Symbolic photo.
The Narendra Modi government at the Center has launched many great plans to put small businessmen, especially street vendors on their feet. One of them is Prime Minister Street Vendors Atmauthar Nidhi (PM Self-Ridhi), which has given new hope to millions of street vendors. The scheme may start in the Korona period, but over time many major changes have been made in it. Under this scheme, not only a loan of up to 50 thousand rupees is available without guarantee, but also a credit card related to UPI is given.
The aim of PM Swanidhi Yojana is to provide financial assistance to the street vendors so that they can improve their small business further. Under this scheme, vendors get a working capital loan of up to 10 thousand rupees without any guarantee, which is one year. If the vendor pays this loan on time, then he can get a loan of up to 20 thousand rupees and up to 50 thousand rupees for the third time. That is, gradually the loan amount increases, which makes the business of vendors stronger.
Apart from this, the government has made special arrangements to give further encouragement to those who repay the loan. If you pay the loan installment on time, then you get 7 percent interest subsidy every year. Not only this, if you do digital transactions, then a cashback of up to Rs 1200 can also come in your account. All this is so that the vendors not only take a loan, but also adopt digital payment.
In this year's budget, the Central Government announced to give UPI Linked Credit Card, making the PM Swanidhi Yojana more attractive. The limit of this credit card will be up to 30 thousand rupees. But not everyone will get this card. This facility will be available only to those street vendors, who have paid the first three loans- 10 thousand, 20 thousand and 50 thousand rupees on time under the scheme. That is, if you have paid the loan with hard work and honesty, then you will get more financial help through credit card. The credit rating of the vendors for this credit card will also be seen. The government believes that this will not only help the vendors to grow business, but they will move further in the world of digital transactions.
It is the responsibility of states and local bodies (ULBs) to identify eligible street vendors under PM Self -Ridhi Yojana and to gather new applications. But the government is also working continuously to spread this scheme to more people at its level. Camps are being organized from time to time, awareness campaigns are being conducted and vendors are being told about this scheme. The government aims to take advantage of this scheme with maximum street vendor and become self-sufficient.
The PM Swanidhi Yojana is not just a loan scheme, but it is a big support for those small traders who work hard day and night to feed their family. Through facilities like guarantee loan and credit cards, the government is not only providing financial assistance to these vendors, but is also making them a part of digital and self -reliant India. If you are also a street vendor and want to take advantage of this scheme, then contact your nearest bank or local body and get more information about this scheme.
