The Info You Need on Canara Bank MSME Loans
Canara Bank is one of the largest banks in India and leads most of the nationalised banks in South India, except maybe SBI, in terms of reach. This gives it considerable influence.
A good thing about this bank is that it offers quite a few MSME loans. Let’s take a look at them:
Canara Bank Mudra Loan Scheme
Top of the list is the bank’s Mudra Loan under the Govt. of India’s Mudra Loan Scheme. The loan comes in three variants and the amount for each category is as below:
Shishu Loan: Maximum loan amount is Rs 50,000
Kishore Loan: Loan amount is from Rs 50,001 up to Rs 5 lakh
Tarun Loan: Loan amount is from over Rs 5 lakh to up to Rs 10 lakh
More details on this loan are here.
Canara Bank Doctor’s Choice Loan Scheme
Another popular loan, this one is for medical practitioners to meet their capital expenditures or working capital expenses. It covers everything from costs associated with setting up a clinic, nursing home, hospital, pathology lab, etc. to regular purchase of equipment, vehicles, ambulance, etc. The maximum loan amount allowed is Rs 5 crores.
Canara Bank Trade Loan for MSME Units
This Canara Bank MSME Loan helps businesses meet their working capital needs. Maximum loan amount is Rs. 10 crores. It can be availed as a Term Loan or as a Secured Overdraft.
The loan is meant for businesses in the MSME sector to meet their Working Capital needs.
The bank maintains that it offers a higher quantum of loan in the Working Capital loans segment as compared to other banks and financial institutions in the market.
Canara Loan Scheme for Financing Start-ups and Early Stage Units
This loan is meant for start-ups and early stage units. It allows them to meet their capital expenditure and working capital expenses. A need-based loan, the minimum loan amount you can apply for is Rs. 10 lakh. The maximum loan amount is Rs. 2 crores for start-ups and Rs. 5 crores for early stage units.
Canara MSME Credit Against Property (CAP) Loan Scheme
As the name suggests, this loan is given against the security of unencumbered land and building belonging to the business/promoters of the business/close relatives of the promoters. The funds are meant to help MSME businesses in the manufacturing and services sectors. The maximum loan amount for this loan is Rs. 10 crores for manufacturing units and Rs. 5 crores for service units.
For more information on the 30+ MSME Loans from Canara Bank, check out this page here: MSME Loans from Canara Bank
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