Government Scheme: In this era of inflation, everyone wishes to have their own business, but starting a business requires capital. But now you don’t need to worry, as the government is helping people. Even if you start a small business, you don’t need a large amount of capital. If you get a little help from someone, you can easily expand your business. Millions of people in the country run small businesses to earn their livelihood. This allows them to easily earn their daily income. The government is helping these small business owners through the PM SVANidhi scheme. Let’s learn more about it.
Scheme Objective and Eligibility
The PM SVANidhi scheme is specifically designed for street vendors and small shopkeepers working in urban areas. To avail of this scheme, the applicant must have a vending certificate or identity card issued by the municipal corporation or local authority. Those who were not included in the survey can also participate in this scheme through a recommendation letter and verification.
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Know the Loan Amount and Installments
Under the PM SVANidhi scheme, eligible individuals can obtain a loan of up to ₹90,000 based on their Aadhaar card. This scheme does not require a guarantor or collateral, and the loan amount is transferred directly to the bank account. The loan is disbursed in three installments. The first installment is ₹10,000, the second is ₹30,000, and the third is ₹50,000. Each installment is released according to the terms and conditions of the scheme.
Interest Subsidy
Eligible beneficiaries who repay their EMIs on time also receive an interest subsidy of up to 7 percent. This amount is directly deposited into their bank account. In addition, the scheme also offers cashback facilities to those who adopt digital payments. This initiative encourages small business owners to adopt digital transactions and modernize their businesses.
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Learn the application process
To apply for the PM SVANidhi scheme, applicants can visit the official website pmsvanidhi.mohua.gov.in. The form needs to be filled out after logging in with a mobile number. If all the documents are found to be correct, the loan is usually approved within 30 days. Applicants can check the status of their application online at any time.