MSME Credit Card: Big News! MSME credit card limit has been doubled, know how to apply

 

MSME Credit Card: If you are an MSME credit card holder or want to get it, then this is a great opportunity for you. Now with double the limit, you will get a better opportunity to make your business successful. Its application process is simple. So contact your bank as soon as possible and avail the MSME credit card.

MSME Credit Card: Union Finance Minister Nirmala Sitharaman has announced to increase the MSME (Micro, Small and Medium Enterprises) credit guarantee cover from Rs 5 crore to Rs 10 crore in the Union Budget 2024-25. With this, MSME credit card holders will get the benefit of double limit.

Changes in MSME Credit Card

Earlier: A maximum guarantee cover of up to Rs 5 crore was available under MSME Credit Card.

Now: This limit has been increased to Rs 10 crore.

For small traders: Earlier a loan of up to Rs 3 lakh was available, now it has increased to Rs 5 lakh.

For registered MSMEs: MSMEs registered on the Udyam portal will get more credit limit.

Benefits of MSME Credit Card

Business Growth: Helps in meeting working capital requirement.

Daily Business Expenses: Quick funding is available for business operations.

Offers and Discounts: MSME credit card holders get additional benefits.

Interest Rate Relief: Loans are available at lower interest rates under the special credit scheme for MSMEs.

How to apply for MSME credit card

Visit bank branch: Apply by visiting your nearest bank branch.
Check eligibility: Get your eligibility confirmed by the bank official.
Required documents: Aadhaar card and PAN card, business registration certificate, bank statement and income proof, Udyam portal registration (if available)
Document verification: The bank will verify your documents.
Credit card will be issued: After the verification is complete, the MSME credit card will be issued.

Who can avail MSME Credit Card

Small and medium businesses

Startups and entrepreneurs

Traders from manufacturing and service sectors

MSMEs registered on Udyam Portal

Increasing scope of MSME credit card

This step of the government has been taken to provide more financial assistance to small and medium traders. To strengthen the MSME sector, the government is constantly improving schemes, so that traders can get easy funding and credit access.

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