PM SVANidhi Yojana News Update: You are a small businessman. You need immediate funds for working capital. But you do not have anything to guarantee. In such a situation, taking a loan can be difficult for you. If you go to local moneylenders or any microfinance company, you can get trapped in a web of terrible debt at high interest.
In such a situation, a loan scheme of the Government of India can be very helpful for you. You do not need to give anything as a guarantee for this loan scheme. You can get a loan instantly by just showing your Aadhar card. That too, an amount of up to 80 thousand can be available in three installments. Easy installments have also been fixed at a very low interest rate to repay it.
This is especially beneficial for people who are going to start a small business for the first time. The pattern of this scheme has been prepared keeping in mind the flow of working capital of those who set up shops on the roadside. The name of this scheme is PM Svanidhi Yojana. This is how the loan starts
As soon as you apply for this loan through the online platform, you get Rs 10,000 as working capital. As soon as you repay it, you get the second installment of Rs 20,000 as a loan. Then after repaying the second installment, you get the third installment of Rs 50,000.
Cashback of Rs 1200 per annum
Under the PM Swanidhi scheme, interest subsidy is also given at the rate of seven percent. Apart from this, a cashback of Rs 1200 per annum is also provided to promote digital transactions. The benefit of the scheme is availed through urban bodies. The application process also has to be completed there.
