Government offering Credit Cards with this scheme, limit is…., check who are eligible

PM Svanidhi credit card:  The central government has introduced several government schemes under which it also provides credit cards to people. One such scheme is the Pradhan Mantri Street Vendor Atmanirbhar Nidhi (PM Svanidhi) under which beneficiaries get UPI-linked RuPay credit cards. The limit of the credit card has been set at Rs 30,000. Street vendors can get instant loans for any emergency business and personal needs. Apart from the RuPay credit card, the vendors can avail cashback incentives of up to Rs 1,600 on retail and wholesale transactions. Let’s know more about the PM Svanidhi scheme. Let’s know more about the scheme.

What Is PM Svanidhi Scheme

The Pradhan Mantri Street Vendor Atmanirbhar Nidhi Yojana was launched by the central government during the COVID-19 era. Under this scheme, the government provides loans to street vendors in order to financially assist them so that they can continue their business.

The PM Svanidhi Scheme is valid till March 21, 2030. Earlier, beneficiaries of the scheme had to pay Rs 10,000. But in August 2024, the central government increased the installment by Rs 15,000. The second installment, which was Rs 20,000, increased to RS 25,000. However, the third installment of Rs 50,000 remains the same.

What Changed In August?

In August 2024, the Central Government announced a total outlay of Rs 7,332 crore for the scheme. The restructured scheme was aimed to benefit 11 million beneficiaries. The Ministry of Housing and Urban Affairs (MoHUA) and the Department of Financial Services (DFS) jointly implemented the scheme. DFS is responsible for enabling access to loans and credit cards to beneficiaries through banks and other financial institutions.

Key Features Of The Restructured Scheme

• Increased loan amounts in the first and second installments.
• The provision of a UPI-linked RuPay credit card for beneficiaries repaying the second loan
• Digital cashback incentives for beneficiaries when they do retail and wholesale transactions.
• The government expanded the scope of the scheme to include census towns and semi-urban areas, etc.