PM Swanidhi Yojana, a government scheme, was started by the central government during the Covid-19 period as a relief to the people facing severe financial difficulties during the lockdown. Launched by the PM on June 1, 2020, the scheme has now been extended by the government. Individuals who are short on money yet want to start their own business can take benefit from this scheme.
Under this scheme, people can take loans from any government bank without any guarantee. The interest on the loan that must be returned will be subsidized by the government. If you pay back this loan on time, the bank may grant you a loan up to 20,000 rupees in the future. Similar to this, if you repay a bank loan of 20,000 rupees on time three times, the bank will grant you a loan of 50,000 rupees.
In other words, banks want to know if you can make the loan payment on time or not.
Make Loan Repayment on Time:
The government banks' loans made available through the PM Svanidhi Yojana must be returned within a year. If you don't do this, securing the loan for the second or third time can be difficult. Therefore, try to pay loans on time.
How to apply:
Go to PM Svanidhi Yojana website in order to take advantage of this scheme. The application format will appear once you click it. Now fill in the application form. You will need a bank account number, Aadhar card, and mobile number to apply. These three should be to be linked to one another.
It should be noted that the Indian government recently declared that the PM Svanidhi Yojana had been extended till December 2024. Therefore you can take benefit from this scheme up to 2024.
