PM Mudra Yojana Loan Limit: The central government has announced a Diwali gift for MSMEs. The loan limit under Pradhan Mantri Mudra Yojana has been increased to Rs. 20 lakh has been made. This decision will boost MSME and also increase employment opportunities.
Small traders will benefit
According to the Finance Ministry, these measures will provide opportunities to MSMEs to establish and expand business. This will create new employment opportunities and strengthen the country’s economy.
Who can avail this benefit?
People who want to start their new business can avail this scheme. Moreover, MSMEs can also take advantage of Mudra Yojana for expanding their business. Under this scheme, loans are provided quickly and easily at low interest rates. In which no guarantor is required.
Under the youth category of Pradhan Mantri Mudra Yojana, MSME Rs. Able to take loan up to 20 lakhs. Under Credit Guarantee Fund for Micro Units Rs. 20 lakh loan is provided by the central government itself as guarantee coverage.
What is Pradhan Mantri Mudra Yojana?
Prime Minister Narendra Modi on April 8, 2015 gave MSMEs Rs. This was to launch the Pradhan Mantri Mudra Yojana with the objective of providing collateral free micro credit up to 10 lakhs. In which selected banks, NBFCs, and micro finance units disburse three categories of loans to infants (Rs. 50000), teenagers (Rs. 50000 to 5 lakhs) and youth (Rs. 10 lakhs) without guarantee-collateral. Youth category limit increased to Rs. 20 lakh has been made.
