Learn More about Canara Bank Mudra Loan, How to Apply, Eligibility, Documents Required, Eligibility Criteria.
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.
Here are some of the key highlights of the Canara Bank Mudra loan.
Credit Nature |
|
Purpose |
|
Eligible Borrowers |
|
Maximum Loan Amount |
Up to ₹10 lakh, in accordance with the loan category;
|
Repayment Tenure |
12 months to 5 years |
Processing Fee |
|
Margin |
As per bank guidelines. |
Interest rates |
Concessional Interest Rate (floating) linked to benchmark lending rate (RLLR):
|
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
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
FAQs for Canara Bank Mudra Loan
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.
How can I check my Mudra loan application status in Canara Bank?
You can check your application status by calling this number 1800-425-0018. Alternatively, you may also visit your Canara Bank branch.
What is the repayment tenure of the Canara Bank Mudra Loan?
The repayment tenure for the Canara Bank Mudra loan can range from 12 months to 5 years.
Is a balance sheet required for the Canara Bank Mudra loan?
When you apply for the KISHOR or TARUN loans, you might have to furnish business documents including your balance sheet.
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