The government has launched Pradhan Mantri Svanidhi Yojana (PM Svanidhi Yojana) with the aim of making small traders and street vendors self-reliant. This scheme was brought to support the businessmen affected during the Kovid-19 epidemic. Under this scheme, traders are given loan without any guarantee through Aadhar card.
Read More: Bank Holidays: Will Banks Remain Open Or Closed On Jan 6, 2025? Check Details
Loan will now be available on Aadhar card
The main objective of Pradhan Mantri Svanidhi Yojana (PM Svanidhi Yojana) is to provide financial assistance to small traders. Under this, traders are given a loan of up to ₹ 10,000 for the first time. If this loan is repaid on time, then a loan of up to ₹ 20,000 can be obtained next time. The loan amount can be increased to ₹ 50,000 on timely payment for the third time. This scheme is playing an important role in making small businessmen self-reliant.
Promoting digital payments
This scheme is not limited to providing financial assistance to traders, but digital payments have also been promoted in it. Traders who adopt digital payments get facilities like cashback, which increases their profit even more. Along with this, the subsidy given on the loan makes it more attractive. The loan amount is sent to the applicant’s bank account in three phases.
Aadhaar card requirement
Aadhaar card is mandatory to avail this scheme. Application for this scheme can be made in any government bank through Aadhar card. The applicant has to repay this loan in easy installments of 12 months. This facility is proving to be very beneficial for small traders.
How will small traders benefit
The Pradhan Mantri Svanidhi Yojana is playing an important role in the rehabilitation of small businessmen and restarting their business. This scheme gives them an opportunity to become self-reliant along with financial help. This scheme is proving to be a boon especially for street vendors.
Read More: Bank FD Interest Rates 2025 Comparison: Check SBI, PNB, HDFC And ICICI Bank Rates
(FAQs)
Q1. How much loan is available under the Pradhan Mantri Svanidhi Yojana?
For the first time, a loan of ₹ 10,000, for the second time ₹ 20,000 and for the third time up to ₹ 50,000 is available.
Q2. Do I have to give a guarantee for this scheme?
No, this loan is given without any guarantee.
Q3. Is Aadhaar card necessary?
Yes, Aadhaar card is mandatory for this scheme.
Q4. What is the benefit of digital payment?
Cashback and other facilities are available on adopting digital payment.
Pradhan Mantri Svanidhi Yojana (PM Svanidhi Yojana) is a unique initiative for small businessmen that helps them become self-reliant and revive their business. This scheme is encouraging small businessmen with benefits like guarantee-free loans and digital payments.
Disclaimer: This content has been sourced and edited from nebio. While we have made modifications for clarity and presentation.
