Canara Bank Business Loan

• Type of Business: The business type or whether the business comes under Proprietorship, Partnership, Private Limited or Public Limited plays a major role in determining the interest rate.

• Time in Business: If you have significant business experience, you can avail the business loan at very low interest rates. Minimum business existence of 3 years will help you avail a Canara Business Loan easily.

• Revenue: If you have a higher monthly revenue, you can avail the business loan at very low-interest rates. Loans are provided to entities whose annual turnover is found satisfactory by the bank.

• Credit Score: To get a loan from Canara Bank, you should have a good credit score. The higher the credit score of the company, the higher the chances of getting a Canara Business Loan at the lowest interest rates.

 1. Term Loan

The term loan is offered for land, building, vehicles or machinery purchase. Working capital finance is one of the elements of the term loans, and they are offered to industrial and non-industrial lenders. It is used for activities that they carry under manufacturing, processing, or repairing any part of their function of the organisation.

2. Working Capital Finance

Working Capital Finance can be used to help in the present functioning of the firm, like crediting the employees’ salary, adding to the raw material etc. Depending on the purpose for which the loan amount is used, the security that the bank needs for the amount being lent varies.

3. Pradhan Mantri Mudra Yojana (PMMY)

To help the MSMEs to grow in producing, trading and in the service sectors, the PMMY Yojana is developed. The loan amount offered under this is a minimum of Rs. 50,000 and a maximum of Rs. 10 lakh.

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