Canara Bank's new loan scheme

Canara Bank has launched a retail loan for financing tax return preparers selected by the Ministry of Finance. The loan scheme, called Canara Guide, was introduced to provide self-employment opportunities to unemployed or partially employed graduates all over the country. Under the scheme, up to Rs 60,000 would be sanctioned at interest of one per cent below the benchmark prime lending rates of the bank, with a repayment period of 60 months. A margin of 15 per cent would have to be brought in by the borrowers. The preparers would also be entitled to a six-month repayment holiday