The government is running many schemes to provide financial assistance to the citizens. One of these schemes is the Pradhan Mantri Swanidhi Yojana. Few people know about this scheme of the Prime Minister. Under this scheme run by the government, people are given loans to start small cap businesses.
Loans are available without collateral
The Pradhan Mantri Swanidhi Yojana was launched by the government during the Corona period. This scheme provides loans to people without collateral. Under the scheme, people are given loans of up to Rs 80,000 to start their own business. This amount is given in three installments. Rs 10,000 in the first installment. Rs 20,000 in the second installment. But Rs 50,000 in the third installment.
After taking the loan in the first installment, only if you repay your loan on time, you will be eligible to take the second installment. After this, after paying the second installment, you can apply for the third installment.
Only one document is required to apply
To apply for the government’s Pradhan Mantri Swanidhi Yojana, you only need an Aadhaar card. You do not need any other document for this. You can repay the loan amount through monthly installments. Keep in mind that you have to repay this amount within 1 year.
Cashback of Rs 1200 per annum
Under the Pradhan Mantri Swanidhi Yojana, an interest subsidy of 7% will also be provided. Apart from this, a cashback of Rs 1200 per annum will be provided to encourage digital transactions.
Who is eligible?
Street vendors are eligible to avail loans under the PM Swanidhi Yojana. The PM Swanidhi Yojana is very useful for people who are starting a small business for the first time. It caters to the working capital needs of those setting up roadside shops.
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 will have to fill your information. Tell me for which business you are taking a loan. You will need to provide Aadhaar card, address proof and bank account number. PM SVANidhi Yojana was initially launched only for street vendors. Later, the scope of the scheme was expanded. Now, people running all kinds of street businesses from vegetables to fruits come under this scheme.