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PM Svanidhi Yojana: A special government scheme for small business owners is currently in the spotlight. Under this scheme, financial assistance of ₹90,000 is being provided. Learn who is eligible for this scheme.

Starting a small business doesn't always require a large capital investment. But a little help at the right time can make the journey easier. Millions of people in the country earn their livelihood daily and run their businesses with that daily income.

The Central Government's Pradhan Mantri Svanidhi Yojana is designed for those who want to expand their small businesses. The biggest advantage of this scheme is that eligible individuals can avail a loan of up to ₹90,000 based solely on their Aadhaar card.

No guarantor or collateral is required. The loan amount is directly transferred to the bank account. The Pradhan Mantri Svanidhi Yojana has been specifically launched keeping in mind street vendors and small shopkeepers working in urban areas.

Under this scheme, the loan is disbursed in three installments. First, ₹10,000, followed by ₹30,000 upon timely repayment, and then ₹50,000 in the third stage. Each subsequent installment is released upon adherence to the terms and conditions. In this way, a total loan of up to ₹90,000 can be obtained.

Those who repay their EMIs on time also receive an interest subsidy of up to 7 percent. This amount is directly credited to their bank account. Additionally, a cashback facility is also provided every month for adopting digital payments.

Only those working as street vendors in cities or towns are eligible for this scheme. A vending certificate or ID issued by the municipal body is mandatory. Those whose names are not included in the survey can also join the scheme through a recommendation letter and verification.

To apply for the scheme, you can log in with your mobile number on the official website pmsvanidhi.mohua.gov.in and fill out the form. If the documents are in order, the loan is usually approved within 30 days. Applicants can check the status of their application online at any time.