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Canara Bank Mudra Loan 2024: Take Mudra loan up to Rs 10 lakh from Canara Bank in easy terms!

Canara Bank Mudra Loan 2024: Canara Bank is one of the largest banks in India. Under the Pradhan Mantri Mudra Loan Scheme, Mudra Loan is given to entrepreneurs/businessmen in easy terms to start or expand their business. If you want to start a business or want to expand your business further, but you do not have enough money, then Canara Bank can easily give you a loan up to Rs 10 lakh. Which you can return for a period of 7 years. Read the article till the end to apply for Canara Bank Mudra Loan and know the documents required for it.

What is Canara Bank Mudra Loan 2024?

The Central Government had launched the Pradhan Mantri Mudra Yojana for micro, small and medium businesses in the year 2015. Most of the nationalized banks of the country provide loan facilities under this scheme. In the same sequence, Canara Bank also provides loans ranging from Rs 50,000 to Rs 10 lakh to its customers under Canara Bank Mudra Loan. Although the interest rates for this loan are different for Shishu Kishore and Tarun Yojana, but generally an interest rate of 9.85% is charged.

The main objective of Canara Bank Mudra Loan is to provide loan facilities to the micro, small and medium entrepreneurs of the country for their business. In this you can apply through both online and offline medium. The loan taken under this can be repaid for 7 years. 

Canara Bank Mudra Loan 2024: Overview

Name of article Canara Bank Mudra Loan 2024
lenderCanara Bank
ObjectiveTo provide loan facilities to citizens for micro, small and medium enterprises.
Beneficiaryall citizens of the country
application systemonline and offline
official websitehttps://www.canarabank.com/pages/pradhan-mantri-mudra-yojana?v=2f29924b-5a6e-41ad-8cdb-0d8a9df038c4?v=b19b7877-bbe1-43b3-947a-cd37e20ce24a
helpline1800 1030

Benefits and Features of Canara Bank Mudra Loan

1. By taking loan under this, the beneficiary can expand his business of vegetables, fruits, taxi, toy, jewelery etc.

2. Once the loan is taken, the loan amount can be returned in 5 to 7 years.

3. There is no need to give any kind of guarantee for the loan.

4. Under this, no processing fee is charged on loans up to Rs 5 lakh. But if loan is more than Rs 5 lakh, a fee will be charged.

5. To avail the benefit of Canara Bank Mudra Loan, the beneficiary will have to tell the current status of his business.

Eligibility for Canara Bank Mudra Loan?

  1. The loan recipient must be a citizen of India.
  2. The applicant must be above 18 years of age.
  3. In this, any single individual, group of individuals, business partner or self-help group is eligible to take the loan.
  4. The applicant should have a good track record with the bank in the last two years.
  5. There should not be any loan default on application i.e. no previous loan should have remained incomplete.  

Required Documents

  1. Any ID proof like Aadhar Card, PAN Card, Driving License, etc.
  2. Address certificate of the unit and its promoters.
  3. Proof of property.
  4. Project Report.
  5. Financial documents of last two years.
  6. Bank account passbook linked to Aadhaar.
  7. Report of sales made in the current financial year till the time of application
  8. Passport size photograph
  9. mobile number

How to apply for Canara Bank Mudra Loan?

  • To apply for Canara Bank Mudra Loan, you will first have to go to the nearest branch of Canara Bank.
  • In the bank, you have to get information regarding Mudra Loan Scheme and necessary documents from the concerned employees.
  • After getting the information, get the application form for Mudra Loan from an employee.
  • Fill all the information asked in the form carefully and attach the necessary documents with the form.
  • Submit the filled form along with the documents to the bank employee.
  • Now your application will be scrutinized and if found eligible, your loan will be approved.

How to apply online?

  • To apply online, first of all you have to visit the official website of Canara Bank.
  • in the menu section above Loan in the drop down menu of MSME Loan Click on.
  • now in front of you MSME Government Sponsored Schemes or Pradhan Mantri Mudra Yojana An option will appear, click on it.
  • Now after reading all the terms and conditions given for the loan Agree Click on it.
  • After clicking, you will be asked for some information, enter it and proceed further.
  • Now you have to fill the Canara Bank Mudra Loan application form and upload all the required documents.
  • Here you will have to provide information about EMI to repay your loan.
  • After all this you submit Click on it.
  • When your application is successfully submitted you will have to wait for some time.
  • After verification, the loan amount will be sent to your account by Canara Bank within a few hours.

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