Budget 2024: Mudra Loans Limit Raised To Rs 20 Lakh From Rs 10 Lakh- know everything

Union Budget 2024 : Finance Minister Nirmala Sitharaman is presenting the first Union Budget of the third term of the Modi government and the seventh consecutive Union Budget during the monsoon session of Parliament.

In her budget speech, she announced to increase the loan limit under the Pradhan Mantri Mudra Yojana launched to promote self-employment in the country. Now a loan of up to Rs 20 lakh will be given under this scheme. Earlier the maximum loan limit was Rs 10 lakh.

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The central government launched the Mudra scheme in April 2015. In the last 9 years, more than 40 crore people have taken advantage of this scheme. Loans ranging from Rs 50,000 to Rs 10 lakh have been given under the Mudra scheme to those who want to start their own business or expand their business. Now, loans up to Rs 20 lakh will be given under this scheme.

Also Read: Income Tax Slab: Standard deduction increased from Rs 50,000 to Rs 75,000- check details

Who can take a Mudra loan?

This scheme, started in 2015, aims to provide guarantee-free funds to small businessmen and street vendors to expand their business. Under the Pradhan Mantri Mudra Loan Yojana, loans can be taken through any bank, microfinance company or NBFC. Any Indian who is doing business or wants to start his own business can take a Mudra loan.

Loan is available in three categories

Under Pradhan Mantri Mudra Yojana, loan is given in three categories. The first category is Shishu loan. In this, a guarantee free loan of Rs 50,000 is available. In the Kishore category, loan is given from Rs 50,000 to Rs 5 lakh. In the Tarun category, the government gives loan from Rs 5 lakh to Rs 10 lakh. Now this limit has been increased to 20 lakhs. That is, in the Tarun category, loan from Rs 5 lakh to Rs 20 lakh will be available.

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