The ME-Card was introduced by Finance Minister Nirmala Sitharaman during the Union Budget 2024-25. It is part of the government's larger plan to support Msme businesses and promote entrepreneurship. By offering easier access to money, the government wants to help small businesses grow and expand without financial struggles. The ME-Card is a special credit card created to help Micro, Small, and Medium Enterprises (MSMEs) get easy access to credit. To qualify for this card, a business must be registered on the Udyam portal, a government platform for MSMEs.
The ME-Card is a credit card specifically for MSMEs Businesses that are registered on the Udyam portal can apply for this card and get a credit limit of ₹5 lakh. This means that small business owners can use the card to borrow up to ₹5 lakh whenever they need it.
The government plans to issue 1 million ME cards in the first year, ensuring that a large number of small businesses benefit from this initiative.
Apart from the ME-Card, the government has also doubled the credit guarantee cover for micro and small enterprises, increasing it from ₹5 crore to ₹10 crore. This means banks will be more confident in lending money to small businesses, unlocking ₹1.5 trillion in additional loans over the next five years.
To apply for the ME Card, businesses must meet certain eligibility criteria set by the government. The key requirements include
By meeting these eligibility requirements, micro and small enterprises can apply for the ME-Card and get easy access to financial support for business growth
For businesses involved in exports, the government is offering special loans of up to ₹20 crore, helping them expand into international markets.
Many small businesses face financial difficulties because banks are hesitant to lend them money due to risks and lack of collateral. The ME-Card is important because it removes these hurdles and makes borrowing easier. Some key benefits include:
To apply for an ME Card, a business must submit a few important documents:
These documents help in verifying the business and ensuring that only eligible enterprises receive the benefits.
Getting an ME Card is a simple process:
Register on the Udyam Portal – Businesses that are not already registered must first complete their registration.
Visit the Bank – MSME owners must approach a bank or lender that offers the ME-Card facility.
Submit the Required Documents – The applicant must provide Aadhaar, PAN, Udyam registration, and bank details for verification.
Loan Assessment – The bank will check the business’s financial background and approve the credit limit.
Receive the ME-Card – Once approved, the business owner will get the ME-Card with a ₹5 lakh credit limit.
The ME-Card offers many benefits for small business owners, such as:
The government plans to further improve the ME-Card scheme in the 2025-2026 budget by:
These improvements will ensure that more MSMEs can benefit from the scheme and continue to contribute to India’s economy.
The ME-Card is a revolutionary step in helping micro-enterprises get access to quick and secure credit. With ₹5 lakh credit limits, higher loan guarantees, and additional export benefits, this scheme is expected to strengthen small businesses and drive economic growth. By simplifying financial access, the government is ensuring that even the smallest businesses can thrive, expand, and succeed in today’s competitive market.
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Lokesh Rawat, From Madhya Pradesh
Recently applied MSME Certificate