Government Loan Scheme: To start a business under this scheme, a loan of Rs 10,000 is available without any guarantee. Under PM Svanidhi Yojana, the government provides loans to street vendors to start their work again.
The Central Government is helping people by running many schemes to start small industries or business in the country. Especially the focus of the government is more on such small businessmen, whose business came to a standstill due to Corona epidemic. For such people, the government is running a scheme called PM Svanidhi Yojana. Under this loan is being provided to start small business. The government has started this scheme especially for the street vendors, whose business was affected by the corona epidemic.
You can get like this, loan without guarantee
To start a business under this scheme, a loan of Rs 10,000 is available without any guarantee. You don’t have to mortgage anything for this. Also, if you repay the loan amount once, you become eligible to take a loan of double the amount.
Suppose you took a loan of 10 thousand rupees for the first time to start a business and paid it on time, then next time you will easily be able to take a loan of 20 thousand rupees. Similarly, in the third time you can take a loan of Rs 50,000.
Loan amount will be available in 3 times
The special thing is that there is no need to give any guarantee to take a loan under this scheme. Once the application is approved, the loan amount is transferred to your account in three times. The loan amount taken under PM Svanidhi Yojana can be repaid over a period of one year. You can repay the loan amount in installments every month.
Know here, Why Aadhar card required
If you want to take advantage of PM Svanidhi Yojana, then it is necessary to have Aadhar card. You can apply for a loan under this scheme in any government bank. For this, you have to fill the form of PM Svanidhi Yojana in the bank. Along with the form, you will have to attach a photocopy of Aadhaar. After this, if your loan is approved, then the first installment of the loan will be credited to your account.
government provides subsidy
Under PM Svanidhi Yojana, the government provides loans to street vendors to start their work again. Under this, they get a loan of 10 thousand rupees. The special feature of this scheme is that the government also provides subsidy on the loan. Once the loan is repaid, a double amount can be taken as a loan for the second time.
interest is waived
This scheme was started on June 1, 2020, to give loans to street vendors. In this scheme, an interest of seven percent is charged on the loan. On the other hand, if a street vendor repays the loan EMI immediately and does the required number of digital transactions, the loan amount becomes interest free due to interest subsidy and cashback received.