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 50000 rupees to those individuals who want to get financial assistance to start a new startup. The bank is providing Canara Bank Mudra loan 2023 online mode where you can apply for Canara Bank Business Loan up to 50000. However, if you need more money then you can visit the nearest branch of Canara Bank and apply for a Canara Bank Mudra Loan up to 10 lakh under the PM Mudra loan scheme. You will know all the information related to the Canara Bank Mudra loan scheme in this article including the application procedure for the केनरा बैंक मुद्रा लोन, eligibility criteria, and essential documents to Canara Bank Mudra Loan 2023 Apply Online.
Canara Bank Mudra loan 2023
Canara Bank Mudra loan 2023 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 50000 then you can apply online mode for Canara Bank online Mudra loan 2023. There are a total of Three Types of Mudra loans which are offered by Canara Bank. These loans are the following:
- 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)
Features of Canara Bank Business Loan 2023
- The bank is providing online Canara Bank Mudra loans for up to 50000
- The bank will charge interest rates of 13.5% annually. However, the interest rate of a Mudra loan from Canara Bank 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 Mudra loan because this is a government sponsored loan scheme.
Canara Bank Mudra Loan Eligibility
- 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 2023
You need to submit or upload the following documents while applying for Canara Bank Mudra Online loan 2023:
- 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
Apply online for Canara Bank Mudra loan scheme
As mentioned 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 then you have to visit your nearest branch. follow this procedure to apply online for Canara Bank Shishu Mudra loan:
- 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.
- Click on the link to apply for a Loan on the website.
- 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 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.