Loan on Aadhaar Card: Under the government’s Pradhan Mantri Swanidhi Yojana, a loan of up to Rs 50,000 can be obtained only with the Aadhaar card. No guarantee or security is required for this.
Loan on Aadhaar Card: Can a loan be obtained with Aadhaar card and that too without any guarantee? If you too are not convinced about this, then let us tell you that this is absolutely true. You can get a loan of up to Rs 50,000 with Aadhaar card. In the year 2020, during the time of the Kovid-19 epidemic, the central government started the Pradhan Mantri Swanidhi Yojana to help small businessmen. Its purpose was to make small traders and street vendors self-reliant.
Loan payment has to be made in 12 months
Under this scheme, they can take a loan on Aadhaar card without any guarantee. Now the question arises that how does this scheme work? Let us tell you that in this, traders are first given a loan of up to Rs 10,000. If they repay it on time, then next time they can get a loan of up to Rs 20,000 and if this is also repaid on time, the loan amount is increased to Rs 50,000. The loan has to be repaid in installments in 12 months.
Apply for loan in this way
Now the most important question is how to apply for the loan? So for this, first of all you must have an Aadhaar card, through which you can go to any government bank and apply for the scheme or you can also apply for the loan directly on the portal or by going to any Common Service Center (CSC) in your area. Another important thing to be kept in mind is that to avail the benefits of the scheme, your Aadhaar must be linked to the mobile number because if you apply for the loan online, then it will be required for e-KYC or Aadhaar verification.
Check your eligibility before taking a loan
Along with this, the loan takers will also have to get a recommendation letter from the Urban Local Bodies (ULB) so that they can continue to take advantage of the government’s welfare schemes in the future. After this, a form will also have to be filled to update the mobile number. Apart from this, no other document will be required. Four categories of loan takers have been created under this scheme, so before applying, the person should check his eligibility status on the portal.
How much interest will have to be paid on the loan
Lastly, the question comes that how much interest will have to be paid on the loan? The interest rates for commercial banks, regional rural banks (RRBs), small finance banks (SFBs) and cooperative banks will be as per the current rates. Whereas the interest rates for NBFCs, NBFC-MFIs etc. will be decided under the RBI guidelines given to them. For other lender categories not covered under the RBI guidelines, interest rates will be determined as per RBI’s existing guidelines for NBFC-MFIs.
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