On 23 July 2024, the budget of Modi 3.0 (Union Budget 2024) has been presented. In this, Finance Minister Nirmala Sitharaman made big announcements ranging from tax to changes in government schemes. One of these announcements was also related to the Pradhan Mantri Mudra Yojana (PM Mudra Yojna). During his budget speech, the Finance Minister said 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 by increasing the loan limit?
This scheme was started in 2015
First of all, let’s talk about Pradhan Mantri Mudra Yojana and its benefits, so let us tell you that PM Mudra Yojna 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 Yojana is to promote employment opportunities in the country. Every person in India can take advantage of this scheme. Now in Budget 2024, the loan limit available under this government scheme has been doubled.
The limit of Rs 10 lakh has been increased to Rs 20 lakh
During her speech in Budget 2024, the Finance Minister said 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 businessman will be reduced from Rs 500 crore to Rs 250 crore to compulsorily include buyers on the traders platform. Loan for starting a business in the government scheme is available easily and at affordable interest rates.
Related news
- Lucknow: Former SP MLA Indal Rawat arrested, police tightens noose in case of fraud worth crores
- Ballia extortion case… Five hundred rupees from a driver, thousand trucks every night, DIG explained the math of black money of one and a half crore in a month
- Name Plate Controversy: Yogi government filed an affidavit in the Supreme Court in the Kanwar Yatra name plate controversy, said these things
- 25 years of Kargil Vijay Diwas completed, PM Modi will reach Dras and pay tribute to the martyred soldiers, watch
- Superhit TV hero, who waited for 9 months for Sanjay Leela Bhansali’s film, is out
You will get loan only after fulfilling these conditions
Nirmala Sitharaman, while announcing doubling of the loan limit under PM Mudra Yojana, had said that the benefit of this increased loan limit can be availed by such businessmen who have fully repaid the loan taken earlier under the Tarun category in PM Mudra Yojana. That is, if they have repaid their old outstanding loan, then only they will be provided with double the loan.
Loan is available in three categories
It is worth noting that under PM Mudra Loan Yojana, the government provides loans in three categories. The first among these is Shishu, under which a loan of up to Rs 50,000 is given on applying. After this comes Kishor Loan, in which a loan of Rs 50,000 to Rs 5 lakh is given. After this, those applying under Tarun Loan were given a loan of 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 aged 18 years or above can apply for Tarun Loan. Talking about other conditions, the applicant should not be a defaulter of any bank and should also have a good credit record. The applicant must have the necessary skills and experience for the work for which the loan is being applied. The special thing is that the loan received under this scheme should be used only for business. Now talking about the application process, it is very easy.
Step-by-step process to apply
- Visit the website www.mudra.org.in.
- When the homepage opens, you will see the options of Shishu, Kishor and Tarun loan.
- Select Tarun Loan for business loan.
- Now download the application form and take its print.
- Enter all the information asked for in it carefully.
- After this, attach the photo copy of the required document with the application form.
- Read and check the information entered in the filled form once again.
- After this, if you are satisfied, submit this filled application form to the bank.
- After checking your information, the bank will approve it and pass the loan.