PM Svanidhi Yojana 2024 : The central government is providing financial assistance to youth to start businesses and become self-reliant. For this purpose, the government has launched the PM Svanidhi Yojana. Under this scheme, the government is offering loans of up to ₹50,000 to young people to start their businesses. This initiative aims to help youth become self-sufficient and expand their enterprises. If you want to learn more about the PM Svanidhi Yojana and how to apply for it, continue reading this article until the end. By doing so, you will gain detailed information about the scheme.

PM Svanidhi Yojana 2024

The PM Svanidhi scheme has been launched for young people who want to start a small business but lack the necessary funds. Under this scheme, they can receive loans of up to ₹50,000, which they can use to open their businesses. Additionally, this scheme provides subsidies to people from poor families, especially those who are unemployed. Under this scheme, the government is offering loans ranging from ₹10,000 to ₹50,000 at an interest rate of 7%.

The business capital assistance of ₹50,000 under this scheme will be provided to eligible beneficiaries in their bank accounts in three installments. In the first installment, they will receive a loan of ₹10,000. The second installment will provide a loan of ₹20,000, and the third installment will make available a loan of ₹50,000.

It’s worth noting that so far, more than 1.5 lakh beneficiaries have already benefited from the PM Svanidhi scheme. The benefits of this scheme are also being extended to small traders such as cart vendors, fruit sellers, vegetable vendors, hawkers, street vendors, and other similar traders.

Objective of PM Svanidhi Yojana 2024

The aim of this scheme is to reduce unemployment in the country and to send a message to educated youth that if they are getting a job, they should take it without hesitation. And if they are not getting a job, they should open a small business because there is more money in business than in employment. In business, youth become self-reliant. So far, the benefits of the PM Svanidhi scheme have been given to more than one and a half lakh eligible beneficiaries. Small traders can also take advantage of this scheme, including cart vendors, street vendors, fruit sellers, and vegetable sellers.

All these small traders are being given loans without any guarantee so that they can restart their businesses or expand their employment. Under this scheme, beneficiaries are provided with loans of up to ₹50,000 in three installments. The interest rate on the loan is 7%. In addition, through the PM Svanidhi scheme, the government also provides subsidies to people from poor families, especially those who are unemployed. The scheme offers amounts ranging from ₹10,000 to ₹50,000, with an interest rate of 7%.

Benefits and Features of PM Svanidhi Yojana

• Under this scheme, all street vendors are provided with loans ranging from a minimum of ₹10,000 to a maximum of ₹50,000.
• Applicants do not need to provide any guarantee for the loan under the PM Svanidhi scheme.
• If the applicant repays the loan within the time limit, they are also provided with an interest subsidy at the rate of 7% per annum.
• If eligible beneficiaries make digital transactions, they will be provided with a cashback of up to ₹1,200 from the government.
• The main purpose of this scheme is to make unemployed youth self-reliant so that they can open businesses.
• There is no penalty fee for late repayment of the loan.
• In the PM Svanidhi scheme, the loan is given in three installments.
• Eligible beneficiaries must repay the first installment within 1 year, the second installment within 18 months, and the third installment within 36 months.

Eligibility Criteria

• Only applicants who are citizens of India will be provided with the benefit of loans under this scheme. Additionally, the scheme’s benefits will be especially provided to individuals engaged in business.
• To obtain a loan under this scheme, street vendors will need an identity card issued by the Urban Local Body (ULB) or a vending certificate.
• Street vendors operating in nearby developing or rural areas have also received a Letter of Recommendation (LOR) from LB or TVC, provided they are within the geographical boundaries of the ULB.
• Street vendors who were excluded from the identification survey conducted by the ULB or who started selling after the survey were given Letters of Recommendation (LOR) from the ULB or Town Vending Committee (TVC).

Documents Required

• Aadhaar Card of the applicant (mobile number should be linked)
• PAN Card of the applicant (mobile number and Aadhaar should be linked)
• Bank passbook of the applicant (Aadhaar card should be linked)
• Identity card of the applicant issued by Urban Local Bodies (ULB)
• Income certificate of the applicant
• Residence certificate of the applicant
• Passport size photograph of the applicant (recently taken) etc.

How to Apply Offline

• To apply offline for the PM Svanidhi scheme, first visit your nearest bank or microfinance institution office.
• Obtain all important information about the Prime Minister Svanidhi Scheme from the official staff at the office.
• Then ask for the application form for the Prime Minister Svanidhi Scheme from there.
• Now read the application form carefully and fill in the requested information correctly.
• Then attach photocopies of the required documents with the application form.
• After this, submit the application form at the same office.
• After your submitted application form is verified, the loan amount will be sent to your bank account.

How to Apply Online

• To apply online for the PM Svanidhi scheme, first visit their official website.
• On the website’s home page, you will see three loan options.
• If you want to apply for the first installment of the loan, click on the “Apply Loan 10k” option.
• If you have already received the first installment of the loan, choose the option according to your convenience.
• Now a new page will open where you need to enter your mobile number and the given captcha code.
• You will receive an OTP on your mobile number.
• Enter the OTP in the “OTP Enter” section.
• After your mobile number is verified, the scheme’s application form will open.
• Fill in all the requested information correctly in the form.
• Attach photos of the required documents.
• Then submit the form by clicking on the “Submit” button.
• After submitting the form, you will see an application number.
• Note down this application number.
• Now your application for the PM Svanidhi Yojana has been submitted.
• After your application is verified, the loan installment amount will be sent to your bank account.

How to Check Application Status

• To check the application status of PM SVANidhi Yojana, first visit its official website.
• Click on the “Check Status” option on the website’s home page.
• A new page will open where you need to enter your application number and mobile number.
• Then click on “Request OTP” and enter the OTP received on your mobile.
• Now click on the Search button.
• After clicking the search button, the applicant’s application status will be displayed on your mobile screen.
• This way, you can easily check the PM Svanidhi Yojana Application Status.