KBL Contractor Mitra Loan
The ideal financial solution for civil contractors looking to scale their operations. It offers a vital lifeline for the purchase of new or second-hand vehicles, including JCBs and tractors, as well as essential machinery for civil contract activities. With an attractive interest rate starting at 10.46*%-12.96*%, this scheme is tailored to fit your specific needs. Whether upgrading equipment or expanding your fleet, we will ensure you have the financial support to take on larger projects and grow your business. Read more
Why this loan is for you
Designed to give you just what you need
Specifically designed for civil contractors, individuals, companies, partnerships and LLPs in civil contracts
Quick and online loan approval for timely business opportunities
We allow reimbursement for recent purchases within 3 months
Make matters simple and straightforward
A smart calculator for smart spending and savings
Emi Calculator
You will pay
₹13,800/Months
Eligibility criteria
- Indian individuals whose loan period plus age adds up to 70
- An existing Karnataka Bank customer for 1 year
- A minimum credit score of 675
- Must have a civil contract engagement
- Must have a civil contract engagement
- A minimum credit score of 700
- An active Karnataka Bank customer
- No NPAs or history of stressed accounts
Documents required
- Applicant should be a customer of Karnataka Bank and engaged in civil contractor activities with satisfactory dealings for at least 6 months
- Proof of address and activity (Shops and Establishment license, GST registration, Rent/lease agreement and other licenses related to the activity)
- Valid contractor license
- Quotations / pro-forma invoice in case of purchase of vehicles / machineries / equipment along with advance paid receipt if any
As easy as 1,2,3...
Apply for a KBL Contractor Mitra Loan in 3 simple steps
Step 1
Visit your nearest branch
Go to your nearest Karnataka Bank branch
Step 2
Start with your basic details
Provide your basic details and keep your documents handy
Step 3
We’ll take care of the rest
Our branch officials will notify you when your loan is sanctioned
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Got questions? We’ve got answers.
This is a specialized loan for civil contractors, providing fund-based financial support for purchasing new or used vehicles, JCBs, tractors, and machinery essential for civil contract activities.
You can avail a maximum loan of ₹10 crores, based on your civil contracting requirements and the working capital finance already availed from the bank, including both fund-based and non-fund-based limits.
Down payment ranges from 10% to 15% for new vehicles/machineries. For old vehicles, it's 30% of the cost, aligning with the asset's value and loan amount.
For new vehicles and machinery, the loan tenure can be up to 84 months, while for used vehicles, it's capped at 48 months, depending on the residual life of the vehicle.
CGTMSE, or Credit Guarantee Fund Trust for Micro and Small Enterprises, is designed to support first-generation entrepreneurs by offering credit guarantees for collateral-free loans. It covers loans up to ₹5 crores, with guarantee coverage varying from 75% to 85%, depending on the enterprise type. This scheme enables easier credit access for small businesses and encourages financial institutions to lend without requiring third-party guarantees or collateral".
All micro entrepreneurs as defined by MSME are eligible. Individual applicants should be Indian residents, aged within 70 years when combined with the loan period. Activities should be eligible under CGTMSE.
The loan is repayable in Equated Monthly Installments (EMI). There's a provision for a 3-month holiday period for new purchases, after which EMIs commence, with the overall repayment period not exceeding 84 months.
Yes, loan takeover is permitted under this loan, subject to the bank’s takeover norms. This allows flexibility if you have existing loans that you wish to transfer to our bank.
We prioritize expedient loan processing, understanding the importance of timely financial support for your business aspirations.
Reimbursement is available for new equipment, plants, machinery, or vehicles within 3 months from the date of the original invoice, adding convenience for pre-loan purchases.
There is no processing fee for loans up to ₹5 lakhs. A processing fees of up to 0.50% would be applicable on loans above ₹5 lakhs.
KBL Contractor Mitra offers loans for machinery purchase, empowering contractors to upgrade their operations with new or used equipment. This business loan for machinery purchase is designed to boost your project capabilities, ensuring you have the right tools to meet client demands and industry standards. With flexible equipment purchase financing, keep your projects moving forward without financial bottlenecks.
The interest rates on business loans vary based on factors like loan amount, tenure, and the financial health of the business. Typically, these loans have competitive interest rates, making them a viable option for business financing. It's crucial for borrowers to understand the terms of the loan, including the interest calculation method, to plan their finances effectively. Apply for a commercial vehicle loan with ease and benefit from competitive terms that support your company's growth.With tailored commercial vehicle financing, you have the freedom to choose the best fit for your logistical needs. The process to start your application process is streamlined, ensuring you can quickly enhance your fleet and meet the demands of your growing business. When opting for business vehicle loans, it's crucial to match the loan with your business's capacity and plans. Adequate research and timely repayments will ensure you fully leverage the benefits of your commercial vehicle finance.
Do prepare a solid business plan to support your loan application. Keep your financial documents organized and updated for the application process. Don't underestimate the importance of reading and understanding the loan agreement, particularly the repayment terms and any associated fees.
