In a major boost for small businesses and aspiring entrepreneurs, the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) has been increased from Rs. 10 lakh to Rs. 20 lakh. This announcement, initially made by the Finance Minister in the Union Budget 2024-25 on July 23, reinforces the government’s commitment to “Funding the Unfunded,” with an aim to empower budding entrepreneurs with essential capital for growth and expansion.
As per the official notification, a new “Tarun Plus” loan category has been introduced for loan amounts exceeding Rs. 10 lakh and up to Rs. 20 lakh. This will be exclusively available to entrepreneurs who have previously availed and successfully repaid loans under the existing Tarun category. Additionally, PMMY loans up to Rs. 20 lakh will receive guarantee coverage through the Credit Guarantee Fund for Micro Units (CGFMU), further securing the scheme’s support for small business ventures.
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