Canara Bank Mudra Loan 2024: Get Up to Rs 10 Lakh for Your Business – How to Apply

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 to non-agricultural, non-corporate businesses in the service, trade, or manufacturing sectors. Whether you’re starting a new business or expanding an existing one, Canara Bank Mudra Loans provide a viable financial solution.

Canara Bank Mudra Loan

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 production. With a maximum loan amount of Rs 10 lakh, Mudra Loans can be used for establishing new businesses, expanding existing ones, or other business-related purposes.

Canara Bank Mudra Loan Highlight

Loan Amount:Up to Rs 10 lakh
Interest Rate:Starting at 9.85%
Tenure:Up to 7 years
Security:No collateral required

Canara Bank Mudra Loan Interest Rates

Interest rates for Canara Bank Mudra Loans are as follows:

  • Up to ₹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 business profile

Canara Bank Mudra Loan Processing Fees

  • Up to Rs 5 lakh: No processing fee
  • Above Rs 5 lakh: Starting from Rs 500, up to 1% of the loan amount

How To Canara Bank Mudra Loan Eligibility Criteria

To be eligible for the Canara Bank Mudra Loan Scheme, you must meet the following conditions:

  • Relationship with Bank: Good standing with Canara Bank for at least 2 years.
  • Business Operation: Business must be operational for the last 2 years.
  • Age: Applicant must be between 18 and 65 years old.
  • 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 Types of Mudra Loans

  1. Shishu Mudra Loan: For businesses in their initial stages or for setting up new businesses. Maximum loan: ₹50,000.
  2. Kishore Mudra Loan: For expanding existing businesses. Loan range: ₹50,000 to ₹5 lakh.
  3. Tarun Mudra Loan: For further business expansion and expenses. Loan range: ₹5 lakh to ₹10 lakh.

How To Canara Bank Mudra Loan Required Documents ?

  • Identity Proof: 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

How to Apply Canara Bank Mudra Loan

  1. Visit Canara Bank: Go to the nearest Canara Bank branch.
  2. Get Information: Inquire about Mudra Loans and obtain the application form.
  3. Fill the Form: Complete the application form with all necessary details.
  4. Attach Documents: Attach the required documents to the application form.
  5. Submit Application: Submit the completed form and documents to the bank staff.
  6. Verification: The bank will review your application and documents.
  7. Approval: Upon approval, the loan amount will be credited to your bank account.

Canara Bank Mudra Loan Main Links

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