Before Diwali, the Modi government has provided a significant boost to entrepreneurs looking to grow their businesses.
Now, they can receive double the loan amount compared to before under the Pradhan Mantri Mudra Yojana.
Under the Pradhan Mantri Mudra Yojana, the Mudra loan limit has been raised from Rs 10 lakh to Rs 20 lakh. The government has also released a notification about this change.
During the budget presentation for the financial year 2024-25 on July 23, 2024, Finance Minister Nirmala Sitharaman announced that the loan limit under the Pradhan Mantri Mudra Yojana would rise from Rs 10 lakh to Rs 20 lakh.
This announcement has now been put into effect. The Finance Ministry stated that raising this limit will aid in meeting the goals of the Mudra scheme, allowing new entrepreneurs in need of funds to access more money for business growth and expansion.
Currently, the Pradhan Mantri Mudra Yojana has three categories: Shishu, Kishor, and Tarun, under which loans are provided.
A new category called Tarun Plus has now been introduced. Under the Mudra scheme, the Shishu category offers loans up to Rs 50,000.
Those in the Kishor category can access loans ranging from Rs 50,000 to Rs 5 lakh. The Tarun category allows loans between Rs 5 lakh and Rs 10 lakh.
Business owners who have successfully repaid their loans under the Tarun scheme can now apply for loans of Rs 10 lakh to Rs 20 lakh under the new Tarun Plus category to help grow and expand their businesses.
Under the Pradhan Mantri Mudra Yojana, loans up to Rs 20 lakh will have guarantee coverage provided by the Credit Guarantee Fund for Micro Units.
