Canara bank with an intent to increase off-take for financing to professionals viz., Valuers, Management/Financial Consultants and registered medical doctors (Holding degree of MBBS or above) also (in addition to the category of professionals presently eligible under the scheme i.e. Architects, Engineers, Chartered Accountants, Cost Accountants and Company Secretary) has introduced Canara MSME Smart Professional.

Nature of facility:	Term Loan and/or working capital (fund based/non-fund based).
Purpose	"To provide credit to professionals, for purchase/construction of office premises /acquisition of machineries /equipment/furniture/ fixtures, including expansion and modernization of the existing office premises, and need based working capital limits (secured OD)."
Target Group	Professionals include Architects, Engineers, Valuers, Management/Financial Consultants, Chartered Accountants, Cost accountants, Company Secretary and registered medical doctors (Holding degree of MBBS or above.
Quantum of loan	Minimum Loan Amount : Above Rs.10.00 Lakhs. Maximum Loan Amount : Metro Centres: Rs.500.00 Lakhs Urban Centres: Rs.200.00 Lakhs. Other Centres: Rs.50.00 Lakhs.
Margin	Working Capital : Nil Term Loan/NFB: 25%
Repayment Period	Working Capital tenable for 1 Year. Term Loan Up to a Maximum of 10 years.
Security	Primary : Hypothecation of assets created out of loan Collateral : Total securities for reckoning security comfort under the scheme shall be 75% or more of the proposed exposure in the form of primary and collateral put together (in the form of Land/Land & Building and/or approved securities).

• Professionals should have minimum 2 years of experience in their respective profession.
• Existing customers with satisfactory track record.
• New customers subject to satisfactory Opinion Letter (OPL) from their existing Bankers.
• Age of the borrower/promoter shall be from 25 to 60 Years.
• Individuals/Proprietorship/Partnership concerns/ Private limited company (excluding NBFC)/ LLPs.
• The applicant should be holding a valid certificate/license for carrying out respective profession and should be a registered member with their respective professional Association/Board/Body etc.
• The existing Professionals/ Firm should be an assesse under Income Tax and shall have a minimum Net Annual Income of Rs.2 lakhs as per latest available ITR.

• Customer Identification proof along with NF998 MSME application.
• Address Proof of unit and promoters.
• License/permissions.
• Financial papers for the last 3 years with ITR and projections.
• Details of Guarantor with proof of assets.
• Valuation report.
• Stock Statement.

• RLLR Linked Interest Rates on Loans under MSME Lending.
• Service Charges.

• Land and Building accepted as securities under the scheme should be backed by an approved building plan from authorized government agencies.
• In case of leasehold properties, mortgage of leasehold rights over the property has to be permitted under the terms of respective lease deed.
• Agricultural Properties should not be taken as security under this scheme.