Budget 2024: Fintech lenders in focus as FM announces slew of measures for MSMEs
credit flow to the micro, small & medium enterprises (MSME) sector in the budget is likely to give a major thrust to digital lending startups.
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MSME-focused digital lenders are looking to leverage credit guarantee schemes to reach out to smaller businesses more effectively. They are also hopeful of intensifying their engagement with banks and non-banking financial institutions (NBFCs) to drive the government’s focus on unsecured MSME credit.
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Finance minister Nirmala Sitharaman said the limit for micro units development and refinancing agency (Mudra) loans will be doubled to Rs 20 lakh for entrepreneurs who have successfully repaid their previous ‘Tarun’ loans. Under the Mudra scheme, Tarun loans are offered in the range of Rs 5 to Rs 10 lakh per applicant.
“The MSME credit guarantee cover up to Rs 100 crore is a big positive for the industry. Also, with the limit enhancement for Mudra loans, banks can now offer larger ticket size credit to good quality borrowers which is always desirable,” said Alok Mittal, cofounder of
