PM Mudra Yojana: Now start your work, Modi government made a big announcement on the loan amount..

Before Diwali, the Modi government has given good news to the businessmen of the country. The government has increased the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) from Rs 10 lakh to Rs 20 lakh with immediate effect. The Finance Ministry has issued a notification in this regard. Finance Minister Nirmala Sitharaman announced this in the Union Budget on 23 July 2024.

The increase in the loan limit is aimed at helping emerging businessmen so that they have the option of more funds. While presenting the budget in the Lok Sabha, Sitharaman had said, 'The limit of Mudra loan will be increased from the current Rs 10 lakh to Rs 20 lakh for those entrepreneurs who have taken a loan earlier under the 'Tarun' category and have successfully repaid it.'

The new loan category 'Tarun Plus' is specifically for those entrepreneurs who have taken a loan earlier under the 'Tarun' category and have now successfully repaid the loan. Apart from this, loans up to Rs 20 lakh will be given under the Credit Guarantee Fund for Micro Units (CGFMU), which reflects the government's commitment to a strong eco-system of entrepreneurship.

Mudra Yojana was started in the year 2015
Prime Minister Narendra Modi introduced the Pradhan Mantri Mudra Yojana (PMMY) on 8 April 2015. Its purpose is to provide easy and collateral-free micro credit up to Rs 10 lakh to non-corporate, non-agricultural small and micro-entrepreneurs for income-generating activities. Under the current scheme, banks provide collateral-free loans up to Rs 10 lakh under 3 different categories - Shishu (up to Rs 50,000), Kishor (between Rs 50,000 and Rs 5 lakh) and Tarun (Rs 10 lakh).