Term Loan for MSME Exporters – Canara MSME Expo
Term Loan for MSME Exporters
Canara Bank is offering MSME exporters term loan for purchase of software or hardware, travelling abroad for business purpose, participation in trade fairs, exhibitions abroad or international trade fairs in India. Canara Bank was founded by Shri Ammembal Subba Rao Pai, a visionary and philanthropist, in July 1906, at Mangalore, Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence and is today a financial conglomerate with over 5000 branches across India.
MSME customers involved in export of goods or services and having a regular credit limit with satisfactory track record for the past three years (sole banking / multiple banking arrangement / consortium arrangement) can avail loan under Canara MSME Expo. In addition to being an existing customer of the bank having satisfactory track record, the exporter must also have recorded a minimum export turnover of Rs.100 lakhs during the immediate preceding year.
Amount of Loan
Loan of upto Rs.50 lakhs can be sanctioned under the Canara MSME Expo scheme for purchase of software/hardware for fashion designing, travelling abroad for business purpose, participation in trade fairs, exhibitions aboard or International Trade Fair in India.
In case of loan only for the purpose of participation in trade fairs/exhibitions, the maximum cap of Rs.25 lakhs to be fixed per fair/exhibition. In addition, amount of loan and eligibility is linked to the export turnover of the business.
Interest & Repayment
Canara MSME Expo loan is extended at the same rate of interest as applicable for term loans to MSME businesses. Hence, businesses applying for the loan must have a MSME registration or Udyog Aadhaar registration.
Loan sanctioned under Canara MSME Expo scheme is in the form of a term loan with a maximum repayment period of three years with an initial repayment holiday of 3 months.