PM Modi increases loan limit under Pradhan Mantri Mudra Yojana to Rs 20 Lakh

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NEW DELHI, OCTOBER 25

 The Centre government has raised the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) to ₹20 lakh from the previous cap of ₹10 lakh, as announced by Finance Minister Nirmala Sitharaman in the Union Budget for 2024-25. This increase aims to support the initiative’s core objective of “Funding the Unfunded” and is particularly beneficial for emerging entrepreneurs looking to grow and expand their businesses.

According to the official notification, a new category called “Tarun Plus” has been introduced for loans exceeding ₹10 lakh and up to ₹20 lakh. This category will be available to entrepreneurs who have successfully repaid prior loans under the existing Tarun category. Additionally, the loan guarantee coverage for PMMY loans up to ₹20 lakh will be provided under the Credit Guarantee Fund for Micro Units (CGFMU), reinforcing the government’s commitment to fostering a robust entrepreneurial ecosystem. PMMY, Pradhan Mantri Mudra Yojana, loan limit, entrepreneurship, Nirmala Sitharaman, Union Budget 2024-25, Tarun Plus, CGFMU, small business, India