If you are a current account holder of Canara Bank then you can apply for Canara bank e mudra loan. And even if you are not a Canara Bank account holder, you can still apply for E Mudra Loan. First of all you need to know the difference between e Mudra loan and Mudra loan.
Mudra loan is a loan taken by micro entrepreneurs for their business. To take this loan, you have to physically submit all the documents in the bank. But e Mudra loan is another form of Mudra loan. That Mudra loan which can be applied online, for which there is no need to visit the bank, it is called E Mudra loan.
This loan is provided by many banks nowadays like sbi e mudra loan or bank of baroda e mudra loan. Similarly, now you can apply canara e mudra online. But to apply for Mudra Loan or E Mudra Loan your business should be a micro business and should come under e Mudra Loan Business Categories. If you want to take canara e mudra then follow some steps given below.
Canara e Mudra Eligibility Criteria
Only Individuals / Sole Proprietorship applicants are eligible to apply loan on this platform .
Applicants withing age range of 25 to 55 can apply for canara e mudra loan.
Indian nationality candidate can apply this loan.
It is the discretion of Bank to sanction/ reject loan based on bereau score/pas dealings/business experience
Applicant must be in business for at least last 6 months and should possess a valid Bank account for at least last 6 months with canara bank.
Applicant should not be enjoying any credit facility for business purpose from any lending institutionh.
Minimum loan amount allowed to be processed through this platform is 10000 and maximum 50000.
Applicant should be eligible to be classified as Micro MSME unit and must possess a valid udyam registration certificate.
By proceeding further to the applicant, applicant authorize Canara Bank to verify and fetch his/her Aadhar and other details from UIADI for loan account processing purpose, to read SMS, to fetch existing account details with Canara Bank and to pull buerau report for the purpose of loan account processing and opening.
By accepting these instructions/conditions user also certifies that all information provided by him/her ana any information provided for deriving/calculation/fetching data is/are correct. In case of any discrepancy, only he/she will be held responsible for the instances arising due to production of wrong information. The applicant shall not hold bank or any of its staff liable for any instance arriving due to production of wrong informaiton.
Applicant should not share any OTP/SMS/Email /password with anyone.
Loan through this application is classified as canara e mudra loan, hence it can be utilized for business purpose only .
Utilizing proceeds of this loan for any purpose other than in the application will be treated as violation of sanction terms and conditions.
Canara Bank reserves the right at any time, without prior notice to add, alter, modify, change or vary all or any of these terms and conditions.
Canara e Mudra loan Apply Online
Here is a process for canara e mudra online apply – User Manual Login
1. Open the application by clicking on this link e mudra loan canara bank Apply Online
2. Select Yes (existing customers of the Canara Bank) and provide existing account number with our Bank.
Click on Confirm & Proceed
3. On clicking Confirm and Proceed, an OTP will be sent to the Bank registered mobile number. Enter the OTP and click Verify & Proceed
4. Click on PMMY- Shishu Mudra Loan
5. Select Applied Loan Amount and Tenure by dragging the slider and click on Apply to accept the terms and conditions/instructions and proceed further.
5.1 Please go through the eligibility criteria and click on Apply to proceed further.
5.2 Click on “Apply” tab Page 3 of 6 STEP 1
6. Aadhar and PAN registered with Bank will auto populate. Select Constitution of the borrower (Individual/Proprietorship) and Provide Udyam Registration Number.(In case applicant is not having Udyam registration they can proceed for the fresh registration by clicking “click here” option. Provide additional KYC details (if required) and click on “Confirm & Proceed”
7. OTP will come to Aadhar registered mobile number to verify aadhar. Enter OTP
8. Provide Udyam Registered Mobile and Enter OTP to verify Udyam registration.
9. Details fetched from the Aadhar, Pan and Udyam registration will appear on screen in page 2
10. If the postal address of the customer is different from the pre fetched address, then the user can enter new address and upload the necessary documents. STEP 3
11. Provide details like investment in Plant& Machinery/Equipment , Turnover , additional contact numbers etc in Page 3 and click “Confirm & Proceed”
12. In next page loan eligibility will appear by analyzing account transactions with our Bank and other eligibility conditions. Eligible loan amount and EMI for tenure of 12 , 24 and 36 months will appear on the screen. Applicant has to select the desired combination by clicking radio button appearing on the screen (user has to select anyone of the options appearing on screen)
13. Applicant to select the preferred Branch where applications has to be submitted. After selection click “Confirm and Proceed” STEP 5
14. In next page , Summary of the application will appear. Applicant has to confirm the details by ticking the Check Box and submit application for further processing by clicking “Accept & Submit”
15. Customer will be notified that their application is submitted and the branch will be contacting you.
16. The branch to contact the customer and arrange for a unit visit. Branch Officials will be given a list of documents to be verified manually for each applicant.
17. After satisfactory remarks on the field visit by branch officials, the applicant will be prompted for e-signing and e-stamping.
18. Once Sanctioned, a Final Sanction Letter will be provided and the same will be notified via email and SMS for
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