Good news for everyone. Now government will gives you up to Rs 50,000 as a loan. The Narendra Modi government rolled out several initiatives during the Corona period to support people financially in their businesses. One of these initiatives is the PM Swanidhi Yojana, which was introduced in 2020 amid the Covid crisis. This micro-credit scheme aims to assist street vendors and small shop owners looking to get their businesses back on track. As part of the scheme, beneficiaries will receive a credit card with a limit of Rs 30,000. Let’s dive into the details of this scheme.

 

You can access loans in three phases

Launched by the Ministry of Housing and Urban Affairs, this scheme offers loans in three phases. Initially, you can get a loan of up to Rs 10,000, followed by Rs 20,000 in the second phase, and then Rs 50,000 in the final phase. The repayment timelines vary for each phase.

 

Timely repayment of these loans is crucial, as it opens the door for larger loans in subsequent phases. Plus, if you repay on time, you can earn an annual cashback of Rs 1,200. There’s also a 7% annual interest subsidy available for those who keep up with their repayments.

 

In her Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that credit cards would be available under the PM Swanidhi scheme. She highlighted that this initiative has already helped over 68 lakh street vendors, providing them relief from high-interest loans in the informal sector. The UPI-linked credit cards will have a limit of Rs 30,000. To benefit from this scheme, you’ll need to provide KYC documents like your Aadhaar card and voter ID, along with other acceptable documents such as a PAN card, driving license, or MNREGA card.

 

A total of 94.31 lakh loans have been handed out

 

The Union Ministry of Housing and Urban Affairs reported that 94.31 lakh loans, amounting to Rs 13,422 crore, were provided to street vendors through the PM Swanidhi scheme. This update was shared by Minister of State for Housing and Urban Affairs Tokhan Singh in a written response to the Rajya Sabha last December.

 

He also mentioned that by December 8, 2024, street vendors had repaid 40.36 lakh of those loans. Additionally, the minister stated that there have been no fraud allegations against any of the agencies or companies involved in distributing loans under the PM-Swanidhi scheme.

To apply for a loan under PM SVANidhi, the seller’s mobile number needs to be linked with Aadhaar.

To avail the benefits of Pradhan Mantri SVANidhi Yojana, one can apply through pmsvanidhi.mohua.org.in or mobile app.