The central government is continuously striving to promote self-employment and small businesses in the country. In this direction, the maximum loan limit under the Pradhan Mantri Mudra Yojana has been increased to ₹20 lakh. Earlier, the maximum loan available under this scheme was ₹10 lakh, but the government has now doubled it, providing significant relief to entrepreneurs.
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Major announcement in the budget
During the Union Budget for the financial year 2024-25, Finance Minister Nirmala Sitharaman announced the increase in the loan limit under the Tarun Plus category of the Mudra Yojana. This decision aims to help those who want to expand their existing businesses and require additional capital.
Mudra loans are available in four categories
Loans under the Pradhan Mantri Mudra Yojana are divided into four different categories. The Shishu category offers support to individuals starting small-scale businesses. The Kishore and Tarun categories are for entrepreneurs who want to take their businesses to the next level. The Tarun Plus category offers loans ranging from ₹10 lakh to ₹20 lakh, which are available without any collateral.
Who is this scheme for?
This scheme is specifically designed for individuals who wish to start their own business rather than pursue a job. There is no minimum educational qualification required. Any Indian citizen, regardless of their educational background, can apply for this scheme.
What documents are required?
To avail a loan under the Mudra Yojana, the applicant must have an Aadhaar card, PAN card, proof of residence, passport-size photographs, KYC documents, proof of income, and a basic business plan. Having all the necessary documents makes the loan process easier.
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How to apply?
The application process for the Pradhan Mantri Mudra Yojana is simple. Interested individuals can apply online by visiting the official website mudra.org.in. Alternatively, applications can also be submitted at the nearest bank branch.
