Mudra Loan Limit Hike: Till now, under PM Mudra Yojana, a loan of up to Rs 10 lakh (Mudra Yojana Loan) was being given for starting or expanding non-corporate small enterprises. Now it has been increased to Rs 20 lakh.
Mudra Loan Limit Hike: The first budget of Modi 3.0 is being presented. Finance Minister Nirmala Sitharaman made a big announcement during her budget speech. This is related to the Prime Minister’s Mudra Scheme. Actually, under this government scheme, the limit of Mudra loan has been doubled. Earlier, under this scheme, a loan of up to Rs 10 lakh was being provided for MSME, which has now been increased to Rs 20 lakh.
Till now a loan of Rs 10 lakh was available
It is worth noting that the central government is running the Prime Minister’s Mudra Scheme (PM Mudra Yojana) to encourage the youth of the country for self-employment. Under this scheme, till now a loan of up to Rs 10 lakh was being given for starting or expanding non-corporate small enterprises in rural areas. Now it has been increased to 20 lakhs. This loan is easily available at affordable interest rates. If you keep repaying the loan on time, then the interest rate of the loan is also waived off.
The Finance Minister said that those who have repaid their old dues will now be provided double the loan amount. That is, those who already have a loan will get the benefit only when they repay their old dues.
Big announcements to provide relief to MSME
The Finance Minister has said in her budget speech that a new system has been introduced so that the MSME sector can easily get bank loans during pressure. Along with increasing the limit of Mudra loan for them from Rs 10 lakh to Rs 20 lakh, Nirmala Sitharaman said that the limit of the trader will be reduced from Rs 500 crore to Rs 250 crore to compulsorily include buyers on the traders platform.
She further said that financial help will be given to set up 50 multi-product food irradiation units in the MSME sector. Apart from this, E-Commerce Export Centers will be set up in PPP mode to enable MSMEs and traditional artisans to sell their products in the global market.
Three categories of loan
The loan available under the PM Mudra Yojana has been divided into three categories. These three categories are Shishu Loan, Kishor Loan and Tarun Loan. A loan of up to Rs 50 thousand is given under Shishu Loan. Under Kishore Loan, loans ranging from Rs 50 thousand to Rs 5 lakh are given. Under Tarun Loan, a loan of up to Rs 10 lakh can be taken so far.
Easy to apply for loan
Under PM Shishu Mudra Loan Scheme, no guarantor is required to apply for a loan and neither is any charge levied for it. However, there may be a difference in the interest rates of the loan in different banks. It depends on the banks. Under this scheme, the interest rate is 9 to 12 percent per annum.
To take a Mudra loan, you have to go to your nearest bank. Many banks have also provided online facility to apply under this scheme. You can get more information by visiting https://www.mudra.org.in/.
These people can avail the benefit
Under PM Mudra Scheme, loan facility is available for small shopkeepers, fruits, food processing units and small industries. To avail this scheme, you need Aadhaar Card, PAN Card, Residential Proof, Passport Size Photo, Business Certificate.
