PM Svanidhi Yojana: Rs 50,000 Loan On Aadhaar? Check How To Apply Online, Eligibility

Are you a small trader or street vendor looking for a loan? The Pradhan Mantri Svanidhi Yojana can be your financial lifeline! Launched in 2020, this scheme offers loans up to Rs 50,000 to help you restart your business. And the best part? All you need is your Aadhaar card.

The loan process under PM Svanidhi is structured in phases. Initially, traders are eligible for a loan of Rs 10,000. If they repay this loan on time, they can access Rs 20,000 in the next cycle. On timely repayment of that, the loan amount can increase up to Rs 50,000.

To apply for the loan, applicants need to have an Aadhaar card linked with their mobile number. This linkage is mandatory for e-KYC and Aadhaar validation, which is part of the online application process. Traders can apply either online through the official portal or visit their nearest Common Service Centre (CSC).

Who is eligible

PM Svanidhi Yojana is available to four categories of vendors. It’s important for applicants to verify their eligibility status based on these categories before proceeding with the application. The application process also requires borrowers to get a recommendation letter from the urban local bodies (ULB) to avail benefits from other government welfare schemes.

When to repay the loan

Repayment of the loan needs to be completed within 12 months, and the interest rates vary according to the type of lender, including scheduled commercial banks, regional rural banks, and non-banking financial companies (NBFCs). The interest rate is determined as per the guidelines set by the Reserve Bank of India ( RBI ) for different lender categories.

How to apply

• Link Your Mobile to Aadhaar- Ensure that your mobile number is linked to your Aadhaar card for the e-KYC process.
• Verify eligibility- Check your eligibility before proceeding with the loan application.
• Complete the Application- Fill out the loan application form available on the official PM Svanidhi portal or apply through the local CSC.