Canara Bank MSME Loan is a well know loan for small businesses in India. It is specially designed and made to fulfill the financial requirement of small-scale businesses and micro-businesses in India. As you know, the Canara bank is a government bank so the interest rate is low compared to other private banks.
Canara Bank MSME Loan – Main Purpose
To provide Micro units with a short-term, hassle-free borrowing facility to address cash constraints in their business operations.
Canara Bank MSME Loan Eligibility
- Proprietary and firms registered with Udyam may use the Scheme.
- The borrower’s or proprietor’s age must be at least 25 and cannot be over 55.
- A good credit history in accordance with bank rules.
Canara Bank MSME Loan – Documents Required
- Aadhar Card
- Pan card
- Udyam Registration Certificate
- Bank Statement
Download User Manual for MSME Loan
The loan applicants have to follow the following user manual to apply for this msme loan from the Canara Bank:
Documentations to Apply for MSME Loan
As it is an online loan and you can apply online with help of Digital Mode using Aadhar OTP
Following is the online Link to Apply for MSME Loan from Canara Bank:
FAQs for MSME Loan from Canara Bank
What is MSME loan in Canara Bank?
To provide Micro units with a short-term, hassle-free borrowing facility to address cash constraints in their business operations.
What type of business comes under MSME?
Small and Micro Businesses come under MSME
What is MSME loan interest rate?
The rate of Interest on MSME loans starts at an annual rate of 7.65%