Mudra Loan Scheme Limit May Rise to Rs 20 Lakh
The central government offers loans up to Rs 10 lakh without any guarantee under the Mudra Loan Scheme for those who sell fruits and vegetables on the street or running small businesses. However, sources suggest that the limit for this small loan facility may be increased to Rs 20 lakh. Loans are categorized into three groups: Infant, Juvenile, and Youth.
People have to specify the business they intend to pursue in their loan applications. So far, lakhs of entrepreneurs have made consistent loan repayments, with disbursements totaling Rs. 2,494 crore as of March 31, 2024.
So far in Nagpur district 2,75,640 people in infant category have taken loan of Rs 891.73 crore, in juvenile category 1,22,887 people have taken loan of Rs 1,054.38 crore and in youth category 54,826 borrowers have taken loan of Rs 548.28 crore i.e. 4,05,677
Loan can be taken from any bank
People can go to any bank and avail of the Pradhan Mantri Mudra Yojana. Banks offer loans at different interest rates. All the documents submitted along with the application are scrutinised by the bank and if all documents are correct Mudra Card is issued. It is a type of debit card. People in all three categories have taken loan up to Rs 2,494.38 crore loans through nationalised, private and finance banks.