Canara Bank Mudra Loan - Check Interest, Eligibility Criteria & How to Apply

Canara Bank is an Indian public sector bank under the control and ownership of the Ministry of Finance, Government of India. Established in 1906, Canara Bank is one of India’s oldest and most trusted public sector banks in India. 

Canara Bank offers a number of financial services and products such as savings accounts, home loans, loans against property, education loans, FDs, credit cards, etc. 

Under the Pradhan Mantri Mudra Yojana (PMMY), Canara Bank offers the Canara Bank Mudra and Canara Bank e-Mudra schemes. These schemes are aimed at boosting the growth of small and medium enterprises, startups and micro entrepreneurs. 

The PMMY is a scheme initiated by the government of India to provide credit facilities to non-corporate and/or non-farm MSMEs with loans of up to ₹10 Lakh. Under this scheme, trading, manufacturing and other services are offered loans at lower rates of interest.

Canara Bank Mudra Loan Highlights

Here are some of the key highlights of the Canara Bank Mudra loan. 

Here are some of the features of the Canara Bank Mudra loan schemes: 

• Applicants should be seeking a loan to start a new business or to expand existing business. 

• The Canara Bank Mudra loan is aimed at providing a short term, hassle free credit facility for micro units to tackle liquidity issues.

• The loan amount offered by Canara Bank Mudra loan facility ranges between ₹10,000 to ₹10 Lakhs. 

• Applicants between the ages of 25 and 55 are eligible to apply for the Canara Bank Mudra loans. 

• Applicants must be Udyam registered individual and proprietary firms.

• Proprietors applying for this loan scheme must be between the ages of 25 and  55.

• Applicants must have a satisfactory credit history. 

Here are the documents required to apply for a Canara Bank Mudra loan: 

• Aadhar card

• PAN card

• Udyam Registration Certificate

• Bank Statement

1. SHISHU Loan

The maximum loan amount that can be availed under this loan scheme ₹50,000. This loan scheme is ideal for anyone looking to start a new business as it requires minimal documentation and can be availed online.

2. KISHOR Loan

The maximum loan amount that can be availed under this loan scheme ₹5,00,000. This loan scheme is ideal for anyone looking to expand their business or fund their working capital needs. 

3. TARUN Loan

Under this scheme, you can avail a loan of up to ₹10 Lakhs, which can help you fund the the growth of your business and take your business to new and exciting heights. 

You can apply for a Canara Bank Mudra loan online (only for SHISHU category loans) or you may visit your nearest Canara Bank branch and get in touch with a representative from the bank. 

Here’s how you can contact the Canara Bank customer service in case of any queries. 

• Toll free number(s):

1. 1800 425 0018

2. 1800 103 0018

3. 1800 208 3333

4. 1800 3011 3333

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