Rs 50,000 loan just with Aadhaar card, no guarantee required; Know more about this attractive scheme

NEW DELHI: Finance Minister Nirmala Sitharaman in this year's Union Budget announced revamping the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme. In this new scheme, special credit cards will be provided to merchants. PM SVANidhi's Credit Card has a limit of Rs.30000. The scheme offers very little interest rate, making it feasible for crores of merchants across the country.

The Ministry of Housing and Urban introduced the SVANidhi scheme on July 2, 2020, during the Covid era to help street vendors and small traders, badly hit by the pandemic. Loans were given through PM SVANidhi to various small traders like roadside eateries, fruit and vegetable trade, laundry businesses, and barbershops. Attractive benefits are also available to those who repay the loan correctly.

A maximum loan of Rs 50000 is available through this scheme. The amount will be paid in different stages. 10000 will be given in the first phase for one year. 15000 to 18000 rupees will be provided for 18 months as the second phase. 30,000 to 50,000 rupees for a tenure of 36 months when entering the third level.

Loans are available without any collateral. The annual interest rate is 7 per cent. As part of promoting digital transactions, there will also be a cashback of Rs 1200. The scheme is available in all nationalized and cooperative banks.