Canara Bank Business Loan

Canara Bank is one of the most reputed banks in India, which offers various financial services to customers across the country, since 1906. The bank, with over a century of experience in the industry offers state-of-the-art banking solutions. This includes the various types of business loans offered by the bank to start-ups, small and medium enterprises (SMEs), as well as established organisations. Here are some essential features of the business loans offered by Canara Bank that you should know about:

Here are the various types of business loans that Canara Bank offers:

• Canara Term Loan

• Canara Working Capital Finance

• Canara Infrastructure Finance

• Canara Export Finance

• Canara MSME Contractor 

• Canara MSME Star

• Canara Mahila Vikas 

• Canara MSME Smart Professional 

• Canara GST

• Canara Doctor Choice

• Canara MSME Vahan

• Canara MSME INN 

• Canara MSME Textile
  

To know more about these in detail, visit the official website of Canara Bank.

Here are the applicable interest rates applicable on the following business loans offered by Canara Bank:

Here are some common criteria you need to meet to get a business loan from Canara Bank:

• You should be an Indian citizen

• You should be between the age of 21 and 65 years

• A minimum business vintage of 3 years is required

• You must be a self-employed applicant

The following people/entities may be eligible to get a business loan from Canara Bank:

• Individuals

• Sale Proprietors

• Private Limited

• Public Limited

• Trusts

• Societies

• Limited Liability Partnership

• Micro, Small, and Medium Enterprises (MSME)

• Registered Transport Operator Under an MSME

Depending on a specific loan type, here are people/entities who can apply for a Canara Bank Business Loan:

• Professionals:

  • Architect

  • Engineer

  • Valuer

  • Financial Consultant

  • Chartered Accountant

  • Company Secretary

  • Cost Accountant

  • Registered Doctor

• Medical Practitioners: Involved in the following areas of medicine

  • Indian

  • Unani

  • Homeopathic

  • Allopathic

• Businesses in the Hotel Industry:

  • Hotel

  • Restaurant

  • Fast Food Centre

  •  Dhaba

  • Pizza Centre

  • Mess

  • Caterer

  • Marriage/Banquet Hall

• Businesses in the Textile Industry:

  • Yarn Manufacturer

  • Manmade Fabric Manufacturer

  • Jari Manufacturer

  • Processor of Fabrics

  • Saree, Dress Material, and Other Garment Manufacturer

• Businesses in Contract Work:

  • Civil

  • Mining

  • Electrical

  • Construction (awarded by the government or otherwise)

Since Canara Bank offers several types of business loans, the documentation requirement depends on the type of loan you apply for. However, there are some common documents that you need to submit. These include:

• Identity Proof: 

  • PAN card

  • Driving licence

  • Passport

  • Voter ID

• Address Proof:

  • Rental agreement

  • utility bills

• Financial Documents: 

  • Bank statement of the last 3 years

  • ITR filings of the last 3 years

  • Balance sheet of the last 3 years

  • Profit & Loss account of the last 3 years

• Business licences and permissions

• Business proof based on the type of entity (proprietor, company, partnership, etc.)

• Details of collateral and guarantor, if any

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.