- Home
- Business Loan
- Canara Bank Business Loan
Canara Bank Business Loan
Apply for Business Loan
Canara Bank Business Loan
Interest Rate
9.5% - 11.55%
Loan Amount
₹50K - ₹20Cr
EMI Per Lakh
₹2,100 - ₹2,202
Processing Fees
Pre-Payment Charges
Features & Benefits of Canara Bank Business Loan
Canara bank is one of the leading organisations in the banking sector of India. Established in 1906, the main headquarters of the bank is located in Bangalore. Further, since its inception, the bank has grown and expanded to over 3500 branches in several locations across India.
Canara bank has a rich history of continuous progress and profit making ability, which has allowed it to establish itself as one of the premiere financial service providers in the country. Leveraging deep industry experience and advanced technology, the organisation has been able to provide world-class services to their customers. They also provide cleverly designed business loans for business startups, SME loans, self-employed businesses, software companies, the IT sector, traders, manufacturers, machinery, equipment, and others.
The Canara Bank business loan provides a fund to facilitate end-to-end business operations. This loan can be availed to meet the business expansion or working capital requirements. Given below are some of the features and benefits of a Canara Bank business loan:
- With Canara bank business loans you can have an easy and hassle-free loan application experience.
- If you are an existing customer you won’t require any documentation. However, as a new business loan applicant, you can apply with minimal documentation requirements.
- You can apply for a loan for any purpose like a capital requirement or expenditure.
- You can avail a business loan of up to Rs 10 crore, however, this is subject to the nature of the business.
- Extended loan tenure of up to 7 years.
- Canara bank will charge a very low processing fee compared to different lenders. The bank charges up to 1% of the loan amount as a processing fee.
Documents Required for Canara Bank Business Loan
The documents required for Canara bank business loan are as follows:
- A copy of applicant’s PAN card.
- Driving Licence, PAN card, Passport, or Voter ID as identity proof.
- Water bill, gas bill, telephone bill, or rental agreement as address proof.
- Six-month bank statement.
- Proof of continuation of business for 2 years.
- ITR/Sales Tax certificate.
- Latest ITR with proper computation of income, balance sheet, profit and loss of last two years. All these must be certified by a certified CA.
- Sole Proprietorship Declaration/Certified copy of Partnership Deed/Memorandum of Articles of Association.
How Does the EMI Calculation Work for Canara Bank Business Loans?
You can always use the Urban Money online calculator and calculate your business loan EMI. All you have to do is enter the loan amount, loan tenure, and interest rate, and the calculator will determine the best loan offers for you The EMI calculation for your business loan involves a lot of variables and complex calculations that simply take too much time and effort. However, if you wish to understand the EMI calculation, you can always refer to the below given formula.
Given below is the formula to calculate your loan EMI amount:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here,
- P stands for a principal loan amount
- n stands for tenure for repayment of the loan
- r stands for current rate of interest on your loan amount
How Canara Bank Compares with Other Lenders?
Here is a table representing the comparison between Canara bank and other Business loan lenders on the basis of annual rate of interest.
Other Bank/NBFCs | Rate of Interest (p.a.) |
Canara Bank | 10.50% to 18% |
IIFL Finance | 12.75% – 32% p.a. |
HDFC Bank | 11.90% to 21.35% |
Flexi Loans | 1% per month onwards |
Zip Loan | 1% to 1.5% per month (Flat ROI) |
Axis Bank | 14.25% to 18.50% |
IDFC First Bank | 14.50% onwards |
Kotak Mahindra Bank | 16% to 19.99% |
Fullerton Finance | 17% to 21% |
Bajaj Finserv | 17% p.a. onwards |
RBL Bank | 17.50% to 25% |
ICICI Bank | 18% onwards |
Indifi Finance | 1.5% per month onwards |
Lendingkart Finance | 1.5% to 2% per month |
Tata Capital Finance | 19% p.a. onwards |
NeoGrowth Finance | 19% to 24% |
Hero FinCorp | Up to 26% |
Canara Bank Business Loan Customer Care Number
In case you have any doubts or queries regarding Canara Bank business loan, you can get in touch with customer service in the below given ways:
- Phone: 1800-425-0018, 9180-22240903
- Email Address: hosbu@canarabank.com
Need Loan Assistance?
Connect with Business Loan Advisor Now!
Business Loan By Banks
- Bank of Baroda Business Loan
- Axis Bank Business Loan
- HDFC Bank Business Loan
- ICICI Bank Business Loan
- Bajaj Finserv Business Loan
- IndiaBulls Business Loan
- Union Bank of India Business Loan
- DHFL Business Loan
- CITI Bank Business Loan
- YES Bank Business Loan
- Federal Bank Business Loan
- IndusInd Bank Business Loan
- State Bank of India Business Loan
- Hero FinCorp Business Loan
- Punjab National Bank Business Loan
- IDFC FIRST Bank Business Loan
- IDBI Bank Business Loan
- Digikredit-SME Corner Business Loan
- Kotak Bank Business Loan
- Lending Kart-Nbfc Business Loan
- Ujjivan Small Finance Bank Business Loan
- Muthoot Finance Ltd Business Loan
- Shriram Urban Co Operative Bank Limited Business Loan
- Tata Capital Housing Finance Limited Business Loan
- HDFC Sales Business Loan
- Capital First Ltd. Business Loan
- Poonawalla Fincorp Limited Business Loan
- Tata Capital Financial Services LTD Business Loan
- Clix Capital Business Loan
- Aditya Birla Finance Limited Business Loan
- L&T Finance Business Loan
- HSBC Business Loan
- Bank of India Business Loan
- Fullerton India Business Loan
- NeoGrowth Business Loan
- IIFL Finance Business Loan
- Piramal Housing Finance Business Loan
- Edelweiss Financial Services Business Loan
- INDIFI Business Loan
- INTELLEGROW Business Loan
- DCB Bank Business Loan
- Capri Global Business Loan
- UGRO Capital Business Loan
- RBL Bank Business Loan
- FT Cash Business Loan
- Loantap Credit Products Private Limited Business Loan
- Arka Fincap Limited Business Loan
- Deutsche Bank Business Loan
Canara Bank Quick Links
FAQs
From refinancing to reducing your interest, we have the answers right here.
What is the interest rate of a business loan in Canara bank?
The interest rate offered for a business loan in Canara bank ranges between10.50% to 18%.
What is the maximum and minimum business loan amount I can get from Canara bank?
You can get a maximum loan amount of Rs 10 crore, while the minimum loan amount is Rs. 50,000.
How to check business loan Status in Canara bank?
Open the Canara bank website, click on corporate banking, then loan and advance banking, and then select loan application status. Enter the details asked and you will know the status of your business loan application. This is possible when you already have an account in Canara bank. If you do not have any account you can contact the customer care executive.
Canara bank Checks for CIBIL Score for a business loan?
The best credit score is 750 or more. However, Canara bank also accepts a minimum CIBIL score of 650.
What is the minimum turnover requirement for a Business Loan?
The business's minimal annual income must be a minimum of Rs. 1.5 lakh. The applicant must be at least 21 years at the time of applying for the loan.
What are the documents required in Canara bank for a business loan?
The documents required in Canara bank are identity proof, address proof of company incorporation, a document of the deed signed, ITR, and many more.
How to apply for a business loan in Canara bank online?
You can simply apply for a business loan in Canara bank online by visiting the official website of Canara bank.
What is loan foreclosure?
Loan foreclosure is a complete repayment of the remaining loan amount in a single payment and not in multiple EMIs. You can use your surplus funds can be used to give a complete foreclosure to your loan.
Most Popular on Urban Money
Bank Wise Home Loan Eligibility Calculator
- SBI Home Loan Eligibility Calculator
- HDFC Home Loan Eligibility Calculator
- Axis Bank Home Loan Eligibility Calculator
- ICICI Home Loan Eligibility Calculator
- LIC Home Loan Eligibility Calculator
- PNB Home Loan Eligibility Calculator
- Canara Bank Home Loan Eligibility Calculator
- Bank of Baroda Home Loan Eligibility Calculator
- Bank of India Home Loan Eligibility Calculator
Get your latest Credit Score, FREE
Business Loan Guide
Get in-depth knowledge about all things related to Business Loan and your finances
Debt To Income (DTI) Ratio : Calculation Formula, Types and Limitations
Better debt management is crucial to avail of the available financial opportunities. Whether you wish to secure a personal loan, business loan, home loan, or even credit card, lenders have various met
What is a Long-Term Loan?
A long-term loan is a type of financing that provides borrowers with a substantial amount of money to be repaid over an extended period, typically exceeding one year. Unlike short-term loans that are
Pradhan Mantri MUDRA Yojana
The Mudra loan is offered to many business owners with a strong business plan. However, to avail of the loan, one must fulfill the requirements set by the lending institution. Every institution will h