PM Svanidhi Scheme: Nowadays, everyone is shying away from jobs due to the low pay. Instead of jobs, people are considering starting their own businesses. Starting a business requires money. If you’re unable to start your own business because you don’t have the funds, you no longer need to worry. The government is now offering a loan of ₹90,000 for starting a business. The special feature is that the loan is free of guarantee and is available only with your Aadhaar card.
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Let me tell you, you’re talking about the PM Svanidhi Scheme. The central government launched this scheme during the COVID-19 pandemic. Previously, loans up to ₹80,000 were provided under this scheme. This year, the loan limit has been increased to ₹90,000. The government will run this scheme until March 31, 2030.
Funds will be disbursed in three stages
Under the PM SVANidhi Scheme, the government provides loans without guarantee. The government has established three steps for this scheme. Funds are disbursed to the loan recipient in these three stages. Upon approval, the loan will be awarded ₹15,000 without a guarantee. You must repay this amount within the stipulated time. Upon timely repayment, the government will provide you with a first installment of ₹25,000 to expand your business. Once you repay this amount, you will receive a third installment of ₹50,000. The loan recipient can repay this amount through EMIs.
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What Documents Are Required?
The most important feature of the PM SVANidhi Scheme is that it doesn’t require many documents to avail of its benefits. The loan is obtained with just your Aadhaar card. No other documents are required.