Canara Bank Business Loan

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.

Canara Bank Business Loan Eligibility Criteria

To avail a business loan from Canara Bank, you will have to fulfill some eligibility conditions. Given below are some of the eligibility criterion for a business loan:

• All the self-employed individuals, Proprietors, Private Ltd. Co. and Partnership firms involved in the business of manufacturing, trading or services. 
• The business should be functional for a minimum of three consecutive years.
• The minimum age of the business loan applicant must be 21 years.
• The maximum age at the time of application and loan tenure must not be more than 65 years.

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.

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