PM Mudra loan limit doubled: Learn more about the initiative called Pradhan Mantri MUDRA Yojana (PMMY), which was introduced by the Hon’ble Prime Minister on April 8, 2015. This PMMY scheme aims to offer loans up to 10 lakh to small/micro enterprises that are non-corporate and non-farm. They are provided by various financial institutions such as Commercial Banks, RRBs, Small Finance Banks, MFIs, and NBFCs.
Interested borrowers can either approach one of the mentioned lending institutions or apply online through the website www.udyamimitra.in. As part of PMMY, MUDRA has introduced three different products named ‘Shishu’, ‘Kishore’, and ‘Tarun’ to represent the growth stage and funding requirements of the micro unit/entrepreneur, serving as a guide for their future progress.
PM Mudra Loan Limit 20 Lakh
Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the parliament on July 23, focusing on various aspects such as agricultural sector provisions, employment schemes, loan schemes, financial support to the MSME sector, infrastructural development, and a fiscal deficit projection of 4.9% with a commitment to reduce it to 4.5%.
Additionally, customs duties were reduced and changes were made in capital gain taxes for the financial year. The new tax policy includes revisions in tax slabs, known as the “Taxation budget”. Stay updated on the latest developments by following our live blog on Budget 2024 key Highlights. For more information on Budget 2024, check out our live coverage on Income Tax Slab, Impact on Share Market, Budget Key Highlights, and Corporate Reactions.
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MUDRA loans for MSMEs have been raised from Rs 10 lakh to Rs 20 lakh
The Finance Minister unveiled a substantial set of 5 programs and measures aimed at addressing employment, training, and various prospects for more than 4 crore young individuals.
Union Finance Minister Nirmala Sitharaman announced a significant support package for micro, small, and medium enterprises (MSMEs) during her budget speech. She revealed that the limit for MUDRA loans for MSMEs has been raised from Rs 10 lakh to Rs 20 lakh for borrowers who have repaid their loans successfully.
Additionally, Sitharaman introduced a credit guarantee scheme for MSMEs in the manufacturing sector, providing them with a guarantee cover of up to Rs 100 crore. The budget highlights the importance of both manufacturing and services, with measures such as the Credit Guarantee Scheme, increased MUDRA loans, and the establishment of E-commerce hubs under the PPP model aimed at boosting revenue, creating job opportunities, and enhancing wage prospects in these sectors.
Union Budget 2024-25 Highlights
In the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman on July 23, several significant updates were made to the MUDRA scheme and other MSME support initiatives:
- Increased Loan Limit: The maximum loan limit for MUDRA loans was raised from ₹10 lakh to ₹20 lakh for borrowers who have successfully repaid their previous loans.
- Credit Guarantee Scheme: A new credit guarantee scheme was introduced for MSMEs in the manufacturing sector, providing a guarantee cover of up to ₹100 crore.
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MUDRA scheme in the Union Budget 2024-25
In the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, the following updates were made:
• The maximum loan limit for MUDRA loans was raised from ₹10 lakh to ₹20 lakh for borrowers who have successfully repaid their previous loans.
• A new credit guarantee scheme for MSMEs in the manufacturing sector was introduced, providing a guarantee cover of up to ₹100 crore.
More Budget Updates for MSMEs:
- Job Creation and Skill Development Initiatives: The Finance Minister revealed five significant programs and steps to enhance job opportunities, training, and future prospects for more than 40 million young people.
- Enhancing Infrastructure: Strategies to improve infrastructure and support the growth of manufacturing and service industries were emphasized, including the establishment of E-commerce hubs through the PPP framework.
- Tax Policy Adjustments: Modifications in customs tariffs, capital gains taxes, and adjustments in tax brackets were included in the updated tax policy referred to as the “Taxation budget.”
The new initiatives aim to boost income, generate employment, and elevate salary possibilities, ultimately fortifying the MSME industry and fostering economic advancement. For further insights on Budget 2024 and its effects, stay tuned for live updates on areas like alterations in Income Tax Slabs, Influence on the Stock Market, and Responses from Corporations.
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FAQs: PM Mudra Loan Limit Increased to 20 Lakh
Q: What is Pradhan Mantri MUDRA Yojana (PMMY)?
A: Pradhan Mantri MUDRA Yojana (PMMY) is an initiative launched by the Hon’ble Prime Minister on April 8, 2015, aimed at providing loans up to ₹10 lakh to small/micro enterprises that are non-corporate and non-farm.
Q: Who can apply for MUDRA loans under PMMY?
A: Small and micro enterprises that are non-corporate and non-farm can apply for MUDRA loans. These loans are available through various financial institutions such as Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks, Microfinance Institutions (MFIs), and Non-Banking Financial Companies (NBFCs).
Q: How can interested borrowers apply for MUDRA loans?
A: Interested borrowers can approach any of the mentioned lending institutions or apply online through the website www.udyamimitra.in.
Q: What are the different products introduced under MUDRA?
A: MUDRA has introduced three products under PMMY to cater to the growth stage and funding requirements of the micro unit/entrepreneur:
• Shishu: Covering loans up to ₹50,000
• Kishore: Covering loans between ₹50,001 and ₹5 lakh
• Tarun: Covering loans between ₹5,00,001 and ₹10 lakh
Q: What is the aim of the new initiatives introduced in the Union Budget 2024-25?
A: The new initiatives aim to boost income, generate employment, and elevate salary possibilities, ultimately fortifying the MSME industry and fostering economic advancement.
