The PM Svanidhi Yojana, an initiative under the ‘Self-Reliant India’ campaign, emerged in response to the economic challenges posed during the COVID-19 pandemic. This government scheme offers a seamless credit facility to street vendors without the need for collateral, aiming to facilitate their entrepreneurial journeys.
Understanding PM Svanidhi Yojana
The scheme provides street vendors with credit opportunities of up to ₹50,000 without any stringent collateral requirements. Initially, a loan of ₹10,000 is granted, with subsequent increments upon timely repayments, eventually reaching up to ₹50,000.
Interest Subsidy and Cashback Benefits
Beneficiaries not only receive loans in three installments but also benefit from an interest subsidy. Upon timely repayment, the government offers a 7% interest subsidy on the utilized loan amount. Moreover, engaging in digital transactions can yield cashback rewards of up to ₹1,200 annually.
Scheme’s Outreach and Impact
This initiative has significantly impacted over 53 lakh street vendors, distributing approximately ₹70 lakh as loans in three phases. The PM Svanidhi Yojana has thus far disbursed ₹9100 crores in the form of loans, amplifying its outreach and fostering economic resilience among street vendors.
Applying for PM Svanidhi Yojana
The application process for the PM Svanidhi Yojana is hassle-free and can be completed from the comfort of one’s home. Follow these simple steps to apply:
- Visit the Official Website: Access the official PM Svanidhi website here to register.
- Fill the Form: Complete the application form available on the website.
- Alternate Application Routes: In case of online difficulties, visit any Common Service Center or approach a government bank to submit your application.
Ensure your bank account is linked to Aadhaar and a valid mobile number for a smoother application process.
The PM Svanidhi Yojana stands as a beacon of hope, empowering street vendors to kickstart their businesses sans the burden of stringent loan prerequisites.
Let’s empower the grassroots, one entrepreneurial dream at a time!
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