Canara Bank Mudra Loan 2024 : Get Business loan without income proof, 10 lakh in account in 2 minutes !!

Canara Bank Mudra Loan 2024 : The Government of India is promoting new startups and businesses in India. If you have also a creative mind and want to start your business then you can get the help of Canara Bank. Most of the citizen are not starting their business due to lack of money. But Canara Bank is providing instant Rs 50,000 rupees to those individuals who want to get financial assistance to start a new startup.

The bank is providing Canara Bank Mudra loan 2024 through online mode where you can apply for Canara Bank Business Loan up to 50,000. However, if you need more money then you can visit the nearest branch of Canara Bank and apply for a Canara Bank Mudra Loan 2024 up to 10 lakh under the PM Mudra loan scheme. In this article, you will know all the information related to the Canara Bank Mudra Loan 2024 in this article including the application procedure for the Canara Bank Mudra Loan 2024, eligibility criteria, and essential documents to Apply Online for Canara Bank Mudra Loan 2024.

Canara Bank Mudra loan 2024 min
Canara Bank Mudra Loan 2024

Canara Bank Mudra loan 2024

Canara Bank Mudra loan 2024 is offering a total of 10 lakh rupees loan to all the citizens who want to start their new business or want to upscale their business. Micro, small, and medium enterprises – MSMEs can apply for this MSMEs loan scheme.

If you need a total of 50,000 then you can apply online mode for Canara Bank Mudra loan 2024. There are a total of three types of Canara Bank Mudra loan 2024 which are offered by Canara Bank.

Canara Bank Mudra loan 2024 : Highlights

Type of LoanBusiness Loan
Collateral/SecurityNot Required
Loan AmountMaximum up to Rs. 10 Lakh
Guarantee CoverEligible accounts to be covered under Credit Guarantee Fund for Micro Units
Repayment TenureUp to 7 years
Margin15% – 25%
Official Website https://canarabank.com/

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Features of Canara Bank Mudra Loan 2024

  • The bank is providing online Canara Bank Mudra Loan 2024 for up to rupees 50,000.
  • The bank will charge interest rates of 13.5% annually.
  • However, the interest rate of a Canara Bank Mudra Loan 2024 will vary according to the customer.
  • You will get a maximum of 5 to 7 years to repay the loan amount.
  • The bank is not asking for any security to provide a Canara Bank Mudra Loan 2024 because this is a government sponsored loan scheme. 

Eligibility Criteria for Canara Bank Mudra Loan 2024

  • The applicant should be an existing customer of Canara Bank.
  •  minimum age of the applicants should be 25 years and the maximum age should be 55 years.
  • The applicant should have a satisfactory credit history.
  • You can ask Canara Bank Mudra loan for business purposes only.
  • Fruit and vegetable vendors, tractor operators, Taxi drivers, small manufacturing units, Dairy farmers, and all other small and micro units can apply for the Canara Bank Mudra loan scheme.

Documents Required for Canara Bank Mudra Loan 2024

You need to submit or upload the following documents while applying for Canara Bank Mudra Online loan 2024:-

  • Aadhar card of the applicant.
  • PAN card.
  • Bank account statement.
  • Address proof.
  • Proof of business.
  • GST number.
  • The plan to spend Canara Bank Mudra loan money for your business.

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How to apply online for Canara Bank Mudra loan 2024 ?

As mentioned above, there are three types of Mudra loan available in Canara Bank. Where if you need the money up to 50000, then you can apply through online mode for this amount.

However if you want more than 50000 rupees from Canara bank for Mudra loan 2024, then you have to visit your nearest branch. Follow this procedure to apply online for Canara Bank Shishu Mudra loan 2024 :-

  • First of all visit to the official website of Canara Bank. click on this link to visit directly on the website https://canarabank.com/
  • Now you will reach on a new page where you have to click on the link for MSMEs.
  • In this section you can find the link for Canara Bank Mudra loan under MSME.
  • Click on the Apply for Canara Bank Shishu Mudra loan scheme 2024.
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  • Click on the link to apply for a Loan on the website.
  • A new page will open in front of you.
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  • Enter your bank account details and mobile number which is registered with Canara Bank.
  • The bank will send an OTP message to your mobile number. Enter the message on the website.
  • You can see the online Canara Bank Mudra loan application form 2024 on the website enter your personal details including contact details and business details in this application form.
  • Now you have to select the Canara Bank Mudra loan amount that you want to get from Canara Bank and select EMI.
  • Once you submitted your information click on the submit link

Company will verify your application and contact you soon and provide the loan amount in your bank account if your application got verified.

If you are seeking the higher money in Canara Bank Mudra loan scheme then you need to visit the nearest branch where employees will provide you application form. you have to submit the application form and attached the photocopies of above documents and have to submit. 

Types of Canara Bank Mudra Loan

  • Shishu Mudra Loan : Up to Rs. 50,000 for micro-enterprises (Online mode).
  • Kishor Mudra Loan : Up to Rs. 5 lakh for small enterprises (offline mode).
  • Tarun Mudra Loan : Up to Rs. 10 lakh for medium enterprises (physical mode).

Shishu :-

  • Shishu Scheme of Canara Bank Mudra Loan is for those applicants who want to avail loans up to Rs. 50,000. This amount is beneficial to consumers who want to start a new business.

Kishore :-

  • Kishore scheme can be availed by those customers who need a loan amount above Rs. Rs. 50,000 but less than Rs. 5 lakh. It is perfect for those businesses that have already been established but want to expand. The money can be used to hire personnel, purchase equipment, and so on.

Tarun :-

  • Tarun scheme allows consumers to apply for the maximum loan amount offered under Mudra Loan which is Rs. 10 lakh. This permits the customer to expand their business quickly by meeting all the demands of a growing business.

FAQ’s : Canara Bank Mudra Loan 2024

Who can apply for Canara Bank Mudra Loan ?

Applicants must be Indian citizens who run a business or want to establish a business in the MSME sector. Additionally, applicants must be engaged in manufacturing, service, trade, or agricultural activities other than farming.

How to check the Mudra loan application status in Canara bank ?

To check your Mudra loan application status, you shall have to dial the Toll-Free or Customer Care number of Canara bank or need to visit the bank branch personally.

Is the overdraft facility of up to Rs 5000 covered in the Canara Bank Mudra scheme ?

There is no overdraft facility covered in this scheme.

What is the repayment duration of the Canara Bank Mudra Loan 2024 ?

Canara Bank Mudra Loan must be reimbursed within 7 years in the form of EMIs.

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