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In a significant boost for aspiring entrepreneurs, the limit for Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) has been raised from ₹10 lakh to ₹20 lakh. This announcement was made by Finance Minister Nirmala Sitharaman during the Union Budget presentation in July. The enhancement aims to facilitate the growth and expansion of new businesses by providing increased financial support.
New Loan Category: Tarun Plus A new category, named 'Tarun Plus', has been introduced specifically for loans exceeding ₹10 lakh and up to ₹20 lakh. This category is designed for entrepreneurs who have previously availed and successfully repaid loans under the 'Tarun' category.
Loan Categories Under PMMY:
Shishu: Covers loans up to ₹50,000
Kishor: Covers loans above ₹50,000 and up to ₹5 lakh
Tarun: Covers loans above ₹5 lakh and up to ₹10 lakh
Tarun Plus: Covers loans above ₹10 lakh and up to ₹20 lakh for those who have a history of successful repayment
Credit Guarantee Coverage The enhanced PMMY loans will be backed by the Credit Guarantee Fund for Micro Units, ensuring greater security for lenders. Additionally, an overdraft facility of ₹10,000 sanctioned under Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts will also qualify for coverage under the Credit Guarantee Fund.
Eligibility Criteria Eligible borrowers include self-help groups that meet the prescribed criteria and whose loan amounts are between ₹10 lakh and ₹20 lakh. This initiative is expected to empower a larger segment of entrepreneurs, enabling them to access necessary funding for business development.
By increasing the loan limits and introducing the 'Tarun Plus' category, the government aims to support small businesses and encourage entrepreneurship across the country.
