PM Svanidhi Yojana: Many schemes in India have been launched to make people rich. You must have heard of the PM Svanidhi Yojana, which seems to be unbeatable. The Street Vendor Atmanirbhar Nidhi Yojana was launched on June 1, 2020, by the Ministry of Housing and Urban Affairs to assist vendors affected by COVID-19.
The PM Svanidhi Yojana provides unsecured loans. This scheme includes an unsecured loan of ₹10,000 and subsidised interest rates for timely repayment. A subsidised interest rate of 7% is also included in the repayment. It is also an incentive-based scheme.
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Beneficiaries are incentivised for timely repayment of loans and use of government digital payment services, such as UPI. Those who make timely payments will be eligible for a second loan. Furthermore, they will also be eligible for a third loan of ₹50,000.
Who is eligible for the PM SVANidhi Scheme?
You will be pleased to know that this scheme is open to all street vendors in urban and semi-urban areas who were vending on or before March 24, 2020. They must have a vending certificate or a recommendation letter. Most importantly, the beneficiary must be between 18 and 60 years of age.
Know the amount of the loan provided.
Under the PM SVANidhi Scheme, the first loan amount is up to ₹10,000. If the vendor repays the loan on time, this amount can be increased to ₹20,000. If the vendor makes timely repayments, they receive a bonus of ₹50,000 on the loan amount.
Registration for the PM SVANidhi Scheme is completely free. There is no processing or application fee. Registration requires an Aadhaar card and a certificate of vending or a recommendation letter. Individuals will also be allowed to apply for multiple loans by applying for subsequent loans after timely repayment of previous loans.
