Syndicate Bank has been merged with Canara Bank with effect from April 1, 2020. So, you can no longer carry out any banking transactions at Syndicate Bank. 

However, Syndicate bank customers can avail banking services at Canara Bank. Continue reading to check the features of the Canara Bank mudra loan. 

Key Features of Canara Bank Mudra Loan

The bank offers MUDRA Loan facility under Pradhan Mantri Mudra Yojana (PMMY) under 3 variant loan types - Shishu, Kishor and Tarun schemes for providing financial support to small businesses.

Particulars

Canara Bank Mudra Loan Features

Loan Amount

Up to maximum amount of Rs. 10 lakhs

Eligibility

Only Individuals, proprietors, partners and Self-Help Groups are eligible under the 3 loan schemes

Loan Tenure

Maximum loan tenure up to 5 years

Type of Loan and Loan Amount
  • Shishu - Up to Rs. 50,000
  • Kishor - Between Rs. 50,000 - Rs. 5.00 Lakhs
  • Tarun - Between Rs. 5.00 Lakhs - 10.00 Lakhs

Age of Borrower

18 years – 65 years

Rate of Interest

Based on the borrower’s profile and requirement for a loan, with starting interest of 8.75% p.a.

Collateral

No collateral required

Overdraft facility

Not available

Processing Charges
  • Up to Rs. 5 lakhs - Nil
  • Above Rs. 5 lakhs – Rs. 500 onwards