Starting a small business doesn’t always require a lot of money. However, a little help at the right time can make the journey easier.There are millions of people in the country who earn a living every day and rely on that daily income to support themselves. The central government’s Pradhan Mantri Svanidhi Yojana is designed for those who want to expand their small businesses.
What is Pradhan Mantri Svanidhi Yojana (PM SVANidhi Yojana)?
Pradhan Mantri Svanidhi Yojana(PM SVANidhi Yojna) is a central government scheme. This scheme was launched specifically keeping vendors and small shopkeepers in mind. The most important feature of this scheme is that eligible individuals can get a loan of up to Rs 90,000 just on the basis of their Aadhaar card. No guarantee or collateral is required for this. The loan amount is directly transferred to your bank account.
Features of PM SVANidhi Yojana
- The most important feature of this scheme is that eligible individuals can get a loan of up to Rs 90,000 just on the basis of their Aadhaar card. Under this scheme, the loan is not given all at once, but in three installments. First, if you repay 10,000 on time, you will get 30,000, and then in the third installment, you will get 50,000. Each subsequent installment is accepted after the rules are followed. In this way, you can gradually get a total loan of up to 90,000.
- Those who pay their EMIs on time also get the benefit of interest subsidy of up to 7 percent, which is directly credited to their bank accounts. In addition, monthly cashback is also provided for digital payments.
- Only those working as street vendors in cities or towns can avail the benefits of this scheme. A vendor certificate or identity card from the municipal corporation is required.
- Those whose names are not included in the survey can also join the scheme through a letter of recommendation and verification.
How to Apply for PM SVANidhi Yojana?
- To apply for this scheme, you can log in with your mobile number and fill the application form on the government website, pmsvanidhi.mohua.gov.in.
- If the documents are in order, the loan is usually approved within 30 days. Applicants can check the status of their application online at any time.
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