Compare & Choose from the Best Business Loan Offers 
Please Note: Canara Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Canara Bank offers a range of lending products that include MSME loans, working capital finance, term loans, export finance, infrastructure financing, and various other MSME loan schemes for loan amount up to Rs. 10 crores (shall exceed as per business requirements). The offered business loan interest rates depend on various factors, such as loan amount, repayment tenure, nature of business, company’s stability, enterprise’s financial history, credit score, nature and tenure of business, etc.
Canara Bank Business Loan (Vyapar Loan) – August 2022
| Vyapar Loan – Highlights | |
| Interest rate | Based on business requirements |
| Purpose | For Working Capital and Term Loan |
| Loan Amount | Rs. 10 lakh – Rs. 10 crore |
| Nature of Loan | Term loan, working capital, Fund based & Non-fund based limit |
| Eligible Entities | Entities engaged in the service sector under MSME including Retail Trade, Wholesale Trade, Commission agents, Professionals and Self-Employed, etc. (other than Manufacturing) |
| Repayment Tenure |
|
| Security | Hypothecation: Stocks and/or book debts (not more than 90 days) acceptable to the bank |
| Margin |
|
Note: With effect from 7th August 2022, Bank’s 1-year MCLR stands at 7.65% and Repo Linked Lending Rate (RLLR) is 8.30%.
Apply for Business Loan @ 16% p.a. onwards Apply Now
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
| Bank/NBFCs | Interest Rate | |
| HDFC Bank | 10.00% – 22.50% p.a. | Apply Now |
| FlexiLoans | 1% per month onwards | Apply Now |
| ZipLoan | 1% – 1.5% per month (Flat ROI) | |
| Axis Bank | 14.25% – 18.50% p.a. | Apply Now |
| IDFC First Bank | 14.50% onwards | |
| Kotak Mahindra Bank | 16% – 19.99% | Apply Now |
| Fullerton Finance | 17% – 21% | |
| Bajaj Finserv | 17% p.a. onwards | Apply Now |
| RBL Bank | 17.50% – 25% p.a. | Apply Now |
| ICICI Bank | 17% onwards | |
| Indifi Finance | 1.5% per month onwards | Apply Now |
| Lendingkart Finance | 1.5% – 2% per month | Apply Now |
| Tata Capital Finance | 19% p.a. onwards | Apply Now |
| NeoGrowth Finance | 19% – 24% p.a. | Apply Now |
| Hero FinCorp | Up to 26% p.a. | Apply Now |
Note: Business loan interest rates are updated as on August 2022.
Calculate how much EMI/monthly installment you will have to pay for your business loan: Click here
Canara Bank’s Loan Schemes to fight COVID-19
| Category/Loan Type | Canara Chikitsa | Canara Jeevanrekha | Canara Suraksha |
| Interest Rate | Concessional Interest Rate | Concessional Rate of Interest | Concessional Rate of Interest |
| Loan Amount | Min. Rs. 10 lakh and Max. Rs. 50 crore | Up to Rs. 2 crore | Min. Rs 25,000 to Max. Rs 5 lakh |
| Purpose of Loan | Offered to registered hospitals, nursing homes, medical practitioners, diagnostic centres, pathology labs and all other units engaged in the servicing healthcare infrastructure | For the manufacture and supply of healthcare products, including medical oxygen, oxygen cylinders, and oxygen concentrators to registered hospitals and nursing homes or other manufacturers and suppliers | To meet immediate financial assistance to customers for COVID-19 treatment during admission or post-discharge |
| Repayment Tenure/Processing Fee | Up to 10 years with a moratorium period of up to 18 months | Nil Processing Fee with No Collateral required for MSMEs | Moratorium period of 6 months. |
Note: Canara Chikitsa and Canara Jeevanrekha loan schemes will be valid till March 31, 2022, and the Suraksha loan scheme was valid up till Sep 30, 2021.
Also Read: How to apply for Pradhan Mantri Mudra Yojana Online/Offline?
Get Your Free Credit Report with Monthly Updates Check Now
Toll-free numbers
- 1800-425-0018
- 1800-103-0018
- 1800-208-3333
- 1800-3011-3333
FAQs
Q: What are the interest rates offered by Canara Bank?
Ans. Interest rates offered by Canara Bank under the MSME loan category depend on business requirements and the applicant’s profile.
Also Know: Business Loan Interest Rates and Charges of All Banks
Q: What are the documents required for these loans?
Ans. Documents required are the basic documents like identification proof of the individual and the proof of the firm with its address and other regular bills and documents to prove the time period of operation of the firm.
Q: What is the maximum MSME loan amount offered by Canara Bank?
Ans. The maximum loan amount offered by Canara Bank for the start-up is Rs. 10 crores.
Q: What is the repayment period of the business loan for MSMEs and Startups?
Ans. The maximum repayment period for Startups and MSMEs is up to 10 years.
Q. What is an MSME loan offered by Canara Bank?
Ans. MSME loans offered by Canara Bank are startup, working capital, or term loans that are used for various purposes like business expansion, meeting urgent cash requirements, maintaining cash flow, buying equipment and machinery, purchasing raw materials, enhancing inventory, and paying salaries, rent or training staff.
Q. What are the types of loan facilities available from Canara Bank for MSMEs?
Ans. Canara banks offer various loan facilities for MSMEs that include Canara Udyog, Canara Vyapar, Canara MSME loan, Doctor’s Choice, etc.
Q. What are the margin norms for loans under MSME?
Ans. The margin norms for loans under MSME vary from loan to loan and depend on the applicant’s profile and business volume.