The central government is running many schemes to give a better life to the citizens of the country. One such great initiative is the Pradhan Mantri Svanidhi Yojana, which was launched on 1 June 2020. The purpose of this scheme is to help street vendors start their business by giving them easy, small loans without any security or guarantee. Earlier, a loan of up to ₹ 80,000 was available under this scheme, which has now been increased to ₹ 90,000. Also, the government has extended the deadline of this scheme to 31 March 2030, which will benefit crores of people.
Now the full loan will be available in three installments
Increasing the loan amount and time limit under the Svanidhi scheme will benefit about 1.15 crore street vendors, including 50 lakh new beneficiaries. In this scheme, eligible beneficiaries are given loans in three different installments, which are now as follows:
First installment: Instead of ₹ 10,000 earlier, now a loan of ₹ 15,000 will be given.
Second installment: After paying the money of the first installment, the second installment of ₹ 25,000 will be received.
Third installment: On paying the money of the second installment, the third installment of ₹ 50,000 will be received.
In this way, now the beneficiaries will get a total loan of up to ₹ 90,000, which was earlier ₹ 80,000. This change is a big relief for small businessmen.
Taking a loan is very easy
Taking a loan under the Pradhan Mantri Svanidhi Yojana is quite simple. For this, you only need some important documents like an Aadhar card and a PAN card. The main objective of this scheme is to ensure that small businessmen can get loans without any difficulty. The best thing about this scheme is that you also get the facility of EMI to repay the loan, so that you can repay the loan gradually as per your convenience. This scheme has not only given financial help to small businesses but has also given them a chance to become self-reliant.