Syndicate Bank has been merged with Canara Bank with effect from April 1, 2020. So, you can no longer carry out any banking transactions at Syndicate Bank.
However, Syndicate bank customers can avail banking services at Canara Bank. Continue reading to check the features of the Canara Bank mudra loan.
Key Features of Canara Bank Mudra Loan
The bank offers MUDRA Loan facility under Pradhan Mantri Mudra Yojana (PMMY) under 3 variant loan types - Shishu, Kishor and Tarun schemes for providing financial support to small businesses.
Loan Amount
Up to maximum amount of Rs. 10 lakhs
Eligibility
Only Individuals, proprietors, partners and Self-Help Groups are eligible under the 3 loan schemes
Loan Tenure
Maximum loan tenure up to 5 years
Type of Loan and Loan Amount
Shishu - Up to Rs. 50,000 Kishor - Between Rs. 50,000 - Rs. 5.00 Lakhs Tarun - Between Rs. 5.00 Lakhs - 10.00 LakhsAge of Borrower
18 years – 65 years
Rate of Interest
Based on the borrower’s profile and requirement for a loan, with starting interest of 8.75% p.a.
Collateral
No collateral required
Overdraft facility
Not available
Processing Charges
Up to Rs. 5 lakhs - Nil Above Rs. 5 lakhs – Rs. 500 onwards