THE CANARA BANK OFFICERS'

 ASSOCIATION (REGD)

( Affiliated to AIBOC )

 

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C A N A R A    B A N K

CREDIT POLICY SECTION

RISK MANAGEMENT WING

HEAD OFFICE : BANGALORE 2

INDEX      : ADVANCES : 90

CIR. No.    : 205/2005

DATE         : 06.08.2005

                       A FEZ

 

 

 

 

 

SUB: CAR LOAN SCHEME TO WORKMEN  & OFFICER EMPLOYEES OF OUR BANK  

-REDUCTION IN RATE OF INTEREST                

               

                                                       *****  

 

Attention of branches/offices is invited to HO. Cir. No. 175/2003 dated 07.08.2003, for detailed guidelines on Car Loan to employees of our Bank.

 

We are pleased to inform that the rate of interest on Car Loan to employees of our Bank (both Workmen & Officer employees)  is reduced from 11.50% to 9.50% p.a. (corresponding adjusted rate 9.40% at monthly rests).

 

The revised interest rate of 9.50% p.a. is applicable to all the existing as well as fresh Car loan accounts  w.e.f.  01.07.2005

 

All confirmed Workmen employees drawing basic pay of Rs. 7470/- (old basic pay Rs.5060/-) and above per month as per VIII Bipartite settlement and all Officer employees who are confirmed in the services of the Bank  are eligible for the subject loan.

 

All other guidelines of the subject scheme remain unchanged.