The budget of Modi 3.0 (Union Budget 2024) has been presented on 23 July 2024. In this, Finance Minister Nirmala Sitharaman made big announcements related to taxes and changes in government schemes. Among these, one announcement was also related to the Prime Minister Mudra Yojana. The Finance Minister said during his budget speech that the loan given to businessmen under this scheme is now being increased from Rs 10 lakh to Rs 20 lakh. However, the government has also imposed some conditions for this benefit. Let us know what is PM Mudra Loan, who can apply and what conditions have been imposed on it by increasing the loan limit?
This scheme was started in 2015
First of all, let us talk about the Pradhan Mantri Mudra Yojana and the benefits related to it, then let us tell you that PM Mudra Yojana was started in the year 2015. This special scheme was started to provide financial help to those who want to do their own business. In other words, the objective of PM Mudra Loan Scheme is to promote employment opportunities in the country. Every person in India can take advantage of this scheme. Now in Budget 2024, the limit of loan available under this government scheme has been doubled.
The limit of Rs 10 lakh was increased to Rs 20 lakh.
During his speech in Budget 2024, the Finance Minister said that a new system has been brought in to ensure that the MSME sector can easily get bank loans during times of pressure. Along with increasing the Mudra loan limit from Rs 10 lakh to Rs 20 lakh, Nirmala Sitharaman said that to compulsorily include buyers on the traders platform, the trader limit will be reduced from Rs 500 crore to Rs 250 crore. Under government schemes, loans for starting a business are easily available and at affordable interest rates.
Loan will be available only after fulfilling this condition
Along with the announcement of doubling the limit of people getting loans under PM Mudra Yojana, Nirmala Sitharaman had also said that the benefit of this increased loan limit can be availed by such businessmen who had earlier taken loan under Tarun category under PM Mudra Yojana. Has been paid in full. That means, if they have repaid their old outstanding loan, then only double the loan will be provided to them.
Loan is available in three categories
It is noteworthy that under PM Mudra Loan Yojana, the government provides loans in three categories. The first of these is Shishu, under which a loan of up to Rs 50,000 is given on application. After this comes Kishore Loan, in which loans ranging from Rs 50,000 to Rs 5 lakh are given. After this, those applying under Tarun Loan were given loans ranging from Rs 5 lakh to Rs 10 lakh under this scheme and now the government has increased the limit of this Tarun Loan to Rs 20 lakh.
If we look at the eligibility of this scheme, any Indian citizen of 18 years of age or above can apply for Tarun Loan. Talking about other conditions, the applicant should not be a defaulter of any bank and the credit record should also be good. It is necessary for the applicant to have the necessary skills and experience for the work for which the loan is being applied for. The special thing is that the loan given under this scheme should be used only for business. Now let’s talk about the apply process, it is very easy.
Step-by-step process to apply
- Go to www.mudra.org.in website.
- When the homepage opens, you will see the options of Shishu, Kishore and Tarun loan.
- Select Tarun Loan for business loan.
- Now download the application form and print it.
- Enter all the information asked in it thoroughly.
- After this, attach photocopies of the required documents along with the application form.
- Read and check the information entered in the filled form once again.
- After this, when satisfied, submit this filled application form to the bank.
- After checking your information, the bank will approve it and pass the loan.