Canara Bank: Canara Bank is one of the largest banks in India. Under the Pradhan Mantri Mudra Loan Scheme, Mudra loan is given to entrepreneurs / businessmen on easy terms to start or expand the business.
If you want to start a business or want to take the business further, but you do not have enough funds, then Canara Bank can easily give you a loan of up to Rs 10 lakh. Which you can repay for a period of 7 years. Read the article till the end to know how to apply for Canara Bank Mudra Loan and the documents required for it.
What is Canara Bank Mudra Loan 2024?
The Central Government launched the Pradhan Mantri Mudra Yojana in the year 2015 for micro, small and medium businessmen. Most of the nationalized banks of the country provide loan facility 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 of this loan are different for Shishu Kishor and Tarun Yojana, but generally an interest rate of 9.85% is charged in it.
Benefits and features of Canara Bank Mudra Loan
1. Under this, the beneficiary can take a loan and expand his business of vegetables, fruits, taxi, toys, jewelry etc.
2. By taking a loan once, the loan amount can be repaid in 5 to 7 years.
There is no need to provide any kind of guarantee for the loan.
4. Under this, no processing fee is charged on loans up to Rs 5 lakh. But a fee will have to be paid for taking a loan of more than Rs 5 lakh.
5. To avail the Canara Bank Mudra Loan, the beneficiary will have to tell the current status of his business.
How to apply?
To apply for Canara Bank Mudra Loan, you first have to go to the nearest branch of Canara Bank.
In the bank, you have to get information and necessary documents about the Mudra Loan Scheme from the concerned employees.
After getting the information, get the application form for Mudra Loan from any employee.
Fill all the information asked in the form carefully and attach the required documents with the form.
Submit the filled form along with the documents to the bank employee.
Now your application will be checked and if you are found eligible then your loan will be approved.
