Canara Bank took a significant step towards financial inclusion for women on April 3, 2024, by launching a compelling package of financial products. This initiative addresses two key areas: bridging the financial burden of healthcare and empowering women through tailored banking solutions.
Addressing the Healthcare Gap:
The centerpiece of this launch is the Canara Heal Loan. A 2023 study by the National Health Authority of India (NHA) revealed that out-of-pocket healthcare expenditures still account for over 60% of medical bills in the country. This highlights a significant gap between healthcare costs and insurance coverage. Canara Heal targets this gap, providing financial assistance to cover medical bills exceeding existing insurance limits. The loan is competitively priced, offering a floating interest rate of 11.55% and a fixed rate of 12.30% per annum, making it a viable option for individuals facing unexpected medical expenses.
Financial Empowerment Through Canara Angel Savings Account:
Recognizing the distinct financial needs of women, Canara Bank also introduced the Canara Angel Savings Account. According to a 2024 World Bank report, 77% of women in India lack access to formal financial products. This limited access can be a significant barrier to financial security and economic participation. The Canara Angel account goes beyond basic savings features, encompassing benefits specifically designed to empower women financially. Key features include:
- Cancer Care Policy: This integrated policy provides a safety net in case of a critical illness diagnosis, offering crucial financial support during a challenging time.
- Pre-approved Personal Loan (Canara ReadyCash): Canara Angel account holders can enjoy the convenience of pre-approved personal loans, streamlining the process of accessing additional funds when needed. This can be particularly helpful for unforeseen expenses or entrepreneurial endeavors.
- Online Loan Against Term Deposit (Canara MyMoney): This feature allows account holders to leverage their existing savings for further financial needs through a user-friendly online loan facility. This empowers women to make informed decisions about their finances and utilize their savings strategically.
Most importantly, opening a Canara Angel Savings Account is completely free, eliminating any initial financial barriers for women seeking to manage their finances effectively.
Canara Bank’s launch reflects a growing trend within the banking sector: acknowledging the specific needs of underserved demographics and tailoring financial products accordingly. The Canara Angel account, with its bundled features, empowers women to take charge of their financial well-being. It equips them with the tools for proactive financial planning, provides a safety net in case of medical emergencies, and fosters access to additional credit facilities. This initiative is a welcome step towards financial inclusion for women, enabling them to navigate healthcare costs with greater confidence and security, and participate more actively in the Indian economy.
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