New Delhi: Finance Minister Arun Jaitley on Thursday enhanced the lending target under the MUDRA Yojana, which funds the self-employed, to Rs 3 lakh crore for the 2018-19 fiscal.

Launched in April 2015, Rs 4.6 lakh crore credit has been sanctioned under the scheme so far to 10.38 crore beneficiaries.

Of the total loan accounts, 76 per cent are of women and more than 50 per cent belong to SCs, STs and OBCs, he said.

"It is proposed to set a target of Rs 3 lakh crore for lending under MUDRA for 2018-19 after having successfully exceeded the targets in all previous years," he said.

The budget for the current fiscal had announced a loan target of Rs 2.44 lakh crore under the Micro Units Development and Refinance Agency Ltd (MUDRA).

These loans are available for non-agricultural activities up to Rs 10 lakh and activities allied to agriculture such as dairy, poultry, bee keeping are also covered under it.

Three products are available under the PMMY namely Shishu, Kishor and Tarun to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur.

Shishu covers loans up to Rs 50,000 while Kishor covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.