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  • Canara bank with a view to broaden the clientele base under MSME Segment of Indian Economy has introduced Canara MSME Star for credit requirements of MSME borrowers against collateral securities in the form of immovable Properties (land/land and Building) and / or approved collaterals (including bank deposits).
Nature of facility Term Loan, Working Capital- Secured OD, (Fund Based and Non-Fund Based).
Purpose "To provide credit facilities for business requirement of MSME borrowers engaged in manufacturing & service sector, against mortgage of property/ies and/or approved security/ies."
Target Group Micro, Small & Medium Enterprises(Manufacturing/Services).
Quantum of loan Minimum Loan above ₹10 Lakhs.
Margin FOR WC/TL – 20%, NFB – 15%
Repayment Period Working Capital tenable for 1 Year. Term Loan Up to a Maximum of 10 Years including moratorium.
Security Primary securities in the form of immovable property/ies (existing & proposed) plus Collateral in the form of immovable and/or approved security/ies should be minimum of 100%.
  • MSME Units including Individuals/Partnership Firms (other than partnership firms where HUF is a partner)/ company (excluding NBFC)/ Traders/ Businessmen/ professionals or self-employed persons/LLPs/ proprietary firms.
  • 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.
  • Stock Statement.
  • Penal interest of 0.25%/0.50% may be chargeable as the case may be, from previous sanction to current renewal period, in case of lesser turnover routed through the account.
  • Limit shall be reduced in case of the reduced turnover if any, as per GST returns in succeeding year within a period of 3 months.
  • Agree to pay penal interest at 2% for overdrawn portion, in case of delayed regularization of the limit.

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Last updated on 05-10-2023 12:58 PM

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