Development of new businesses play a major role in the economic growth of a country. A business loan can make your business dreams a reality. Of the many business loan options in the market, Canara Bank Business Loans is one that is easily accessible and affordable. Business loans offered by the Canara Bank are in the form of MSME loans. It is offered to both individuals and enterprises. Canara Bank Business Loans can cater to your diverse needs, including expanding to new markets, buying new equipment, upgrading existing facilities, or meeting the requirements of your working capital. Both self-employed individuals and enterprises can avail Canara Bank Business Loans.
The loan sanctioned can be used for purposes like working capital requirement and capital expenditure.
You can avail up to Rs. 10 Crores as Canara Bank Business Loan depending on the loan type.
Loan tenures ranging from 1 year to 7 years can be opted for the Canara Business Loans.
Canara Bank charges very low processing fee for business loans compared to other banks. Upto 1% of the loan amount can be charged as the processing fees.
You need to fulfil the Canara Business Loan eligibility criteria to avail a business loan. Take a look at the eligibility criteria here.
Nationality |
Indian citizen |
Age |
|
Profession |
|
Business Stability |
A minimum business track record of 3 years. |
Canara Bank Business Loan interest rates under the category of MSME loans depend on the applicant’s business requirements and profile. It varies from person to person and depends on different factors. Take a look at the comparison of business loan interest rates offered by various banks.
Bank |
Business Loan Interest Rate |
Canara Bank |
10.50% onwards |
Kotak Mahindra Bank |
14% onwards |
HDFC Bank |
16% onwards |
Axis Bank |
17% onwards |
ICICI Bank |
18% onwards |
IDFC First Bank |
20% onwards |
**Disclaimer: Interest rates and charges are subject to market conditions and banks' discretion.
A Canara Bank Business Loan EMI Calculator helps you calculate the monthly Canara Business Loan EMI. You can use any of the Business Loan EMI Calculators available online. Enter the principal amount of the business loan, interest rate and the tenure of your loan in the online calculator and click on ‘Calculate’. Your monthly EMI will be calculated and displayed. Along with this, you can also analyse the total amount you have to pay, including the principal amount and interest. It is always advisable to calculate your EMI and compare it with different loan schemes. This will help you choose the best one.
You can apply for a Canara Business Loan both online and offline. For all offline procedures, you have to visit the nearest Canara Bank branch. For online procedures, follow the below-mentioned steps.
Visit the Canara Bank Official website.
From the menu bar, click on ‘FORMS AND APPLICATIONS’.
A drop-down menu appears and from that, click on ‘APPLICATION FORMS TO LOANS FOR MSMEs’.
Download the form and fill it carefully.
Keep the relevant documents handy.
Visit your nearest Canara Bank and submit the physical copy of your application form and the rest of the documents to the bank staff.
The bank staff will verify and check the documents and help you understand and complete the whole business loan process.
Here is the list of documents required to apply for Canara Bank Business Loan.
PAN Card
Identity Proof - Driving Licence/PAN Card/Passport/ Voter ID
Address Proof - Telephone/Water/Gas/Electricity Bills/Rental agreement
Bank statement of the previous 6 months
Proof of continuation -Trade Licence/Establishment/ITR/Sales Tax Certificate
Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
Other Mandatory Documents - Sole Prop. Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director), Board resolution (Original)
The Canara Bank Business loan interest rate currently ranges between 10.50% to 18%.
Canara Bank offers three categories of business loans. They are term loans, working capital finance and Pradhan Mantri Mudra Yojana (PMMY).
A maximum loan amount of Rs. 2 crores is offered by Canara Bank for Start-ups.
You can check your Canara Bank Business Loan status by reaching out to their customer care at 1800-425-0018.
You can use a Canara Bank Business Loan EMI Calculator to calculate the interest and monthly Canara Business Loan EMI.
A type of business loan through which individuals, MSME, SMEs, and Startups can avail the required capital to begin or maintain a venture is called MSME loan. Canara Bank offers various MSME loans for starting new enterprises.
The loan facilities available in Canara Bank of Micro, Small and Medium Enterprises are term loans, working capital finance and Pradhan Mantri Mudra Yojana (PMMY).