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Pradhan Mantri Mudra Yojana (PMMY) loan limit increased to 20 lakh
It is in sync with the announcement made by the Finance Minister in the Union Budget 2024-25.
- It aims to achieve the objective of Funding the Unfunded and facilitate upcoming entrepreneurs with a robust entrepreneurial ecosystem.
Key Changes
- A new ‘Tarun Plus’ category has been created for loans above Rs. 10 lakh and upto Rs. 20 lakh .
- Eligibility: Loans under Tarun Plus are available to entrepreneurs who have availed and successfully repaid previous loans under Tarun category.
- Guarantee Coverage: for loans upto Rs. 20 lakh will be provided under Credit Guarantee Fund for Micro Units (CGFMU).
- The Fund (at its discretion) may approve a list of Institutions or their schemes, for which the guarantee cover will be available/unavailable
- CGFMU was set up in 2016 under National Credit Guarantee Trustee Company Ltd., a wholly-owned company of Government of India.
About Pradhan Mantri Mudra Yojana (launched in 2015)
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