All about Canara Bank Business Loan
Canara Bank is an Indian state owned bank headquartered in Bangalore. It was established in 1906. From December 2011, the bank is operating its network of 3564 branches across India. The bank has gained premier position in the country with continuous profits since its inception.
Canara Bank provides loans for Business startups, SME Loans and self-employed people running Software companies, IT sector, Traders, Manufacturers, Machinery, Equipment and many more.
Canara Bank Business Loan Interest Rates:
Rates of Interest for Canara Bank Business Loan are based upon the base rate of the bank i.e. 10.50 %. Rates are subject to change from time to time.
|Loan Amount||Small medium Enterprises Maufacturing||Micro Eneterprises Services|
|Upto Rs 50,000||BR +1.1 %||R +1.1 %|
|Above Rs 50,000 and Upto 2 lakhs||BR +3 %||BR +3 %|
|Above 2 lacs and upto Rs 2 crores||BR +1.50 % to BR +4.50 %||BR +2.50 % to BR + 5 %|
Features of Canara Bank Business Loan .
- Loans upto Rs 25,000 within 24 hours.
- Loans from Rs 25,000 to Rs 5 Lakhs within 2 days.
- Loans from Rs 5 lakhs to Rs 25 lakhs within 2-3 days.
- Loans of Rs 25 lakhs within a time period of 3 days.
Eligibility for Canara Bank Business Loan
Self Employed People are eligible for availaing Business Finance. Here is the eligibility criteria for these indivdiuals:
- Minimum Loan amount available: Rs. 50,000.
- >Maximum loan amount available: Rs. 2,00,00,000.
- Minimum Income (annual):Rs. 1, 50,000.
- Minimum age 21 Years & Maximum Age at loan maturity is 65 Years.
- Minimum Turnover in Business is of Rs 15 Lacs per annum
- Minimum Experiencein Business is minimum 3 years experience in the current business and total 5 years business experience. Business must be continuously making a profit from last 2 years.
- Business should be filling 1.5 lacs to 3.5 Lacs ITR per annum.
Documentation for Canara Bank Business Loan
- Identity Proof (Passport Copy/ Voters ID Card/ Driving License).
- Proof of Address (Ration Card/ Telephone Bill/ /Electricity Bill/ Passport).
- Bank Statements (latest 6 months bank statement /passbook).
- Latest ITR, along with computation of income.
- Balance Sheet account for the last 2 Yrs, certified by a CA.
- Qualification Proof of the Highest Professional Degree
- Proof of Continuation(Trade license /Establishment /Sales Tax Certificate)
- Other Mandatory Documents (Sole Proprietorship – Declaration, Partnership – Copy of Partnership Deed, Apart from Copy of MOA, AOA & Board Resolution)
- Two passport size photographs
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