Budget 2024 LIVE | In Budget 2024, Finance Minister Nirmala Sitharaman announced a new credit guarantee scheme for MSMEs aimed at facilitating term loans. The scheme will feature a self-financing guarantee fund, offering coverage of up to ₹100 crore per applicant, potentially covering larger loan amounts. This initiative includes increasing Mudra loan limits for borrowers with a strong repayment record and encourages banks to evaluate MSME eligibility based on their digital footprint. This move is designed to boost lending to MSMEs, a sector severely impacted by COVID-19, by reducing credit risk for banks.
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