Canara Bank Mudra Loan Online Apply : Canara Bank is one of the largest banks providing financial and banking options which also offers Mudra loans to micro, small and medium businesses. To avail this loan, the business must be non-agricultural and non-corporate which is established in the field of service, trade or production. Canara Bank Mudra Loan It can be taken for setting up a new business, expanding it and other business related work.
We will tell you that Canara Bank Mudra Loan According to Maximum Rs 10 lakh A loan of Rs. 10,000 can be availed at an interest rate starting from just 9.85%. The special thing about this is that no security is required for this loan and Canara Bank Mudra Loan can be taken for a maximum period of 7 years. Next, we will give you complete information about the interest rate, eligibility, necessary documents and how to get the loan for Canara Bank Mudra Loan. Stay with us till the end for more information.
Canara Bank Mudra Loan Interest Rate and Processing Fee
Interest Rate : The interest rate of Canara Bank Mudra Loan starts from 9.85%. Apart from this, interest rates are also charged according to the category, the details of which are as follows –
- 9.60% on loans up to ₹50,000
- 9.60% on loans from ₹50,000 to ₹2 lakh
- 9.85% on term loan of Rs.50,000
- 10.10% for term loans from ₹50,000 to ₹2 lakh
- The interest rate charged on loan amount above ₹2 lakh will depend on the business profile.
Apart from the interest rate, a processing fee is also charged on Canara Bank Mudra Loan which can be up to 1% of the loan amount. If you take a loan up to Rs 5 lakh, then no processing fee will be charged on it, but for loans above Rs 5 lakh, the processing fee starts from ₹500.
Eligibility For Canara Bank Mudra Loan
If you want to take a loan under Canara Bank Mudra Loan Scheme, then you will have to follow the following conditions for this –
- Canara Bank Mudra Loan Scheme To apply under this, the applicant must have a good relationship with the bank for the last 2 years.
- It is necessary that the person’s business should be running well for the last 2 years.
- To apply for the loan, the age of the applicant should be between 18 years to 65 years.
- Individuals, proprietors, partnerships and self-help groups can apply for this loan.
- Private Limited Companies, Hindu Undivided Families and Trusts cannot apply under this scheme and high risk businesses will also not get the benefit of this scheme.
Types Of Canara Bank Mudra Loan
Before applying for Canara Bank Mudra Loan, let us tell you for your information that Canara Bank provides three types of Mudra Loans, the details of which are given below –
#Shishu Mudra Loan: Shishu loan can be taken for those businesses which are in their initial stage or for those who want to set up a new business. A maximum loan of ₹50,000 can be taken under this.
#Kishore Mudra Loan: Individuals who have started their business and now want to take a loan to expand it can take Kishor Mudra loan. Under this option, a loan of ₹50,000 to a maximum of ₹5 lakh can be taken.
#Tarun Mudra Loan: This loan can be taken for business expenses and you can avail a maximum loan of Rs 5 lakh to Rs 10 lakh from here.
Documents Required for Canara Bank Mudra Loan
If you are eligible for Canara Bank Mudra Loan Scheme and want to apply for a loan, then you will also need some documents for this which are as follows –
- Identity Proof such as Aadhar Card, PAN Card, Driving License, Passport.
- Address proof
- Passport size photo
- caste certificate
- Business Address Proof
- Bank statement for last 6 months
- Bills for equipment to be purchased
- Transactions of the current financial year
- balance sheet
- income tax return
- Partnership Deed and Memorandum
- Information about assets and liabilities etc.
Prime Minister’s Mudra Loan Scheme
Central Bank Personal Loan Scheme
phone pe loan
How to Apply for Canara Bank Mudra Loan
If you want to start a new business or want to expand your business, you can apply for it under Canara Bank Mudra Loan.
- To apply, first of all you have to visit your nearest Canara Bank.
- After this, you have to get information about Mudra Loan from the employees there and also get the application form for Canara Bank Mudra Loan.
- Now you have to fill all the information asked in the application form.
- Some necessary documents will also be asked from you which you will have to attach with the application form.
- After doing this, you have to go and submit the application form to the bank employees.
- After this your application and documents will be checked.
- Then if everything is correct your loan will be approved.
- As soon as your loan is approved, the loan amount will be transferred to your bank account.