New Delhi, January 17 (IANS). The central government is preparing to launch a new loan scheme soon for gig workers, domestic helpers and other needy sections. According to reports, the government may start a microcredit scheme from April 2026, under which loans up to Rs 10,000 will be given every year without any guarantee.
It is being told that this scheme is being made on the lines of the Prime Minister Street Vendors Self-reliant Fund (PM-SVANidhi) scheme. Through this scheme, small working loans are already given to street vendors. The Ministry of Housing and Urban Affairs is preparing the outline of this new scheme.
Under the PM-Swanidhi scheme, street vendors get a loan of Rs 10,000 in the first phase. If they repay the loan on time, they can later get a loan of Rs 20,000 and then up to Rs 50,000. Along with this, 7 percent interest rebate and additional benefits are also given on adopting digital payment.
The purpose of the new scheme is to help gig and platform workers. There are many workers who do not have any bank records, due to which they are unable to get loans to buy motorcycles or other work-related essentials. This scheme is being brought to solve this problem.
Only those people will be eligible in this scheme, whose identity will be in the government records. According to reports, workers registered on the e-Shram portal, who have government identity card and universal account number, can get the benefits of this scheme.
Under PM-Swanidhi scheme, it is necessary for street vendors to have a license and name in the survey of the municipal body. Similar investigation process can be adopted in the new scheme also.
By November 2025, more than 31 crore unorganized workers and more than 5.09 lakh gig and platform workers had been registered on the e-Shram portal. According to reports, the workers whose records are verified will be given loans first.
The government had already informed about carrying forward the PM-Swanidhi scheme in a new form. A target has been set to provide benefits to a total of 1 crore 15 lakh people through this scheme, which also includes 50 lakh new beneficiaries.
Now the loan period of this scheme has been extended to 31 March 2030, for which the government has fixed a total budget of Rs 7,332 crore.
Under the new system, the loan amount has been increased in the first and second phases. Apart from this, beneficiaries who repay the second loan on time will also be given a RuPay credit card linked to UPI.
The scope of this scheme will no longer be limited to towns only, but will also gradually be extended to census towns, semi-urban areas etc.
–IANS
DBP/AS
