PM Mudra Scheme Online: The central government has announced to double the loan limit under the Pradhan Mantri Mudra Yojana (PMMY) to promote entrepreneurship in the country. That is, small businessmen can now take a loan of up to Rs 20 lakh under Mudra Loan without any guarantee. 

The Finance Ministry said on Friday, "By increasing the loan limit, we want to further the overall objective of the Mudra scheme. A notification in this regard was issued on Thursday. 

The finance minister announced the budget.

While presenting the Union Budget 2024-25 on July 23, 2024, Finance Minister Nirmala Sitharaman had said that the limit under the Pradhan Mantri Mudra Yojana (PMMY) will be increased from the current Rs 10 lakh to Rs 20 lakh. 

"The limit of Mudra loan will be increased from the existing Rs 10 lakh to Rs 20 lakh for those entrepreneurs who have previously availed loan under the 'Tarun' category and have successfully repaid it," Sitharaman had said while presenting the budget in the Lok Sabha. 

Three different categories for loans

Prime Minister Narendra Modi launched the Pradhan Mantri Mudra Yojana (PMMY) on April 8, 2015. It aims to provide easy collateral-free micro loans up to Rs 10 lakh to non-corporate, non-agricultural small and micro-entrepreneurs for income-generating activities. Under the current scheme, the bank provides loans without guarantee up to Rs 10 lakh under three categories Shishu (up to Rs 50,000), Kishor (between Rs 50,000 and Rs 5 lakh), and Tarun (Rs 10 lakh). 

How to get a Mudra Loan?

To get a Mudra loan, you must have a complete business plan. Apart from this, you must have an Aadhaar card, passport, voter ID card, Aadhaar card, driving license, PAN card, and any other necessary utility bill. If you belong to the SC-ST or OBC category, then you will also have to submit your caste certificate. 

How to apply for PM Mudra Loan?

To avail of the benefits of Pradhan Mantri Mudra Yojana, first, you have to visit the official website udyamimitra. In. Go to the homepage and click on the Apply For Mudra Loan link. Here you have to register. The registration number and password will come on your phone through SMS. After this, fill out the application form completely. Scan and upload all the required documents. After this, enter the captcha and click on submit.

Apart from this, you can go to your nearest bank and fill out and submit the application form related to this loan scheme.