Canara Bank offers MUDRA Loan facility under Pradhan Mantri Mudra Yojna (PMMY) under its Shishu, Kishor and Tarun schemes for financing the cash needs of small businesses.

Key Features of Canara Bank Mudra Loan

Particulars

Canara Bank Mudra Loan Features

Loan Amount

Up to Rs. 10 lakhs

Eligibility

Only for Individuals, proprietors, partners and Self-Help Groups 

Loan Tenure

Up to 5 years

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

Profitability of business

For the last 2 years

Age of Borrower

18 years – 65 years

Rate of Interest

Based on the borrower’s profile and requirement for loan

Collateral

No collateral required

Overdraft facility

Not available

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

 

Points to Remember: 

  • Private limited company, Hindu Undivided Family (HUF) and Trusts are not eligible to apply for Canara Bank Mudra Loan. 
  • The borrower must have maintained a good relationship with Canara Bank for the previous 2 years to be eligible for Mudra loans.