Three Canara Bank Loans that You Should Know Of
Canara Bank is one of the largest banks in the country and has a significantly large presence in South India. The bank is the nodal bank for various Govt. of India schemes and has stayed as the first choice for many despite the emergence of faster nimbler banks and financial institutions.
In today’s blog, we look at three Canara Bank loans that are searched the most online and on our website.
Canara Contractor Scheme
This loan is meant to help contractors and sub-contractors who fall under the MSME category. It helps them take care of their fund-based and non-fund based working capital requirements. The funds can also be used for purchase of new office, equipment, etc.
Canara Bank offers this loan under different formats such as a working capital loan, inland letter of credit, foreign letter of credit or bank guarantee or as a term loan. The maximum loan amount is Rs 10 crore for the Working Capital Loan and Rs 5 crore for the Term Loan.
Features of Canara Contractor’s Loan Scheme
- The Canara Contractor Scheme helps contractors and sub-contractors take care of their working capital needs without having to worry about funds
- The contractors and sub-contractors have to meet two generic criteria to be eligible. First, they must fall in the MSME category and second, they should operate in the civil, mining and construction sectors
Canara Bank Loan for Doctors
The loan is meant especially for medical practitioners. It helps them meet their working capital requirements right from setting up a clinic, nursing home, hospital, pathology lab, etc. to helping them purchase equipment, vehicles, ambulance, etc. The maximum amount available under this loan is Rs 5 crore.
Features of Doctor’s Choice Loan Scheme
- The loan helps doctors get financial assistance in fulfilling their Working Capital needs
- The loan is available for all qualified medical practitioners including those from different branches of medicine such as Homeopathy, Unani, Ayurveda and Siddha. The only criterion is that they should have experience in running such a business
- Doctors can take this loan in a personal capacity as an individual or through a legal entity such as a proprietorship, LLP, trust or company
Canara Bank E-Mudra Loan
Even though people search for this loan as E-Mudra Loan, it is essentially the Government’s Mudra Loan Scheme and simply called the Canara Bank Mudra Loan Scheme. The loan helps unfunded individuals, proprietors, partnerships running small manufacturing units, fruit and vegetable shops, food service units, repair shops, small industries, machine operators, truck operators, etc. get necessary funds to run their business. The maximum loan amount one can get is Rs 10 lakh.
Features of Canara Bank Mudra Loan
- The loan helps MSMEs from the non-corporate small business segment to get the funds necessary to meet their working capital needs
- Like all other Mudra Loan schemes, this one is also divided into three variants depending on the type and size of business, namely Shishu, Kishore and Tarun. The total loan one can get depends on the loan variant applicable to the applicant
If you are looking for a personal or business loan, please apply here.