PM Swanidhi Yojana: 63 Lakh+ Workers Benefited from Rs 11 Crore Loans Without Guarantees

Key Highlights

• PM Swanidhi Yojana: Loans without guarantees for small traders.
• Over 63 lakh workers benefited from Rs 11 crore loans.
• The scheme aims for self-reliance amidst the pandemic.
• Loans range from Rs 10,000 to Rs 50,000.
• Interest rate fixed at 7%; early repayment subsidies available.
• Application process through government banks; no collateral required.

In a significant step towards supporting small-scale entrepreneurs, the PM Swanidhi Yojana has provided loans totaling Rs 11 crore to over 63 lakh workers without requiring any collateral. This initiative is aimed at promoting self-reliance and entrepreneurship among street vendors and other small traders, especially during the challenging times of the pandemic.

Promoting Self-Employment Amidst Crisis

Launched during the COVID-19 pandemic by the Central Modi government, PM Swanidhi Yojana targets street vendors and small business owners, offering them access to loans without the burden of providing guarantees. The scheme commenced in 2020 and has been instrumental in aiding those who lost their livelihoods due to the pandemic by enabling them to restart their businesses.

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Who Can Benefit from PM Swanidhi Yojana?

The scheme primarily benefits small and marginal traders engaged in street vending or operating carts, facilitating them to expand their businesses without the hassle of collateral requirements. Any small or medium-scale businessman involved in a similar attempt can avail themselves of the scheme's benefits.

Loan Disbursement and Repayment

Under PM Swanidhi Yojana, loans ranging from Rs 10,000 to Rs 50,000 are provided. Initially, borrowers can receive a loan of Rs 10,000, with subsequent increases to Rs 20,000 and Rs 50,000 upon timely repayment. The repayment period varies depending on the loan amount, with provisions for interest subsidies for early repayment.

Interest Rates and Application Process

Loans under PM Swanidhi Yojana come with a fixed interest rate of 7 percent, and beneficiaries who repay their loans before the due date receive an interest subsidy. To apply for the scheme, interested individuals need to visit their nearest government bank, obtain the application form, fill it out accurately, attach the required documents, and submit them to the bank for checking. Upon approval, the loan amount is then transferred directly to the applicant's bank account.

For further details and application, individuals can visit the official website of the scheme: PM Swanidhi Yojana (https://pmsvanidhi.mohua.gov.in/).

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CMV360 Says

Through PM Swanidhi Yojana, the government continues its efforts to empower small-scale entrepreneurs and promote self-employment, thereby fostering economic resilience and growth at the grassroots level.