Mudra Loan Limit Expanded: Get Up To ₹20 Lakhs Under New Rules
The first budget of Modi 3.0 is being presented, and Finance Minister Nirmala Sitharaman has made a significant announcement during her budget speech concerning the Prime Minister’s Mudra Scheme . The Mudra loan limit under this government scheme has been doubled, increasing from ₹10 lakh to ₹20 lakh for MSMEs .
Previously Available Loan of ₹10 Lakh
The central government runs the Prime Minister’s Mudra Scheme ( PM Mudra Yojana ) to encourage the youth of the country to pursue self-employment. Until now, loans up to ₹10 lakh were provided for starting or expanding non-corporate small enterprises in rural areas. Now, this amount has been increased to ₹20 lakh. The loan is easily accessible at affordable interest rates, and if you repay the loan on time, the interest rate can be waived.
The Finance Minister stated that those who have repaid their old dues will be eligible for double the loan amount. Therefore, those with existing loans will benefit once they repay their previous debts.
Previously Available Loan of ₹10 Lakh
The central government runs the Prime Minister’s Mudra Scheme ( PM Mudra Yojana ) to encourage the youth of the country to pursue self-employment. Until now, loans up to ₹10 lakh were provided for starting or expanding non-corporate small enterprises in rural areas. Now, this amount has been increased to ₹20 lakh. The loan is easily accessible at affordable interest rates, and if you repay the loan on time, the interest rate can be waived.
The Finance Minister stated that those who have repaid their old dues will be eligible for double the loan amount. Therefore, those with existing loans will benefit once they repay their previous debts.
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