirements, explicitly excluding speculative purposes, so that funds are utilized responsibly.

This facility offers quick disbursement through a fully end-to-end digital process, eliminating the need for branch visits, paperwork or long waiting periods. Customers can leverage up to 75% of their Term Deposit value, while the principal continues to earn interest, making it a cost-effective and convenient financial solution.

Purpose of the Facility

This scheme is designed to cater to genuine financial needs, excluding speculative purposes. It offers quick disbursement through Straight-through Processing (STP), ensuring that customers can access funds promptly at their convenience.

Key Benefits of the Facility

• 24×7 Availability: The facility is accessible round the clock, allowing customers to apply for funding at their convenience, without being restricted by banking hours.
• Seamless Digital Journey: From application to disbursement, the entire process is conducted online, ensuring a smooth and efficient experience.
• No Branch Visit Required: Customers can avail of the funding without stepping into a branch, making it ideal for those seeking quick and hassle-free solutions.
• Up to 75% of Online Term Deposit Limit: Existing customers can avail of funding up to 75% of their online Term Deposit, providing substantial liquidity when needed.

Key Features

• Quantum: Minimum ₹5,000 to a maximum of ₹10 Lakh.
• Margin: 25%.
• Repayment: Bullet repayment facility (single lump-sum payment) with tenure of 1 day less than the Term Deposit maturity date.
• Processing Charges: Nil.

Eligibility Criteria

The facility is available for all online opened Term Deposits, except:

• Recurring Deposits
• NRE Deposits
• Tax Saver Deposits
• Capital Gain Deposits
• Deposits in the name of Minors, Joint Depositors, Employees of Canara Bank, Trusts, Companies, HUFs or Third Parties

How to Apply?

• Log in to Canara Bank Net Banking/ Mobile Banking (Ai1 app)/ Corporate Website.
• Select the eligible Term Deposit & enter the desired amount (up to 75% of the deposit).
• Confirm details and submit your application online.
• Loan amount will be credited to the linked account

Why choose us?

• Trusted Legacy: With decades of experience, we have established itself as a reliable financial institution committed to customer satisfaction.
• Innovative Digital Solutions:  and tools such as the EMI Calculator empower customers to manage their finances effectively.
• Customer Centric Approach: The bank's focus on providing seamless digital services ensures that customers have a hassle-free banking experience.
• Quick and Transparent Funding: With facilities like the Online Term Deposit Funding Facility, Canara Bank provides fast disbursement, clear terms and convenient repayment options, ensuring customers can meet genuine financial needs efficiently.

Conclusion

The Online Term Deposit Funding Facility provides a highly convenient and efficient solution for customers in need of quick financial assistance. Its 24×7 availability ensures that funds can be accessed anytime. The seamless digital process allows customers to apply, get approval and receive funds entirely online, without the need for branch visits or extensive paperwork. With attractive terms such as up to 75% of the Term Deposit value, zero processing charges and bullet repayment, the facility is designed to meet genuine financial requirements responsibly.

By combining speed, flexibility and security, this facility empowers customers to address urgent financial needs while their Term Deposits continue to earn interest. Overall, it stands out as a smart, reliable and user-friendly option, making Canara Bank the preferred choice for those looking to manage their finances efficiently and effortlessly.