Central Government is implementing various schemes for the welfare of poor and low income people. They also include loan schemes at low interest rates. Eligible individuals can take loans through these schemes to increase their employment or start afresh.
One such scheme is the “Pradhan Mantri Swanidhi Yojana” or “PM Swanidhi Yojana”. Hereby through Aadhaar card only Rs. Loans up to Rs.80,000 are available.
Prime Minister Modi himself has mentioned the PM Swanidhi Yojana, a central government scheme, several times. The objective of the scheme is to provide financial assistance to those who earn their livelihood through street trading and small enterprises.
Loan up to Rs.80,000
Under this scheme, you can avail loan instantly by showing your Aadhaar card. Under this scheme, loans will be given to street vendors in three phases. For the first time, a loan of Rs.10,000 will be given. After repaying it properly, a loan of up to Rs.20,000 will be given. This is also Rs. 1000 crores has been duly refunded. A loan of up to Rs.50,000 will be sanctioned. You can get a total loan of up to Rs.80,000.
You don’t need to show any guarantee to take loan in these 3 steps, just have aadhaar card. Besides, the government is also providing subsidy in this scheme. Loans taken by street vendors can be repaid in very low interest rates and easy installments.
1200 rupees cashback per annum
7% interest subsidy will also be provided under Pradhan Mantri Swanidhi Yojana. Further, to encourage digital transactions, a cash’back of Rs.1200 will be offered annually.
Who is eligible?
Street vendors are eligible for loans under PM Swanidhi Yojana. PM Swanidhi Yojana is very useful for people starting a small business for the first time. It caters to the working capital needs of those setting up roadside shops.
How to get a loan and what documents are required?
You can go to any public sector bank to apply for this scheme. Here you will be given a form in which you need to fill your information. Tell me for which business you are taking loan. You need an Aadhaar card, address proof and bank account number PM Swanidhi Yojana was initially launched only for street vendors. Later, the scope of the project was expanded. Now, people running all kinds of street businesses from vegetables to fruits come under this scheme.