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.
Here are some of the key highlights of the Canara Bank Mudra loan.
Credit Nature |
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Purpose |
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Eligible Borrowers |
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Maximum Loan Amount |
Up to ₹10 lakh, in accordance with the loan category;
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Repayment Tenure |
12 months to 5 years |
Processing Fee |
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Margin |
As per bank guidelines. |
Interest rates |
Concessional Interest Rate (floating) linked to benchmark lending rate (RLLR):
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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:
Udyam Registration Certificate
Bank Statement
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.
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.
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):
1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333
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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.
You can check your application status by calling this number 1800-425-0018. Alternatively, you may also visit your Canara Bank branch.
The repayment tenure for the Canara Bank Mudra loan can range from 12 months to 5 years.
All Mudra & PMJDY loans sanctioned since 8th April 2015 will be covered under the guarantee scheme.
When you apply for the KISHOR or TARUN loans, you might have to furnish business documents including your balance sheet.
Yes, ITR is a necessary document to apply for a Mudra Loan.