Canara Bank Mudra Loan

Learn More about Canara Bank Mudra Loan, How to Apply, Eligibility, Documents Required, Eligibility Criteria.

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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.

Canara Bank Mudra Loan Highlights

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

Credit Nature	Working capital Term loan
Purpose	Capital for start-ups Modernisation and/or expansion purchase of now machinery and equipment To provide short term, hassle free credit facility for micro units to manage liquidity crunch in their business operations.
Eligible Borrowers	Entrepreneurs and business owners looking to set up a new venture or expand/modernise their existing venture(s) Udyam registered individual and proprietary firms proprietor must be between ages of 25 and 55 Proprietor must have satisfactory credit history as per bank policy
Maximum Loan Amount	Up to ₹10 lakh, in accordance with the loan category; SHISHU - Loans of up to ₹50,000 KISHORE - Loans starting from ₹50,001 to ₹500,000 TARUN - Loans starting from ₹500,001 to ₹10,00,000
Repayment Tenure	12 months to 5 years
Processing Fee	There are no processing fees for loans under the SHISHU and KISHORE categories 0.5% of the loan amount for TARUN loans
Margin	As per bank guidelines.
Interest rates	Concessional Interest Rate (floating) linked to benchmark lending rate (RLLR): ROI – RLLR + 1.40%

Canara Bank Mudra Loan Features

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.

Canara Bank Mudra Loan Interest Rates

Loan Categories	Interest Rates
SHISHU	Concessional Interest Rate (floating) linked to benchmark lending rate (RLLR): ROI – RLLR + 1.40%
KISHORE
TARUN

Canara Bank Mudra Loan Eligibility Criteria

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.

Documents Required for Canara Bank Mudra Loan

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

Aadhar card
PAN card
Udyam Registration Certificate
Bank Statement

How to Apply for Canara Bank Mudra Loan

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.

Canara Bank Customer Care

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

Toll free number(s):

1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333

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Who can apply for Canara Bank Mudra Loan?

Proprietors or people who already own a business that they’re looking to grow or expand can apply for the Canara Bank Mudra loan. Alternatively, people that are looking to start a business can also apply for the Canara Bank Mudra loan.