Canara Bank Loan 2024: Are you thinking about growing your small business and thinking about getting a loan? Feeling unsure about where to find one? You can check out the Canara Bank Loan 2024, which is part of Prime Minister Modi’s initiatives. This Canara Bank Mudra Loan 2024 scheme offers loans from 5 to 10 lakhs. It’s part of the Prime Minister Mudra Yojana, which aims to support those who haven’t received financial help before. So, as long as you meet the requirements, banks won’t reject your Canara Bank Loan 2024 application.
This article will provide you with details about the features, benefits, Canara Bank Loan 2024 eligibility criteria, necessary documents for Canara Bank Tarun Mudra Loan 2024, interest rates, and processing fees offered by Canara Bank. Additionally, it will guide you on how to obtain this loan and the application process. Therefore, we kindly request all our esteemed readers to read our article till the end to learn about the complete process of obtaining a Canara Bank Tarun Mudra Loan 2024 ranging from 5 lakh to 10 lakh for their business.
Overview of the Canara Bank Loan 2024
| Article | Canara Bank Loan 2024 |
| Loan Type | Canara Bank Tarun Mudra Loan 2024 |
| Type of Canara bank loan | MSME Loan |
| Purpose of the loan | For the business growth, or to setup your own business |
| Bank Name | Canara Bank |
| Loan Amount | loan amount up to 5 to 10 lakh rupees |
| Tenure of the Canara bank Tarun loan | Tenure Up to 7 years |
| Interest Rate | 10.05%interest rate annually |
| Application Method | online and offline mode (both are applicable) |
| Official Website | Click here |
Canara Bank Loan 2024 – Tarun Mudra Loan by Canara Bank
Canara Bank is a public sector bank. It started the Pradhan Mantri Mudra Yojana in the name of Prime Minister Modi. It gives loans from five lakhs to ten lakhs under the young category of the scheme. You will need margin money of 15 to 25 percent of the proposed project cost. This means you have to spend 15 to 25 percent of the total proposed cost for expanding your business.
You can take a Canara Bank Loan 2024 under this scheme for the remaining cost. This bank gives Working Capital Loan and Term Loan for your business under the young scheme. Working Capital Loan is available for a maximum of one year, while Term Loan is available for a long period of 5 to 7 years.
Canara Bank Mudra Loan Interest Rate 2024
The interest rates for the Canara Bank Tarun Mudra Loan 2024 are based on the Repo Linked Lending Rate (RLLR), which is currently set at 9.25% as of March 12, 2024. In addition to the RLLR, a Liquidity Premium is applied, which is 0.40% for loan tenures up to 5 years and 0.80% for longer durations. Therefore, the annual interest rates for this loan range from 9.65% to 10.05%. As for processing fees, they are as follows:
| Loan Type | Processing Fee |
| Working Capital Loan | 0.25% per lakh |
| Term Loan | 1% of the loan amount |
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Eligibility Criteria for Canara Bank Tarun Mudra Loan 2024
Here’s the eligibility criteria for the Canara Bank Tarun Mudra Loan summarized:
| Eligibility Criteria | Details |
| Types of Businesses Eligible | Small manufacturing unitsservice sector unitsshopkeepersfruit or vegetable vendorsfood service unitsrepair shopsmachine operators and similar enterprises |
| Customer Track Record | Customers must have a satisfactory track record with Canara Bank for the past 2 years |
| Default Status | Applicants should not have been declared defaulters by any bank or financial institution |
| Ineligible Entities | Private limited companies, self-help groups, or trusts are not eligible for loans under this scheme |
| Account Requirement | Individuals without an account at Canara Bank’s relevant branch can still apply, but a recommendation letter from their current banker is required. |
These criteria outline who can apply for the loan and the necessary conditions applicants must meet to qualify.
Documents for Canara Bank Tarun Mudra loan Apply 2024
To apply for the Canara Bank Loan 2024, you’ll need the following documents:
- Identification proof of the applicant along with the NF998 MSME application.
- Business unit and address proof.
- License or registration certificate related to the business (URC).
- Financial reports and income tax returns (ITR) for the past 2 years.
- Projected income report for the upcoming year.
- Sales report for the current financial year.
- Project report for the proposed loan.
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How to Apply for Canara Bank Mudra Loan 2024?
Applying for the Canara Bank Tarun Mudra Loan online is the easiest way. If you have registered your business on the Udyam portal and possess the Udyam Registration Certificate (URC), you can apply for this loan immediately by following the steps below:
- Step 1: Firstly, open the official website of Canara Bank.
- Step 2: Click on the “Loans” link on the homepage. Then, in the dropdown menu, click on the option for “MSME Loans.” After that, on the screen, you will see a list of various MSME loan schemes offered by Canara Bank. Click on the link for “MSME Digital.”
Step 3: When the window appears on the screen, click on the “Click Here” link under the Pre-Filled Application for Mudra Loans (PMMY).
Step 4: When the page opens, enter your URC number and link your mobile number to it. Then, click on the “Generate OTP” link. Once you receive the OTP, enter it in the designated place and click on the “Validate OTP” link.
Step 5: The Canara Bank Tarun Mudra Loan’s pre-filled form will appear based on the information entered in your enterprise registration certificate. Now, fill in the necessary details and loan information, upload required documents, and submit the form.Once the bank will verify all the details. You will get the Canara Bank Loan 2024 amount in your account.