Mudra Loans
Central government increases loan limit under Pradhan Mantri Mudra Yojana (PMMY) to Rs.20 lakh
The Centre on Friday announced the limit of Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) has been enhanced from current Rs. 10 lakh to Rs. 20 lakh.
Union Finance Minister Nirmala Sitharaman had made an announcement on the issue in the Union Budget.
"This increase aspires to further the overall objective of the Mudra Scheme which is Funding the Unfunded," read a government statement.
This enhancement is specifically beneficial to upcoming entrepreneurs facilitating their growth and expansion.
"The move is in alignment with the Governmment’s commitment in fostering a robust entrepreneurial ecosystem," the statement said.
As per the notification issued in this regard, the new category of Tarun Plus is for Loans above Rs. 10 lakh and upto Rs. 20 lakh and would be available to the entrepreneurs who have availed and successfully repaid previous loans under the Tarun category.
The guarantee coverage of PMMY loans upto Rs. 20 lakh will be provided under the Credit Guarantee Fund for Micro Units (CGFMU).
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
