The Narendra Modi government at the center has launched many schemes in the last 10 years to promote small business. Under this, you can not only take help from the government for skill development but can also take advantage of schemes like Mudra for loans. In this year’s general budget, the government has also announced the launch of a credit card. Who will be able to apply for this? Let’s find out.
What did the finance minister say
While presenting the general budget on February 1, Union Finance and Corporate Affairs Minister Nirmala Sitharaman announced this. She said that we will launch special customized credit cards with a limit of Rs 5 lakh for micro enterprises registered on the Udyam portal. She further said that 10 lakh cards will be issued in the first year.
How can you register
For this, first visit the Udyam portal- msme.gov.in. Here you have to click on the Quick Links section. After this, you have to register by clicking on Udyam Registration. Here you will get detailed information about the documents required for registration and eligibility. You can register accordingly. There is a credit card facility for registered micro enterprises.
These were also announced in the budget
The credit guarantee cover for micro and small enterprises has been increased from ₹5 crore to ₹10 crore. This will enable additional credit of ₹1.5 lakh crore in five years. At the same time, the guarantee cover for startups will be doubled from ₹10 crore to ₹20 crore with a reduced fee of 1% for loans in 27 priority sectors. Apart from this, exporting MSMEs will benefit from term loans up to ₹20 crore with increased guarantee cover.
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