PRADHAN MANTRI MUDRA YOJANA (PMMY) - COMPLETES 10 GLORIOUS YEARS OF EMPOWERING SMALL AND MICRO ENTREPRENEURS

The Pradhan Mantri Mudra Yojana (PMMY), launched on April 8th 2015 by Prime Minister Shri Narendra Modi, celebrates 10 glorious years of empowering small and micro-entrepreneurs across India.

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Aimed at fostering financial inclusion, PMMY provides easy collateral-free loans up to 10 lakh for non-corporate and non-farm income-generating activities. To strengthen support for aspiring entrepreneurs, the Finance Minister announced an increase in the loan limit to 20 lakh during the Union Budget 2024-25 on July 23, 2024.This new limit took effect on October 24, 2024.These loans are extended through Banks, NBFCs, MFIs, and other financial institutions.

The newly announced loan category, Tarun Plus, is designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between 10 lakh and 20 lakh. Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the Government's commitment to nurturing a robust entrepreneurial eco system in India.