If you have a full proof business idea but have been finding it difficult to implement it because of the shortage of money, don’t! Stop delaying your business plans and get a business loan from Canara Bank. This business loan if available for Micro, Small and Medium scale industries only and facilitates multiple schemes. Having said that, Canara Bank is one of the best banks in India that provides funds to budding entrepreneurs who match the set eligibility criterion.
Below is the detailed information of the business loan offered by Canara Bank, like the eligibility criteria, documentation criteria, documentation required to apply business loan for it and other related details. So, have a look at it and apply for it to give a push to your professional life today!
Canara Bank Business Loan Schemes
The bank offers various business loan schemes to facilitate the functioning of Micro, Small and Medium scale industries under following categories:
- Schemes For Capital Investment
- Schemes For Working Capital
- Schemes For Composite Requirements
- Export Finance Schemes
- Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
Canara Bank Business Loan Eligibility Criteria
The list of candidates suitable to apply for Canara Bank Business Loan is given below:
- Individuals
- Proprietorship
- Partnership
- Limited Companies
Documents Required
Application form with a recent photograph is mandatory to be submitted along with requisite documents:
For Individuals:
- Proof of Identity (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
- Address Proof (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
- Age proof (PAN Card, Passport, any other certificate from a statutory authority)
- Proof of business existence
- Bank Statements (Bank statement / Bank -Passbook for last 6 months)
- Profit and loss statement for last 3 years
- Balance sheet for last 3 years
- Income Tax Returns for last 3 years (for self and business) duly certified by a CA
For Proprietorship:
- KYC Documents of promoter and co-applicants
- Shop and establishment certificate/ VAT/ Sales Tax Registration Certificate
- PAN Card
- Last 2 years financials with audit report
- Last 6 months Bank statement of all bank accounts
- Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
- Proforma invoice of machinery, in case of Plant & Machinery Loans
- Property Documents in case of Property Term Loans
For Partnership Firms:
- Registered partnership deed
- KYC of partners
- PAN Card of firm and partners
- Shop and establishment / VAT/ Sales Tax Registration Certificate
- Last 2 years financials with audit report
- Last 6 months Bank statement of all bank accounts
- Existing facility sanction letter/ Repayment Track Record (RTR) of existing loan, if any
- Proforma invoice of machinery, in case of Plant & Machinery Loans
- Property Documents in case of Property Term Loans
For Public and Private Companies:
- Memorandum of Association(MOA) / Articles of Association(AOA)
- Latest shareholding pattern
- KYC of Directors
- PAN Card of the Company and Directors
- Last 2 years financials with audit report
- Last 6 months Bank statement of all bank accounts
- Existing facility sanction letter/Repayment Track Record (RTR) of existing loan, if any
- Proforma invoice of machinery, in case of Plant & Machinery Loans
- Property Documents in case of Property Term Loans
- A declaration that borrower, Company or any of its Directors have not been debarred/black listed/penalized by any Stock Exchanges/SEBI/RBI. A Declaration that the proposed borrowing is within the limits prescribed u/s 293(1)(d) of the Companies Act, 1956.
How to Apply Online:
The application process for the Canara Bank business loan is very simple with the following steps:
- Visit the official website of Canara Bank
- Go to the business loan page and click apply online
- Follow the steps and fill in the mandatory details
- Submit your application
Canara Bank Business Loan Application Form:
The loan application form varies depending upon the quantum of loan applied for under MSME. The application form is available at the nearest branch office. The executive will give the form as per the amount the candidate is applying for.
Canara Bank Customer Care Number:
To get the detailed information about the business loan, contact the customer care division. You can take the advantage of the customer care by considering any of the following means:
- Call on Toll- Free Number – 1800 425 0018
- Send an e-mail at the ID given on official website
- Visit the nearest branch
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