Canara Bank MSME Loan
About This Loan
Canara Bank offers comprehensive MSME loan products including term loans, working capital, and composite loans for micro, small, and medium enterprises across manufacturing and service sectors. Competitive interest rates, CGTMSE coverage for collateral-free lending up to 5 lakh rupees, and dedicated MSME Sulabh branches for faster processing make it one of the more accessible public sector banks for MSME borrowers. Canara Bank loans suit businesses looking for medium-ticket credit ranging from 10 to 25 lakh rupees, with repayment tenure up to 7 years. Applications can be processed at any Canara Bank branch or through the bank's digital lending platform.
Maximum Amount
₹25,00,000
Interest Rate
9.50% – 13% p.a.
Tenure
Up to 7 years
Collateral
Nil up to ₹5 lakh; CGTMSE cover available for higher amounts
Processing Fee
0.50% of loan amount
Eligibility
Registered MSME with Udyam Registration; viable project or expansion plan; satisfactory credit history.
Application Process
- 1Visit nearest Canara Bank branch or MSME Sulabh branch
- 2Meet the MSME loan officer and discuss requirements
- 3Submit application and documents
- 4Bank evaluates and processes within 14-21 days
Documents Required
- Loan application form
- Identity and address proof
- Udyam Registration certificate
- Project Report / Business Plan
- Financial statements (existing businesses)
- Bank statements (6-12 months)
- GST returns (if registered)
Official Links
Related Government Schemes
Disclaimer
This information is sourced from publicly available bank and financial institution websites. EduMetrics is not a financial advisor or lending institution and does not guarantee the accuracy of interest rates, eligibility criteria, or loan terms. Please verify all details with the respective bank before applying.