Svanidhi Scheme
Prime Minister Narendra Modi has brought revolutionary changes across various sectors in the country over the past decade. With a visionary approach, he has introduced several schemes aimed at uplifting every section of society. Among these, the PM Svanidhi Scheme plays a crucial role in supporting the poor and low-income groups. This people-centric initiative is designed to provide financial assistance and empower small street vendors and micro-entrepreneurs.
Under this scheme, loans of up to ₹80,000 can be availed even without collateral, using just an Aadhar Card and minimal required documents.
Who is eligible to apply? What documents are needed? How can you apply for the scheme?
Pradhan Mantri Svanidhi Scheme
Objective of the Scheme:
- To provide low-interest loans to small street vendors to help them stabilize and expand their businesses.
- To promote economic upliftment by enabling financial inclusion.
Loan Amount:
This scheme offers loans in three phases:
- ₹10,000 in the first phase
- ₹20,000 in the second phase
- ₹50,000 in the third phase
The scheme has an annual interest rate of 7%, and to encourage digital payments, beneficiaries can receive a cashback of up to ₹1,200 per year for digital transactions.
Eligibility Criteria:
- Must be an Indian citizen
- Must be 18 years or older
- Must possess a valid Aadhar Card
- Must be engaged in street vending businesses such as selling fruits, vegetables, flowers, clothes, or other small-scale trades
- Must provide the necessary supporting documents
Required Documents:
- Aadhar Card
- PAN Card
- Bank Passbook
- Mobile Number
- Recent Passport-size Photograph
- Business Details
- Address Proof
How to Apply:
- Applications can be submitted at any government bank or
- Through recognized financial corporations approved by the government.
Application Process:
- Obtain the application form and fill it with accurate details.
- Attach the required documents and submit the form.
- Once approved, the loan amount will be credited directly to the applicant’s bank account.
- Repay the loan with interest within the given timeframe to become eligible for the next phase of the loan.
This scheme is a great opportunity for street vendors to expand their businesses. Share this valuable information with others who might benefit from it!