Upto Rs.10 Crore – Canara Bank Business Loans

Canara Bank offers Business loans in the form of MSME loans. Many people want to start a business or, if they already have one, to expand and improve it. Everyone, whether SMEs or multinational corporations, will eventually require funds.

Banks such as onlinecanarabank offer Business loans specifically for this purpose. Canara’s online website provides net banking options for users.

Features and Benefits 

  • The loan amount ranges from Rs. 50,000 to Rs. 10 crores with a tenure of up to 7 years, with interest rates starting at 10.50% per annum. 
  • Loan Processing fee charges are 1% of the loan amount. 
  • Provide loans for purposes like Expanding business, purchasing equipment, purchasing plant&machinery, increasing working capital requirements, improving credit history, to manage cash flow for day-to-day cash requirements. 
  • A credit score of a company or individual is important to apply for a business loan. 
  • Canara Bank offers various repayment modes, i.e., EMI directly debit from your bank account. Electronic clearing service means you give the bank authority to debit the account from your bank account.
  • Also, accept post-dated cheques for loan repayment. 
  • To encourage women entrepreneurs, provide affordable and comparatively lower interest rates for women. 

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Loan Details

1Minimum Loan AmountRs. 50,000
2Maximum Loan AmountRs. 10 crores
3Interest Ratestarts at 10.50%
4Tenureup to 7 years
5Processing Fee1% of loan amount + Tax

Eligibility Criteria of Canara Bank 

  • Indian Citizen 
  • Self-employed individuals 
  • Private companies 
  • Proprietors
  • Partnership firms
  • In the business of Services, Trading, or Manufacturing 
  • Minimum business life 3 years 
  • The minimum age to apply is 21 years. 
  • Not older than 65 years at loan maturity time. 

Documents Required 

  • Aadhar card 
  • Passport 
  • Voter Id card 
  • PAN card 
  • Driving License 
  • Address proof (utility bill/any government-verified document/ ID card)
  • Bank statements for the past 6 months 
  • ITR with computation of Income. 
  • CA audited the balance sheet and Profit and loss account 
  • Documents related to your firm or company 
  • Business Proof, proof of continuation of business 

How to apply for business loans with Canara bank? 

There are two ways to apply, i.e., Online and Offline 


  • Visit the Canara Bank website. 
  • Click on Apply for loans 
  • Choose the type 
  • Fill in the required details 
  • Complete your KYC
  • Upload your documents 
  • Submit your application 
  • Bank will contact you further regarding your application.


  • You can visit the nearest Canara bank branch with all the required documents. Their professional assistants will help you to apply for a loan. 

Canara Bank savings account minimum balance

The following are the Canara bank savings account minimum balance and penalty.

Canara Savings Bank account minimum balance

  • Rural – Rs. 500
  • Semi Urban – Rs. 1000
  • Urban Metro – Rs. 2000

Canara Current Bank account minimum balance

  • Rural – Rs. 1000 + GST
  • Semi-Urban – Rs. 2000 + GST
  • Urban – Rs. 5000 + GST
  • Metro – Rs. 7500 + GST

Canara Bank Current Account Opening Steps

The following are the required documents for opening a current account

1] Registered Company Details

2] Address Proof

3] Minimum Deposit

  • Rural – Rs. 1000
  • Semi Urban – Rs. 2000
  • Urban – Rs. 5000
  • Metro – Rs. 7500

Canara HSBC guaranteed savings plan

Canara HSBC guaranteed savings plan is an insurance plus savings plan. The following are the benefits of opting for Canara HSBC

  1. Guaranteed Returns
  2. Life Insurance Benefits
  3. Flexible-Premium Payment options
  4. Tax Benefits

Canara Bank Contact Details 

Call – 1800 425 0018 / 1800 3011 3333

Email – hosbu@canarabank.com

Official Website – Canara Bank 


1] Do a collater required for a Canara bank business loan? 

Yes, collateral security is required 50% of the loan amount in the form of property, land securities, or bank deposits.

2] Do Canara Bank provide loans under Pradhan Mantri Mudra Yojana? 

Canara Bank provides loans under Pradhan Mantri Mudra Yojana(PMMY). To know more about PMMY “click here”

3] What is Canara Bank’s maximum loan amount for start-ups?

Canara Bank’s maximum loan amount for a start-up is Rs. 2 crores.

4] What are the different types of loans available?

Canara Bank provides three types of loans: term loans, working capital loans, and Pradhan Mantri Mudra Yojna loans (PMMY).

5] What are Canara Bank’s current interest rates?

The bank decides Canara Bank’s MSME loan interest rates as per the applicant’s profile and business requirements.

6] What is the minimum balance for the NRI account in Canara Bank?

Rs. 1 Lakh

7] Canara Bank Zero balance account charges?


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