diff --git a/src/diffusers/utils/constants.py b/src/diffusers/utils/constants.py
index a485498eb7..8ae5b0dec4 100644
--- a/src/diffusers/utils/constants.py
+++ b/src/diffusers/utils/constants.py
@@ -22,8 +22,8 @@ from .import_utils import is_peft_available, is_transformers_available
 
 default_cache_path = HUGGINGFACE_HUB_CACHE
 
-MIN_PEFT_VERSION = "0.5.0"
-MIN_TRANSFORMERS_VERSION = "4.33.3"
+MIN_PEFT_VERSION = "0.6.0"
+MIN_TRANSFORMERS_VERSION = "4.34.0"
 
 
 CONFIG_NAME = "config.json"
@@ -41,12 +41,12 @@ DEPRECATED_REVISION_ARGS = ["fp16", "non-ema"]
 # Below should be `True` if the current version of `peft` and `transformers` are compatible with
 # PEFT backend. Will automatically fall back to PEFT backend if the correct versions of the libraries are
 # available.
-# For PEFT it is has to be greater than 0.6.0 and for transformers it has to be greater than 4.33.1.
+# For PEFT it is has to be greater than or equal to 0.6.0 and for transformers it has to be greater than or equal to 4.34.0.
 _required_peft_version = is_peft_available() and version.parse(
     version.parse(importlib.metadata.version("peft")).base_version
-) > version.parse(MIN_PEFT_VERSION)
+) >= version.parse(MIN_PEFT_VERSION)
 _required_transformers_version = is_transformers_available() and version.parse(
     version.parse(importlib.metadata.version("transformers")).base_version
-) > version.parse(MIN_TRANSFORMERS_VERSION)
+) >= version.parse(MIN_TRANSFORMERS_VERSION)
 
 USE_PEFT_BACKEND = _required_peft_version and _required_transformers_version