Canara Bank Business Loan – Eligibility & EMI Calculator

Business Loan

Canara Bank offers business loan to SMEs and MSMEs to accelerate their business and give new heights. The bank provides various business loan schemes to serve different business requirements. The customer can avail a  loan of up to Rs. 10 crores for the highest tenure of 7 years. The processing fee is 1% of the loan amount. The loans are charged at the competitive rate of interest. To avail the loan the customer can access the nearest branch office.

Canara Bank Business Loan Details

ParticularsDetails
Interest Rate

11.25% p.a – 16.50% p.a
Loan Amount

Rs. 50,000 – Rs. 10,00,00,000

Tenure7 years

Processing Fee1% of the loan amount

How To Apply

The candidates can apply for a business loan by visiting the nearest branch office. The business loan service is available in all regional offices. The customer dealer will guide you regarding all the procedure.

Canara Bank Business Loan EMI Calculator

To speed up your EMI calculation use the EMI calculator. The calculator helps you get the realistic results in the minimum time. It eases the calculation and saves time. To get the result the user just needs to enter the loan amount, tenor and the rate of interest in the calculator.

For Instance, If an entrepreneur takes a loan of Rs. 50,00,000 for the tenure of 7 years then his EMI will be between Rs. 78,70,805 – Rs. 84,62,113 at the rate of interest ranging between 14% p.a to 16.50% p.a

Table Showing EMI, Total Interest Amount, Total Repayment Amount

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Loan Amount (in Rs.)Interest Rate (p.a)Tenure (in years)EMI (in years)Total Interest Amount (in Rs.)Total Repayment Amount (Principal + Interest) (in Rs.)
50,00,00014%–16.50% 14,48,936–4,54,8383,87,227–4,58,05853,87,227–54,58,058
50,00,00014%–16.50% 22,40,064–2,46,0127,61,546–9,04,28257,61,546–59,04,282
50,00,00014%–16.50% 31,70,888–1,77,02211,51,973–13,72,78961,51,973–63,72,789
50,00,00014%–16.50% 41,36,632–1,42,98515,58,354–18,63,28265,58,354–68,63,282
50,00,00014%–16.50% 51,16,341–1,22,92319,80,475–23,75,35669,80,475–73,75,356
50,00,00014%–16.50% 61,03,029–1,09,84024,18,066–29,08,50174,18,066–79,08,501
50,00,00014%–16.50% 778,70,805–84,62,11328,70,805–34,62,11378,70,805–84,62,113

Amortization Table

YearPrincipal (in Rs.)Interest (in Rs.)Balance Amount (in Rs.)
1414,273–452,720671,680–794,5954,547,280–4,585,727
2488,040–520,330604,070–720,8284,026,950–4,097,687
3574,943–598,038526,362–633,9253,428,912–3,522,744
4677,321–687,347437,053–531,5472,741,565–2,845,423
5789,998–797,931334,402–410,9371,951,567–2,047,492
6907,978–940,017216,422–268,8511,043,589–1,107,475
71,044,670–1,108,84280,822–101,463

Features and Benefits

  • No collaterals required for the maximum loan value of Rs. 1 crore
  • Loans are disposed of within reasonable time
  • Loans available for the highest value of Rs. 10 crores
  • Lower rate of interest

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 for Micro and Small Entreprises (CGMSE)

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

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.

Documents Required:

Application form with a recent photograph is mandatory to be submitted along with requisite documents :

CategoryDocuments Required

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
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
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
Private and Public 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
-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.
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Canara Bank Business Loan Interest Rate

The rate of interest charged by Canara Bank on the business loan is linked to base rate which is 10.75% p.a . The rate of interest charged depends on the amount of loan and the nature of business.

Canara Bank Business Loan Interest Rate Table

Loan Amount (in Rs.)Interest Rate on Short Term Loan (p.a)Interest Rate on Term Loan (p.a)
Micro EnterprisesSmall & Medium EntreprisesMicro EnterprisesSmall & Medium Entreprises
Upto 50,000BR + O.50%BR + 1%BR +1%BR + 1.50%
Above 50,000 Up to 2,00,000BR + 2.50%BR + 3%BR + 2.50%BR + 2% – BR + 3%
Above 2,00,000 Up to 2,00,00,000Graded rate of interest based on scoring norms and parmetersGraded rate of interest based on scoring norms and parmeters
BR + 1.50% to BR + 4.50%BR + 2.25% to BR + 5%BR + 1.75% to BR + 4.75%BR + 2.25% to BR + 5.75%
Above 2,00,00,000 Up to 10,00,00,000Graded rate of interest based on Internal Credit Risk Rating BR+ 3.25% to 5.75% Plus applicable Term Premium
Above 10,00,00,000Graded rate of interest based on External Credit Risk Rating BR+ 2.25% to 5.75% Plus applicable Term Premium

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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