Karnataka Bank launches new loan product for small firms

Private sector lender Karnataka Bank on Monday launched KBL Micro Mitra to offer financial assistance of up to Rs 10 lakh to micro manufacturing and service enterprises either to meet their working capital needs for investment purposes. The facility comes with a simplified procedure and competitive rate of interest, the bank said in a press release.

Bank's MD & CEO Mahabaleshwara MS, who launched the product, said: “Micro and small entrepreneurs play a vital role in the revival of the economy both in rural and urban India, besides creating huge job opportunities locally. As the economy is now in revival mode, timely credit assistance is crucial and I am sure ‘KBL Micro Mitra’ will be a true friend of the micro entrepreneurs. This facility is available across India through all the branches.

The bank will also come out with the digital version of the product soon, the CEO said.