New Delhi :
For those aspiring to kickstart their own ventures but facing challenges in obtaining loans, the PM Swanidhi Yojana, launched by the Modi government, presents a promising solution.
This scheme, introduced under the Self-Reliant India campaign, offers street vendors the opportunity to secure credit without the need for collateral.
With loans of up to Rs 50,000 available, the scheme aims to empower entrepreneurs, providing financial support during challenging times.
Key Features of PM Swanidhi Yojana
Credit Facility Without Guarantee:
Street vendors can avail loans up to Rs 50,000 without the requirement of any collateral. The loan is disbursed in three installments: Rs 10,000, Rs 20,000, and Rs 50,000.
Interest Subsidy:
The government provides a 7% interest subsidy on the paid interest if the loan is repaid in full within the specified period.
Cashback Incentive:
Digital transactions made by beneficiaries attract cashback incentives, with individuals eligible for up to Rs 1200 in a year.
Loan Disbursement Statistics:
Approximately Rs 70 lakh has been distributed as loans in three installments under the scheme. Over 53 lakh street vendors have benefited from PM Swanidhi Yojana. The total loan distribution under the scheme has reached Rs 9100 crore.
Application Process
Applying for PM Swanidhi Yojana is a straightforward process that can be done from the comfort of one’s home.
Here’s a step-by-step guide:
- Visit the official website of PM Swanidhi: PM Swanidhi Portal. Register on the portal.
- Fill out the application form online. In case of online application challenges, visit any Common Service Centre for assistance.
- Alternatively, apply through any government bank.
- Ensure your bank account is linked to Aadhaar and includes a registered mobile number for a smooth application process.
The PM Swanidhi Yojana stands as a testament to the government’s commitment to fostering entrepreneurship and self-reliance.
Street vendors across the nation can leverage this scheme to turn their business aspirations into reality.
