Abstract: Preparation of heat-curable, water-dilutable coating compositions based on (A) epoxy resins free from amino groups, (B) an aqueous dispersion or solution of saturated polyester resins or the modification products thereof with oils, (C) organic cross-linking agents and optionally (D) pigments and/or conventional adjuvants, in specific proportions, these components being processed together in one or more stages, while being comminuted from their original particle size, to form a homogeneous coating composition which has a particle size of less than 100 .mu.m, and the use of the coating compositions thus obtained as coating agents, particularly for coating metal substrates, by the use of current-free methods of application or electrostatic spraying.