If you want to start your own work to become self-reliant but cannot get a loan from the bank, your problem ends here. Today, we are telling you about a scheme by the Modi government where you can easily get a loan without any guarantee.
Under this government scheme, workers can get a loan of up to Rs 50,000 to start their work without any guarantee. Not only that, there is also a subsidy on interest and a cashback of Rs 1,200. We are talking about the Pradhan Mantri Swanidhi Yojana.
What is PM Swanidhi Scheme?
Under the Swarnirbhar Bharat Abhiyan, the Modi government launched the Pradhan Mantri Swanidhi Yojana. This scheme was started in June 2020 during the COVID-19 pandemic. It provides credit facilities to street vendors without any collateral.
Loans of up to Rs 50,000 are available under this scheme. Initially, a loan of Rs 10,000 is given. If it is repaid on time, the loan limit increases first to Rs 20,000 and then to Rs 50,000.
Benefits: 7% Interest Subsidy and Cashback
People can get loans up to Rs 50,000 without any collateral. The loan is given in three stages: Rs 10,000, Rs 20,000, and Rs 50,000.
If you repay the loan on time, the government provides a 7% subsidy on the interest. Additionally, if you make digital payments, you can get a cashback of up to Rs 1,200 per year.
So far, about 53 lakh street vendors have benefited from this scheme. The government has disbursed loans worth Rs 9,100 crore in three installments, helping street vendors start or continue their businesses.
How to Apply for PM Swanidhi Scheme
You can apply from home by following these steps:
- Visit the official PM Swanidhi website: https://pmsvanidhi.mohua.gov.in/ and register.
- Fill out the application form online.
- If you face problems online, you can also apply by visiting any Common Service Center or government bank.
- If you have a bank account linked with your Aadhaar and mobile number, you can easily apply for this loan.