Govt Scheme: Credit card with limit of ₹30000, loan up to ₹50 thousand, this government scheme is very useful

This scheme was launched with the main objective of providing relief to street vendors affected by the COVID-19 lockdown. The scheme not only aims to empower street vendors by providing them loans but also works for their overall economic development.

During the Corona period, the Narendra Modi government had started many schemes. In this episode, the Pradhan Mantri Street Vendor Atmanirbhar Nidhi (PM-Svanidhi) scheme was also started. This scheme was launched with the main objective of providing relief to street vendors affected by the Kovid-19 lockdown. The aim of this scheme is not only to empower street vendors by giving them loans, but also to work for their overall economic development. Now the government is also giving credit cards under this scheme. The limit of this credit card is Rs 30 thousand. Let’s know the details of the scheme.

Details of the scheme

While presenting the budget on February 1, Finance Minister Nirmala Sitharaman had announced the provision of credit cards under the scheme. She had said that now the beneficiaries will be given UPI linked credit cards with a limit of Rs 30,000. The KYC documents required to avail the benefits under this scheme are Aadhaar card and voter ID card. Other acceptable documents are PAN card, driving license or MNREGA card.

Loan up to Rs 50 thousand

Under the PM Swanidhi scheme, vendors can avail a loan of up to Rs 50,000 in three phases.

First installment – Loan up to Rs 10,000 for 12 months

Second installment – Minimum Rs 15,000 and maximum Rs 20,000 for 18 months

Third installment – Minimum Rs 30,000 and maximum Rs 50,000 for 36 months

There is no need for any collateral or security to avail the loan. The repayment will be in monthly installments. The scheme provides an interest subsidy of 7% per annum, which will be deposited directly into the beneficiary’s account on a quarterly basis. If the loan is repaid before the due date, the entire subsidy will be deposited at once. Additionally, vendors doing digital transactions will get a cashback of up to Rs 1,200 per year. Those who repay their loan on time and early will be eligible for a higher loan amount in the future.

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