• Finbros Finance
• February 21, 2025
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Govt To Launch Credit Cards With Rs 5 Lakh Limit From April!

From April, micro-entrepreneurs will be issued credit cards, extending pre-approved limits that could go up to Rs 5 lakh. This will add another Rs 30,000 crore in funding available for micro-units over the next few years, besides other loan opportunities for business expansion.

Small businessmen have to be registered and obtain a credit card from this scheme. In this context, let us define some of the essential eligibility criteria regarding small businessmen to obtain this credit card with a Rs 5 lakh limit.

The credit card will be available for shopkeepers engaged in small-scale manufacturing. However, these business owners shall be allowed to access the credit cards after assessing their UPI transactions, bank statements, and business conditions. These cards shall have a one-year validity. Only those having an annual turnover between Rs 10-25 lakh shall eligible for the government microcredit card.

Registration Procedure For Businessmen

To be eligible for the credit card provided by the government, small businessmen across the country must register on the Udyam portal. From there, they will be able to get the MSME credit card.

• Go to the official website of Udyam portal: msme.gov.in.
• Click on ‘Quick Links’.
• Select ‘Udyam Registration’.
• Complete the registration process according to the subsequent instructions.

The most important aspect about the extension of credit cards issued to small business owners include its Rs.5 lakh limit, as noted in Union Budget 2025. The other highlights are the several relief measures given to farmers and the middle class, along with sizeable packages designed to fulfill their particular needs.