Canara Bank offers Business loans in the form of MSME loans. Many people have the desire of starting a business or, if they already have one, of expanding and improving it. Everyone, whether they are SMEs or multinational corporations, will require funds at some point in their lives. Banks such as Canara Bank offer Business loans specifically for this purpose.
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Features and Benefits
The loan amount ranges from Rs. 50,000 to Rs. 10 crore with ternure up to 7 years with interest rates starting at 10.50% per annum.
Loan Prosessing fee charges are 1% of loan amount.
Provide loan for purpose like Expanding business, purchase equipments, purchase plant&machinery, to increase working capital requirement, improve credit history, to manage cash flow, for day-to-day cash requirements.
Credit score of company or individual is important to apply business loan.
Canara Bank offers you various repayment mode i.e, are EMI directly debit from your bank account, Electronic clearing service means you give 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 less interest rates for womens.
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Loan Details
SL.No
Requirements
Details
1
Minimum Loan Amount
Rs. 50,000
2
Maximum Loan Amount
Rs. 10 crores
3
Interest Rate
starts at 10.50%
4
Tenure
up to 7 years
5
Processing Fee
1% of loan amount + Tax
Eligibility Criteria of Canara Bank
Indian Citizen
Self employed individuals
Private companies
Proprietors
Partnership firms
In business of Services, Trading or Manufacturing
Minimum business life 3 years
Minimum age to apply 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 of past 6 months
ITR with computation of Income.
CA audited 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
Online
Visit Canara Bank website
Click on apply for loans
Choose the type
Fill the required details
Complete your KYC
Upload your documents
Submit your application
Bank will contact you further regarding your application.
Offline
You can visit the nearest branch of canara bank, with all the documents required. There professional assistants will help you to apply for the loan.
