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Eligible micro-entrepreneurs will receive credit cards after evaluating their UPI transactions, bank statements, and business conditions. The card will be valid for one year
The credit cards will potentially provide micro-units with an additional Rs 30,000 crore in funding over the next few years. (Representative/AP File)
Micro-entrepreneurs are set to receive credit cards with a limit of Rs 5 lakh from April, as promised in the Union Budget 2025. This facility will potentially provide micro-units with an additional Rs 30,000 crore in funding over the next few years, supplementing other loan options for business expansion.
Small businessmen need to register to benefit from this scheme and acquire the credit card. In this context, let us outline the eligibility criteria for small businessmen to obtain this credit card with a Rs 5 lakh limit.
Limit And Conditions For Obtaining Credit
This credit card, with its Rs 5 lakh limit, will be available to individuals operating shops and engaging in small-scale manufacturing. However, these business owners will be granted credit cards following an assessment of their UPI transactions, bank statements, and business conditions. The card will have a one-year validity period. Only those with an annual turnover between Rs 10-25 lakh will qualify for the government’s micro-credit card.
Registration Process For Businessmen
To receive this government-issued credit card, small businessmen nationwide must register on the Udyam portal. Subsequently, they can obtain the MSME credit card.
- Visit the official Udyam portal website: msme.gov.in.
- Click on ‘Quick Links’.
- Select ‘Udyam Registration’.
- Follow the subsequent instructions to complete the registration process.
The central government’s 2025 budget notably included the provision of credit cards with a Rs 5 lakh limit for small business owners. The budget also introduced several concessions for farmers and the middle class, alongside the announcement of significant schemes designed to meet their specific requirements.
