The ‘Canara Credit Support’ is extended quick and hassle-free loan to overcome temporary liquidity mismatches for payment of statutory dues, salary or electricity bill ,and rent etc., the bank said in a statement.
The statement further added that the bank has since sanctioned nearly 6 lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories.
Canara Bank, one of the largest public sector banks owned by the Indian government, has announced credit support for all its borrowers, who have been affected by the COVID-19 pandemic. The Canara Credit Support will be extended as a quick and hassle-free loan to all its borrowers to help them overcome temporary liquidity mismatches such as payment of statutory dues, salary, electricity bills, rent, and wages.
The bank in a statement announced that it has so far sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs, and retail categories.
The bank has also sanctioned advances worth over Rs 60,000 crore to corporates and MSMEs from March 2020 to date. Speaking on the same, Canara Bank’s MD and CEO L V Prabhakar, said that the bank is confident that once the lockdown is completely lifted, its customers will be able to avail the sanctioned facilities to full extent and also improve their business. The bank is using different strategies such as emails, call centers, personal calls, and SMS to reach out to all the eligible borrowers to explain the facility in order to sanction the loan.
In respect of the Working Capital facilities sanctioned in the form of Cash Credit, interest payment has been deferred up to 31st August. In order to ameliorate the difficulties of the borrowers in repaying the accumulated interest, borrowers can convert the accumulated interest to a Funded Interest Term Loan payable by 31st March.