Is there any limit for the file uploaded?
No , There is no limit for the uploaded file size. You can upload files of any size with the wordpress plugin/script.
The only restriction is from your server.
There will be chances for a server limit for the file upload by your host.
You can see this limit from your phpinfo.
The settings are
upload_max_filesize is the maximum file size of a single file uploaded.
post_max_size is the maximum size of all files uploaded.
max_execution_time is the time to upload the files.
Please use higher values for these parameters.
If you can edit the php.ini file, you can do it yourself. Otherwise, please ask your server guys to use a higher value for these settings.