PM Svanidhi Yojna Explained In Hindi: The government is promoting self-employment through various schemes, one of which is PM Svanidhi Yojana. This scheme provides easy loan facility without any guarantee to start your own business. Initially targeted at street vendors during the COVID-19 pandemic, it later expanded to include other small businesses. In this article, we are going to tell you what are the benefits of this scheme, how to apply for it and what documents are required to apply for it.
What is PM Swanidhi Yojana?
Under this scheme, individuals can easily avail loans without any collateral to start their own business ventures. The government provides loans ranging from ₹10,000 to ₹50,000. Initially, beneficiaries get a loan of ₹10,000, which can increase to ₹20,000 for the second time and finally to ₹50,000 for the third time.
The loan amount received under this scheme will have to be repaid within 12 months i.e. one year.
Benefits of PM Swanidhi Yojana
1. Easy access to credit: Enables individuals to take loans to start new businesses.
2. Subsidy on timely repayment of loan: Beneficiaries get a subsidy of 7% if they repay the loan on time.
3. Cashback for digital payments: The government offers cashback incentives ranging from ₹25 to ₹100 for digital payments.
how to apply
• Visit any government bank to apply for the scheme.
• Fill the application form with required details and attach required documents.
• Specify the business for which you are seeking loan.
• Once the documents are verified by the bank, the loan will be disbursed to the beneficiary.
Required Documents
1. Aadhaar Card
2. Bank Account Details
3. Proof of address
4. Mobile number
5. PAN Card
PM Swanidhi Yojana aims to empower individuals by providing financial assistance to start their entrepreneurial journey, especially benefiting those in the un-organized sector like street vendors.