KBL Micro Mitra Loan
This loan is a game-changer for micro entrepreneurs seeking to grow their businesses. Whether you need working capital or funds to purchase machinery, equipment, or transport vehicles, this loan scheme is crafted for your needs. Offering loans from as little as ₹10,000 to up to ₹10 lakh, it's perfect for small-scale business enhancements. Tailored specifically for micro enterprises, this scheme ensures that your investment in plant and machinery aligns with your business growth. With KBL, you get a financial partner who understands and supports your entrepreneurial journey, making this scheme an ideal choice for micro business owners.. Read more
Why this loan is for you
Designed to give you just what you need
Designed exclusively for micro enterprises' unique needs
Finance new/used vehicles, machineries, or equipment for your business
Eligible for coverage under CGTMSE scheme
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
- No NPAs or closed OTS accounts
- No defaults on previous loans
- A minimum credit score of 700
- No NPAs
Documents required
- Udyam registration certificate
- Proof of identity for firm (PAN, Registered partnership deed, MOA & AOA, Registered Trust deed / LLP agreement, etc.)
- Proof of address and activity (Shops and Establishment license, GST registration, Rent/lease agreement and other licenses related to the activity)
- For individuals CIBIL score should be at least 675 and CRIF score should be at least 700
- For non-individuals CRIF score should be 700 and above
- Applicant should be a customer of Karnataka Bank for at least 1 year with satisfactory transactions
As easy as 1,2,3...
Apply for a KBL Micro 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 loan is tailored for micro entrepreneurs, providing fund-based loans for working capital and purchase of machinery, equipment, or transport vehicles.
The loan amount ranges from a minimum of ₹10,000 to a maximum of ₹10 lakh, catering to various scales of business requirements.
Under the CGTMSE scheme, the maximum credit amount capped is ₹2 crores. The extent of guarantee cover varies based on the type and size of the enterprise, as well as the region, with specific provisions for women-owned businesses and enterprises in the North East Region.
In the context of Karnataka Bank's loans, EBLR or External Benchmark Lending Rate is a crucial reference rate. It's essentially the standard against which the interest rates of loans are gauged and adjusted. This rate is determined by external market factors and serves as a transparent and dynamic benchmark. By tying loan interest rates to the EBLR, we ensure that loan pricing is fair, responsive to market conditions, and in line with regulatory guidelines, providing a clear and consistent basis for borrowers to understand how their loan interest rates are set.
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 ₹2 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.
If repayment challenges arise, we encourage prompt communication with us to explore feasible solutions and maintain financial integrity.
We charge standard upfront fees and processing charges, covering legal, valuation, and background information expenses.
We prioritize expedient loan processing, understanding the importance of timely financial support for your business aspirations.
Prepayment is an option available to you, potentially reducing your interest obligations. We advise discussing this with us to understanding terms and conditions of the loan.
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.
Our business loans known for being among the best small business loans available. Tailored to the unique challenges of micro-enterprises, this scheme is a source of robust small business finance. If you're ready to take the next step, apply for small business loan options under this scheme to fuel your business ambitions.
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.
