Business Loan for poor: With an aim to make poor section self-reliant government has initiated many schemes. PM SVANidhi Scheme is one the popular schemes among them. Over 45 lakh people have taken benefits of this scheme, according to Ministry of Housing and urban affairs. It has been informed that Rs 2,500 is distributed among street vendors, small scale entrepreneurs and cattle rearers at a credit outreach program. At least Rs 68 crore loan will be soon given to the needy one.
The objective of this scheme is to provide financial assistance to street vendors in India. The scheme was launched in June 2020 with the goal of supporting the economic recovery of street vendors who were badly hit by the COVID-19 pandemic.
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Towards Prosperity
The scheme has been extended till December 2024. The government has also introduced a third loan of up to Rs 50,000 in addition to the first and second loans of Rs 10,000 and Rs 20,000 respectively. With this, it is intended to reach ‘Svanidhi se Samridhi’ to all the beneficiaries of the scheme across the country.
Loan without interest and on no guarantee
The central government is providing loans up to Rs 50,000 without interest rate to the street vendors to start and expand their work. There are many other special things of this scheme, like – you do not need any document. After repaying the loan once, the beneficiary can get double the amount as loan for the second time without any interest rate. The loan amount availed under the scheme can be repaid over a period of one year. The loan can also be repaid in monthly installments.
PM Swanidhi Yojana benefits
- Interest subsidy of 7% p.a. on timely loan repayment.
- Pay up to Rs.1200 per year on completion of certain digital transactions.
- Later on, you can get more loan.
How to apply for loan
Aadhaar card, voter I card, ration copy, photocopy of passbook, passport size photograph, these are some of the things that you should carry with you and to avail the benefits of this scheme first visit the official website pmsvanidhi.mohua.gov.in have to go.
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