Canara Bank has launched a slew of new products, including a loan scheme to meet shortfall of hospital expenditure.

A healthcare-focused loan product, named Canara Heal, is aimed at meeting the shortfall of hospitalisation expenditure while settling through TPA healthcare insurance claims of self and/or dependents.

The Bengaluru-based bank also launched a customised savings account for women, named Canara Angel, with features such as cancer care policy, pre-approved personal loan Canara ReadyCash and online loan against term deposit product Canara MyMoney.

The state-owned bank exchanged Memorandums of Understanding (MoUs) with both MediAssist Healthcare Services and Bajaj Allianz General Insurance Company at the launch event. This marks a “significant step towards enhancing healthcare accessibility and affordability for its customers through its Canara Heal product”, it said.

The loan for meeting hospital expenses will be available at 11.55% per annum on a floating basis and 12.30% at fixed interest rate basis.

The healthcare loan facility is available for customers whose treatment bill exceeds the insurance limit.

It is free of cost for women at the time of opening a savings account, the bank said, adding that existing women customers can upgrade their accounts to avail these features.

The bank also unveiled 'Canara UPI 123PAY ASI', a user-friendly payment interface, and 'Canara HRMS Mobile App for Staff', an HR management solution for the bank's employees.

Canara Bank becomes the first bank to offer seamless doorstep digital services to self-help groups (SHGs) in collaboration with Reserve Bank Innovation Hub, it claimed.

Digital SHG will help the customers to get instant digital credit in their accounts, it said.