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News: The Union Government has decided to enhance the limit of Mudra loans to Rs. 20 lakh from the current Rs. 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the ‘Tarun Category’.
1. The Pradhan Mantri Mudra Yojana (PMMY) was launched in 2015 to facilitate microcredit to non-farm micro or small enterprises engaged in income generation through manufacturing, trading and services.
2. The aim is to bring enterprises into the formal financial system, foster entrepreneurship, and boost job creation.
3. Loans under the scheme can be availed through eligible Member Lending Institutions (MLI’s).
4. Earlier, Mudra loans were being provided under 3 categories namely Shishu (Loans up to Rs 50,000), Kishore (Loans above 50,000 and up to Rs 5 lakhs) and Tarun (Loans above Rs 5 lakhs and up to Rs 10 lakhs).
5. Now, a new category Tarun Plus has been added which provides loans above Rs 10 lakh and up to Rs 20 lakh.
6. The scheme is being administered by the Ministry of Finance.
