New Delhi : Modi government has taken a big decision to promote business in the country. The government has doubled the loan limit given under Pradhan Mantri Mudra Yojana i.e. PMMY. Due to which now you can get a loan limit of up to Rs 20 lakh under this scheme.
The Finance Ministry has issued a statement on Friday regarding this decision. In which it is said that through this increase we are trying to advance the overall objective of Mudra Yojana. An advisory related to this has been issued on Thursday itself.
Young category will get benefit
While presenting the Union Budget 2024-25 on July 23, 2024, Finance Minister Nirmala Sitharaman had said that the existing limit under the Pradhan Mantri Mudra Yojana i.e. PMMY is going to be increased from Rs 10 lakh to Rs 20 lakh. While presenting the budget in the Lok Sabha, Sitharaman had said that the limit of Mudra loan will be increased from the existing Rs 10 lakh to Rs 20 lakh for those entrepreneurs who have previously taken loan under the 'Tarun' category and have successfully repaid it.
Collateral-Free Micro Loan
Prime Minister Narendra Modi had introduced Pradhan Mantri Mudra Yojana i.e. PMMY on 8 April 2015. It aims to provide easy collateral-free micro loans up to Rs 10 lakh to non-corporate, non-agricultural small and micro entrepreneurs for income-generating activities.
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three categories
Under the current scheme, the bank provides collateral-free loans up to Rs 10 lakh under three categories – Shishu i.e. up to Rs 50,000, Kishore i.e between Rs 50,000 to Rs 5 lakh and Tarun i.e. between Rs 10 lakh.
Major scheme of Government of India
Pradhan Mantri Mudra Yojana i.e. PMMY is a major scheme of the Government of India. This scheme provides loans up to Rs 10 lakh to micro and small enterprises engaged in manufacturing, trading or service sectors. Under this scheme, people engaged in agriculture related activities can also get loans. The scheme provides financial assistance to non-corporate, non-farm sector income generating activities of micro and small institutions by member loan institutions.
(with agency input)
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