Canara Start-up Scheme

Canara Start-up Scheme

• Canara Bank has launched a Startup Scheme under the banner “Canara Start-Up” to provide credit for the business requirement of MSME units recognized as Start-ups by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Govt. of India.

• Started 7 Start-Up Cells in Mid Corporate Branches across India at Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Mumbai and Pune.

• Major Highlights of the Schemes are as under:

 Shall be considered as a Start-up for entities up to a period of Ten years from the date of incorporation/ registration/Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded Rupees one hundred crore/Entity is working towards innovation, development or improvement of products or processes or services or if it is a scalable business model with a high potential of employment generation or wealth creation.

 Nature of Facility shall be by way of Working Capital (FB & NFB) and/or Term Loan with Minimum Loan Quantum above Rs.10.00 lakhs and Maximum up to Rs.10.00 crores with minimum margin of 20%.

 Relaxed financial benchmark and Security Comfort. Also eligible under CGTMSE.

 Attractive rate of Interest starting from RLLR (9.25%).

 Concessional Processing Charges and other charges.