About Canara Bank Tanzania Limited
Canara Bank (Tanzania) Limited is wholly owned subsidiary of Canara Bank India, a leading public sector Bank of India. Bank commenced its operations in Dar Es Salaam on 09th May, 2016 with paid up capital of TZS 32 Billion as against local regulatory requirement of TZS 15 Billion. We have booked profits in the first and second year of operations in Tanzania.
We are offering all the basic banking services which includes Saving Account, Current Account, Fixed Deposit Account, Recurring Deposit Account, Loans and Overdrafts for various needs, Remittances within and outside Tanzania, Locker Services, Mobile App etc.
ABOUT SHAREHOLDER
Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. The bank has offices abroad in London, Hong Kong, Moscow, Shanghai, Doha, Dubai, Tanzania and New York, besides various representative offices, subsidiary / joint ventures etc.
Canara Bank happens to be the one of the world class banks to emerge out of India. The bank would like to strengthen the Indo-Tanzanian bilateral relations with an array of banking services and products to the general public and Corporate Clientele of Tanzania.
VISION
To emerge as a Preferred Bank by pursuing global benchmarks in profitability, operational efficiency, asset quality, risk management and expanding the global reach. To provide best banking services to the society, Canara Bank(T) Ltd intends; To ensure expansion of branch network and to deliver bank services at the doorsteps of the customers.
MISSION
To provide quality banking services with good customer care, create value for all stakeholders and continue as a responsive corporate social citizen.
Canara Bank Tanzania Limited Loan
Canara Bank Tanzania Limited lends property and cash loans at the rate you need, there are loans for entrepreneurs and small business owners who need to grow their businesses and capital according to their income. Canara Bank Tanzania Limited gives you the opportunity for a businessman & entrepreneur to borrow the amount of money you need. they also offer property and cash loans to government employees and companies click here so you can check the methods and criteria for getting a loan.
HOUSING LOAN
PURPOSE:
- For construction of New Dwelling Unit.
- For acquisition of New Dwelling Unit.
- For financing purchase of old dwelling unit not more than 15 years provided the flat/house is structurally strong.
- For repair/renovations/extension of the existing house.
- For repayment of the loan already availed from any other institutions.
LOAN AMOUNT:
Maximum Tsh. 500 Mn. or equivalent in foreign currency
CEILING ON LOAN AMOUNT:
Loan amount depends on an adequate monthly net disposable income.
MARGIN:
20% for construction/acquisition of dwelling unit (including cost of land).
25% for repair/renovation/extension of existing dwelling unit.
30% for purchase of old dwelling unit.
35% for purchase of plot only.
RATE OF INTEREST:
As Applicable
SECURITY:
- Legal mortgage of the property.
- Personal guarantee of one or more persons with an aggregate net worth twice the loan amount.
REPAYMENT SCHEDULE:
- The maximum repayment period is 15 years (including moratorium)
- In exceptional/deserving cases up to 20 years (including moratorium)
- Repayment facility available under Equated Monthly Installments (EMI)
MORATORIUM:
Reckoned 18 months from the date of first disbursement or completion of construction whichever is earlier.
PROCESSING CHARGE:
As per card rate.
VEHICLE LOAN
PURPOSE
- For purchase of a new vehicle.
- For purchase of 2nd hand vehicle not more than 5 years old.
LOAN AMOUNT:
- 80% of the Vehicle Cost in case of New Vehicle
- 60% of the Vehicle Cost in case of Old Vehicle
CEILING ON LOAN AMOUNT:
Loan amount depends on an adequate monthly net disposable income.
RATE OF INTEREST:
As Applicable
SECURITY:
- Chattel mortgage of the vehicle to be purchased.
- Personal guarantee of one or more persons with an aggregate net worth twice the loan amount.
REPAYMENT SCHEDULE:
- The maximum repayment period is 36 months
- Repayment facility available under Equated Monthly Installments (EMI)
MORATORIUM:
NIL
PROCESSING CHARGE:
As per card rate.
PERSONAL LOAN
PURPOSE:
For purchase of new consumer goods / to meet personal needs like purchase of cars, two wheelers, computers, furniture, music systems, television, VCR, refrigerator, washing machine, cooking system, air-conditioners, Repair of house and completion of house or any other personal requirement.
LOAN AMOUNT:
A minimum of Tsh 1.0 Mn. and a maximum of Tsh 25.00 Mn
CEILING ON LOAN AMOUNT:
Loan amount depends on an adequate monthly net disposable income.
RATE OF INTEREST:
As Applicable
SECURITY:
- Irrevocable letter of undertaking from the employer to deduct monthly installments from the salary of the applicant and to remit the same to the Bank for crediting his account along with attachment of Terminal benefits of employees for recovery of bank’s dues in the event of the borrower (employee) leaving job or being retrenched before liquidating his / her loan account to be obtained.
- Chattel mortgage of vehicle if available.
- Personal guarantee of one or more persons acceptable to the Bank if necessary.
- Legal mortgage of property of the borrower or third party if necessary.
- In absence of Mortgage and Chattel Mortgage, clean loan can be considered.
REPAYMENT SCHEDULE:
- The maximum repayment period is 36 months
- Repayment facility available under Equated Monthly Installments (EMI)
MORATORIUM:
NIL
PROCESSING CHARGE:
As per card rate.
INSURANCE PREMIUM FUNDING
PURPOSE:
For funding of Insurance Premium subject to ensuring proper KYC compliance.
ELIGIBILTY:
All local legal entities (Corporates / Individuals) who are complying with Bank norms, KYC etc
QUANTUM:
80% of the Annual Insurance Premium (Maximum)
MARGIN:
20% (Minimum)
RATE OF INTEREST:
As Applicable
REPAYMENT:
- The loan is to be repaid in EMIs within 10 months. Repayment to start One month after the first disbursement / date of issue of policy whichever is earlier.
- PDCs for EMIs have necessarily to be presented to bank.
SECURITY:
Tripartite Agreement entered in to between Borrower, Insurance Company and Bank
PROCESSING CHARGES:
NIL
Canara Bank Tanzania Limited Address, Location and Contact Details
Canara Bank Tanzania Ltd.
- Plot No. 16/1, Elia Complex
- Zanaki – Bibi Titi Street , P B No. 491
- Dar Es Salaam, TANZANIA
- Email: cbtl@canarabank.co.tz
- Tel: +255 – 22 2112530
- Website: www.canarabank.co.tz
Job Vacancies, career and Internships at Canara Bank Tanzania Limited
NMB uses creative recruitment practices that ensure all applicants are carefully evaluated. Canara Bank Tanzania Limited Job vacancies are normally advertised through the Official Canara Bank Tanzania Limited Tanzania career website page which can be accessed through this link – http://canarabank.co.tz/careers/
Find and apply for jobs advertised by Canara Bank Tanzania Limited by browsing the links listed below:
Canara Bank Tanzania Limited useful links
- Canara Bank Tanzania Limited website: https://canarabank.co.tz/
- Canara Bank Tanzania Limited job vacancies – careers page: http://canarabank.co.tz/careers/
- Canara Bank Tanzania Limited Loan: https://canarabank.co.tz/product-category/loans-and-advances/
