- By Aditya Pratap Singh
- Thu, 30 Nov 2023 02:17 PM (IST)
- Source:JND
A majority of working professionals and students always express their desire to start their own business, But a lot of them are not able to do the same due to lack of capital. Many of them are not even aware of financial assistance schemes. If you desire to initiate a small business of your own and need financial assistance the Union government’s ‘PM Svanidhi Scheme’ will help you out.
PM Svanishi Yojna, a Central Government scheme initiated to promote self-employment. Small business owners, workers, or vendors can easily start their businesses with the help of the scheme. The scheme was initiated to provide financial help to small workers who lost employment during the Corona period.
More than 50 lakh people get benefits
The number of people taking advantage of the scheme has crossed the 50 lakh mark. The beneficiaries of the scheme include 15.79 lakh women and 230 transgenders. According to the data, till July 20, 2023, Rs 6492 crore has been released to 38.53 lakh beneficiaries. Small businessmen have benefited the most from this micro-credit scheme. Under PM Swanidhi Yojana, free loans up to Rs 50,000 will be given without any guarantee or collateral.
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Steps to get a loan under the PM Svanidhi Scheme
Under the scheme, loans up to Rs 10,000 are available without any guarantee. They have 12 months to repay this loan. As soon as you repay the first loan, you can take an amount of Rs 20,000 for the second time and after the second repayment, you can get Rs 50,000 for the third time.
Top benefits of PM Swanidhi Yojana
PM Swanidhi Yojana provides financial assistance to small businessmen working in tier-1, tier-2 and tier-3 cities.
As per data 65% of the borrowers in PM Swanidhi Yojana are in the age group of 26-45. Of the total beneficiaries, 43% are women. This shows that the financial assistance scheme is empowering youth and women.
As per data, 70 lakh loans have been distributed in all three installments and 53 lakh street vendors have benefited. Rs 9,100 crore has been distributed under the scheme.
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