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Opting for a Canara Bank Business Loan helps ensure that your business has enough funds to manage day-to-day operations. You can use the funding for a host of expenses, such as:

  • Payroll expenses 

  • Purchasing or updating equipment 

  • Paying rent of office space or warehouse 

  • Paying utility bills 

  • Purchasing raw materials

Canara Bank Business Loan Features & Benefits

Check out the features and benefits of the Canara Bank Business Loan:

High Loan Amount

You can get a loan of up to ₹10 Crores to meet your business' financial needs efficiently.

Flexible Repayment Tenure

With Canara Bank Business Loans, you can enjoy a repayment tenure of up to 7 years.

Streamlined Application

The bank allows you to apply for a business loan online and offline based on your convenience.

Suitable for Various Business Needs

You can use the funds to meet various financial needs of your business, including payroll, purchasing raw materials, paying utility bills, etc.

Canara Bank Business Loan Eligibility

Here are the eligibility criteria you need to meet to get a business loan from Canara Bank:

  • You should be an Indian citizen

  • You should be between the age of 21 and 65 years

  • Minimum business vintage of 3 years is required

  • You must be a self-employed applicant

Canara Bank Business Loan EMI Calculator

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How to Apply for a Canara Bank Business Loan

Here are the steps you need to follow to apply for a Canara Bank Business Loan:

  • Step 1:

    Go to the official website of Canara Bank and go to ‘Download Centre’

  • Step 2:

    Download the relevant application form

  • Step 3:

    Fill out the application form with the necessary details

  • Step 4:

    Go to your nearest Canara Bank branch to submit the form and required documents

  • Step 5:

    Once you submit the application, the bank representative will assess it, verify your documents and guide you regarding the next steps.

How to Apply for a Canara Bank Business Loan

Documents Required for a Canara Bank Business Loan

Since Canara Bank offers several types of business loans, the documentation requirement depends on the type of loan you apply for. However, there are some general documents that you need to submit. These are:

  • Identity Proof: PAN card/driving licence/passport/voter ID

  • Address Proof: Rental agreement/utility bills

  • Financial Documents: Bank statement, ITR filings, Balance sheet and Profit & Loss account for the last 3 years

  • Business licences and permissions

  • Business proof based on the type of entity (proprietor, company, partnership, etc.)

  • Details of collateral and guarantor, if any

Types of Business Loans Offered by Canara Bank

Here are the various types of business loans that Canara Bank offers:

  • Term Loan

Banks offer term loans to industrial and non-industrial lenders for businesses involved in manufacturing, processing, trading, etc.

  • Working Capital Finance

This loan helps cover the day-to-day financial needs of businesses, such as payroll, purchasing raw materials, paying sundry debtors, etc. 

  • Export Finance

Canara Bank also provides export financing, which are short-term loans for businesses dealing with the export of goods. This loan helps businesses store and transport goods and clear invoices.

  • Infrastructure Finance

Infrastructure financing by Canara Bank are long-term loans with higher amounts. They help finance various types of construction and infrastructure projects.

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DISCLAIMER

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs on the Canara Bank Business Loan

What is the maximum business loan amount that Canara Bank offers?

Canara Bank provides business loans of up to ₹10 Crores. However, this depends on the type of loan for which you apply and the credit profile of the business.

How to check Canara Bank Business Loan application status?

You can check the status of your business loan application with Canara Bank by contacting their customer care at 1800 1030.

Does Canara Bank offer business loans to micro, small, and medium enterprises?

Yes, the bank offers several different types of MSME loans to meet various requirements of the enterprises.

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