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.
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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
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 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
Online
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.
Offline
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
