Canara Bank is giving loan up to Rs 10 lakh to start a business, know how to apply

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Canara Bank Mudra Loan Online Apply : Canara Bank is one of the largest banks providing financial and banking options which also provides Mudra Loans to Micro, Small and Medium Businesses. To avail this loan, it is necessary to have non-agricultural and non-corporate businesses which are established in the field of service, trade or production. Canara Bank Mudra Loan Can be taken for setting up a new business, expanding it and other business related work.

Let us tell you that Canara Bank Mudra Loan According to Maximum Rs 10 lakh A loan of Rs. 10,000 can be availed whose interest rate starts from only 9.85%. Its special thing is that no security is required for this loan and Canara Bank Mudra Loan can be taken for a maximum period of 7 years. Further we will tell you the interest rate, eligibility, required documents for Canara Bank Mudra Loan and how to get the loan? Will give complete information about this. Stay with us till the end for more information.

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Canara Bank Mudra Loan Interest Rate and Processing Fee

Interest Rate : Canara Bank Mudra Loan interest rate starts from 9.85% percent. Apart from this, interest rates are also charged according to the category, the details of which are as follows –

  • 9.60% on loans up to ₹50,000
  • 9.60% on loans from ₹50,000 to ₹2 lakh
  • 9.85% on term loan of Rs 50,000
  • 10.10% for term loans from ₹50,000 to ₹2 lakh
  • The interest rate on loans above ₹2 lakh will depend on the business profile.

Apart from the interest rate, processing fee is also charged on Canara Bank Mudra Loan which can be up to 1% of the loan amount. If you take a loan up to Rs 5 lakh, no processing fee will be charged on it, but for loans more than Rs 5 lakh, the processing fee starts from Rs 500.

Eligibility For Canara Bank Mudra Loan

If you want to take a loan under Canara Bank Mudra Loan Scheme, then you will be required to follow the following conditions –

  • Canara Bank Mudra Loan Scheme To apply under this, the applicant must have a good relationship with the bank for the last 2 years.
  • It is necessary that the person's business is running well for the last 2 years.
  • To apply for a loan, the age of the applicant should be between 18 years to 65 years.
  • Individuals, proprietors, partners and self-help groups can apply for this loan.
  • Private Limited Companies, Hindu Undivided Families and Trusts cannot apply under this scheme and high risk businesses will also not get the benefit of this scheme.

Types of Canara Bank Mudra Loan

Before applying for Canara Bank Mudra Loan, let us tell you for your information that Canara Bank provides three types of Mudra Loan, the details of which are given below –

#Shishu Mudra Loan: Shishu loan can be taken for those businesses which are in their initial stages or those who want to set up a new business. Under this, a maximum loan of ₹ 50,000 can be taken.

#Kishore Mudra Loan: Individuals who have started their business and now want to take a loan to expand it further can take Kishore Mudra loan. Under this option, a loan can be taken from ₹ 50,000 to a maximum of ₹ 5 lakh.

#Tarun Mudra Loan: This loan can be taken for business expenses and you can take a maximum loan of Rs 5 lakh to Rs 10 lakh from here.

Documents Required for Canara Bank Mudra Loan

If you are eligible for Canara Bank Mudra Loan Scheme and want to apply for a loan, then you will also need some documents for this which are as follows –

  • Identity proof such as Aadhar Card, PAN Card, Driving License, Passport.
  • Address proof
  • passport size photo
  • caste certificate
  • 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
  • Information about assets and liabilities etc.

Prime Minister Mudra Loan Scheme

Central Bank Personal Loan Scheme

phone pay loan

How to Apply for Canara Bank Mudra Loan

If you want to start your new business or want to expand your business further, then you can apply for it under Canara Bank Mudra Loan.

  • To apply, first of all you have to visit your nearest Canara Bank.
  • After this, you have to get information about Mudra Loan from the employees there and also get the application form for Canara Bank Mudra Loan.
  • Now you have to fill all the information asked in the application form.
  • You will also be asked for some necessary documents which you will have to attach with the application form.
  • After doing this, you have to go to the bank employees and submit the application form.
  • After this your application and documents will be scrutinized.
  • Then if everything goes well, your loan will be approved.
  • As soon as your loan is approved, the loan amount will be transferred to your bank account.
Categories Loans

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