PM Svanidhi Yojana: The central government initiated the PM Svanidhi Yojana to support street vendors and small traders severely impacted by the Corona pandemic. The purpose of this initiative is to restore those businesses that had ceased operations during the crisis.
Loans of up to Rs 50,000 without any guarantee!
Through this plan, small traders can receive loans of up to Rs 50,000 without any guarantee, enabling them to launch their businesses anew. This initiative, created with consideration for street vendors and small shop owners, offers a loan of Rs 10,000 for the first time. Upon timely repayment of this amount, one can secure a loan of up to Rs 20,000 in the future. In the same way, an individual qualifies to obtain a loan of up to Rs 50,000 for the third occasion.
What are the advantages of this scheme?
The primary advantage of this plan is that no form of guarantee is needed for the loan. Through this program, the government has offered both loans and cash-back options to encourage digital payments. The assistance provided on the loan sum enhances the appeal of this program even further. It has been guaranteed that the loan sum is deposited directly into the applicant’s account in three phases.
Aadhar card is essential to access the advantages of PM Swanidhi Yojana. You can obtain eligibility for this scheme by submitting an application at any government bank. The loan sum can be paid back in simple installments throughout a duration of 12 months.
Imagine a fruit vendor borrowed Rs 10,000 for the first occasion and paid it back promptly. Subsequently, he is eligible to secure a loan of Rs 20,000 for the second occasion. Likewise, on the third occasion, he will qualify for a loan of up to Rs 50,000. This program not only offers financial support to small vendors, but also encourages them.