PM SVANidhi: Pradhan Mantri Svanidhi Yojana is such a scheme knowing that you can help someone. PM Svanidhi Yojana is an effective scheme for such people who use street vendors or carts and in this they are given a loan of up to 10 thousand rupees.
What is PM Svanidhi Yojana
The full name of this scheme is Street Vendors Atmanirbhar Nidhi (PMSVANidhi) which is in the form of micro credit loan or micro credit facility for roadside handcart, street vendors, peddlers, dumpers. In this, a loan of up to 10 thousand rupees can be taken and if the hawkers want to take this loan, then they can take a loan without guarantee. There is also a provision of subsidy in this loan given for one year, under which if you repay the loan ahead of time, you get interest or interest rate subsidy at the rate of 7 percent per annum. On the other hand, if you want to repay the loan digitally, then you can also be given a cashback of Rs 1200 in a year. Obviously, for this, the applicant of the loan will have to take the help of someone who has knowledge of digital medium.
How to take advantage of subsidy
The borrower will have to repay this loan in installments in a year and those who repay it on time will have an annual interest subsidy of 7 percent transferred to their account.
These things have to be kept in mind
First of all, the mobile number of the borrower must be linked with Aadhaar.
This loan will be available to only those people who were engaged in such work on or before 24 March 2020.
The plan period of this loan is only till March 2022, so those who need it should complete the process of taking loan in the coming 4 months.
Street vendors whether urban or semi urban, rural, can get this loan.
The subsidy is available on the interest of this loan, it is directly transferred to the borrower’s account on a quarterly basis.
Understand the process of applying by visiting these websites
To get all the information about this scheme, you can go to https://pmmodiyojana.in/svanidhi-yojana/ or go to pmsvanidhi.mohua.gov.in to understand the process of applying for the loan. So you too can help any needy and become a financial support for them.