Canara Bank Mudra Loan 2024: is offering Mudra Loans of up to Rs 10 lakh to support the growth of micro, small and medium enterprises (MSMEs). These loans are available for non-agricultural, non-corporate businesses in the service, trade, or manufacturing sectors. Whether you are starting a new business or expanding an existing one, Canara Bank Mudra Loans provide a viable financial solution.
Canara Bank is a leading institution providing various financial services including Mudra Loans for MSMEs. These loans are designed to support businesses involved in services, trade or manufacturing. Rs. With a maximum loan amount of 10 lakhs, Mudra loans can be used for setting up new businesses, expanding existing businesses or for other business-related purposes.
Canara Bank Mudra Loan Higlighat
Loan Amount: 10 lakhs plus interest
Interest Rate: Starting at 9.85%
Then: Up to 7 years
Security: No Collateral Required
Canara Bank Mudra Loan Eligibility Criteria If Yes
To be eligible for the Canara Bank Mudra Loan, you must meet the following conditions:
- Relationship with Bank: Good standing with Canara Bank for atleast two years.
- Business Operation: Business must be operational for the last 2 years.
- Age: Applicant must be between 18 and 65 years of age.
- Entities Eligible: Individuals, proprietors, partners, and self-help groups.
- Entities not eligible: Private limited companies, Hindu undivided families, trusts and high-risk businesses.
Canara Bank Mudra Loan Interest Rates
Interest Rates for Canara Bank Mudra Loans Re Us Follows:
- Upto ₹ 50,000: 9.60%
- ₹ 50,000 to ₹ 2 lakh: 9.60%
- Term Loan ₹50,000: 9.85%
- Term Loan ₹ 50,000 to ₹ 2 lakh: 10.10%
- Above ₹2 lakh: Based on the business profile
Canara Bank Mudra Loans Tips of Mudra Loans
- Shishu Mudra Loan: For businesses in their initial stages or for setting up new business. Maximum loan: ₹50,000.
- Kishore Mudra Loan: For expanding existing businesses. Loan range: ₹ 50,000 to ₹ 5 lakh.
- Tarun Mudra Loan : For further business expansion and expenses. Loan range: ₹5 lakh to ₹10 lakh.
How to Canara Bank Mudra Loan Documents Required?
- Proof of Identity: Aadhar Card, PAN Card, Driving License, Passport
- Address Proof
- Passport Size Photograph
- Caste Certificate (If Applicable)
- Business Address Proof
- Bank Statement of Last 6 Months
- Bills for Equipment Purchased
- Transactions of the Current Financial Year
- Balance Sheet
- Income tax return
- Partnership Deed and Memorandum (If Applicable)
- Information on Assets and Liabilities
Canara Bank Mudra Loan Processing Fee
Up to Interest 5 Lakhs: No Processing Fee
Interest above 5 lakhs: Starting from interest 500, up to 1% of the loan amount
How to Apply for Canara Bank Mudra Loan
- Visit Canara Bank: Go to the nearest Canara Bank branch.
- Get Information: Inquire about Mudra Loans and obtain the application form.
- Fill the form: Complete the application form with all the necessary details.
- Attach Documents: Attach the required documents to the application form.
- Submit Application: Submit the completed form and documents to the bank staff.
- Verification: The bank will review your application and documents.
- Approval: Upon approval, the loan amount will be credited to your bank account.
Canara Bank Mudra Loans Main Links
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