As announced in the Union Budget 2025, micro-entrepreneurs will begin receiving credit cards with a maximum limit of Rs 5 lakh in April. In addition to existing credit alternatives for company development, this facility may give micro-units an extra Rs 30,000 crore in finance over the next years.
To take advantage of this program and obtain a credit card, small company owners must register. In this regard, let’s go over the requirements small company owners must meet to be eligible for this credit card, which has a Rs 5 lakh limit.
Limitations and Requirements for Credit
Individuals running stores and doing small-scale manufacturing would be allowed to use this credit card, which has a Rs 5 lakh limit. Nevertheless, after an evaluation of their bank records, UPI transactions, and company circumstances, these entrepreneurs will be given credit cards. There will be a one-year validity term for the card. The government’s microcredit card would only be available to people with an annual revenue of between Rs 10 and Rs 25 lakh.
Registration Process For Businessmen
Small company owners countrywide must register on the Udyam site to be eligible for this government-issued credit card. They can then apply for the MSME credit card.
- Go to msme.gov.in, the official website for the Udyam portal.
- Select “Quick Links.”
- Select ‘Udyam Registration’.
- To finish the registration procedure, follow the following guidelines.
Notably, small business owners were given access to credit cards with a Rs 5 lakh limit as part of the central government’s 2025 budget. Along with the introduction of important programs tailored to their particular needs, the budget also included several concessions for middle-class and agricultural consumers.
