Canara Bank introduces retail loan scheme

Canara Bank, public sector lender has launched a retail loan scheme for salaried and non-salaried individuals for purchase of consumer durables. As per the scheme, the bank is offering loans up to rupees one lakh at 14.50% interest and repayable in 36 installments. It will hypothecate the durables purchased under the scheme as security and will not charge processing fees. The bank will not charge prepayment or hidden charges for loans.

On the consolidated basis, Canara Bank has reported a fall of 17.17% in its net profit to Rs 3341.69 crore for the full year ended March 31, 2012 as compared to a net profit of Rs 4034.19 crore in the previous fiscal. However, the consolidated total income during FY12 jumped 31.30% to Rs 33920.15 crore from Rs 25834.14 crore in FY'11.