Good news for small businessmen, The government has doubled the loan limit under the Pradhan Mantri Mudra Yojana (PMMY). Now entrepreneurs can get a loan of up to Rs 20 lakh, which was earlier only up to Rs 10 lakh. These changes were announced by Finance Minister Nirmala Sitharaman in the 2024-25 budget and have now come into effect.
The big benefit from the Tarun Plus Category
Finance Minister Nirmala Sitharaman had announced this in the budget, which has now been implemented. Not only this, but the Department of Financial Services (DFS) has also created a new category “Tarun Plus”.
Under this category, loans up to Rs 20 lakh will be given to those entrepreneurs who have previously repaid the loan of the “Tarun” category. This will help entrepreneurs a lot in expanding their business.
How much loan can be got
Under the Mudra scheme, three types of loans are now available:
Shishu Category: Loan up to ₹50,000
Kishore Category: Loan from ₹50,000 to ₹5 lakh
Tarun Category: Loan from ₹5 lakh to ₹20 lakh (earlier ₹10 lakh)
You Might Also Be Eligible
If you want to start a small business or expand an existing business, then the Mudra scheme can be a good option for you. To get a loan, you will have to contact your bank.
Facing Issues With Bank, File a Complaint
If the bank is reluctant to give a loan, then you can file a complaint with the concerned bank or RBI. You can follow these methods to complain-
Complaint Through Post/Email/Box
You can send a written complaint by post or email it to help@mudra.org.in. In the complaint, give your complete details and a clear description of the bank’s behaviour.
Address to complain: Customer Service Cell Micro Units Development and Refinance Agency Limited Swavalamban Bhavan, 1st Floor, C-11, G-Block, Bandra Kurla Complex (E), Mumbai- 400 051
Complaint to RBI
You can file a complaint online on the RBI CMS portal https://cms.rbi.org.in or send a complaint letter to the address given below. Central Receipt and Processing Centre Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017
RBI Contact Centre Phone Number (Toll-Free) – 14448
The increased limit of Mudra Yojana loans will help small businessmen a lot. If you are also thinking of taking a loan, then contact the bank and get detailed information.