With an aim of increasing its retail business, the Bangalore based public sector lender-Canara Bank has introduced a new retail loan scheme, which provides loan for purchase of consumer durables like LED Flat screen TV, Furniture and other electric appliances and articles which most customer aspires.

Customers can avail loans up to Rs one lakh at an interest rate of 14.50%. The loan can be paid in 36 installments, said by Canara Bank in a statement.

The concession of no processing fees on the loan is also provided to the customer under this scheme. And there wont be any hidden and prepayment charges, confirmed by the bank.