Starting in April, micro-entrepreneurs will have access to credit cards with a ₹5 lakh limit, as announced in the Union Budget 2025. This initiative is expected to inject an additional ₹30,000 crore into micro-units over the coming years, complementing existing loan options for business growth. To take advantage of this scheme, small business owners must complete the necessary registration process to obtain the credit card. Here’s a look at the eligibility criteria for securing this ₹5 lakh credit card.
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Limit and Conditions for Obtaining Credit
The ₹5 lakh credit card will be available to individuals running shops and engaging in small-scale manufacturing. However, eligibility will be determined based on an evaluation of their UPI transactions, bank statements, and overall business performance.
Key conditions include:
- The credit card will have a validity of one year.
- Only business owners with an annual turnover between ₹10 lakh and ₹25 lakh will qualify for the government’s micro-credit card.
Registration Process for Businessmen
To obtain the government-issued credit card, small business owners across the country must register on the Udyam portal. Once registered, they can apply for the MSME credit card by following these steps:
- Visit the official Udyam portal – msme.gov.in
- Click on ‘Quick Links’
- Select ‘Udyam Registration’
- Follow the on-screen instructions to complete the registration process
The Union Budget 2025 introduced this ₹5 lakh credit card scheme to support small business owners. Additionally, the budget outlined various concessions for farmers and the middle class, along with major schemes tailored to meet their needs.
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