Source:- https://www . tomorrowmakers . com/loans/pm-modi-announces-rs-1-crore-loan-59-minutes-scheme-msmes-news-article
On May 2014, Narendra Modi became the Prime Minister of the country. Since then, his government has started many Modi scheme for loan. These include many schemes like Prime Minister Sukanya Samriddhi Yojana, Prime Minister Jan Dhan Yojana, Pradhan Mantri Awas Yojana, Pradhan Mantri Jivaan Jyoti Bima Yojana, Ayushman Bharat etc.
The common man is getting countless benefits from this Modi scheme for loan. Let’s now check out the Modi scheme for loan that provides the common people a chance to develop their business or even start a business.
Schemes launched by PM Narendra Modi Modi Scheme For Loan
Table of Contents
Source:- https://pixr8 . com/india/one-stop-guide-for-mudra-loan-introduction-eligibilty-and-procedure/
Pradhan Mantri Mudra Yojana
The Pradhan Mantri Mudra Yojana was launched by PM Narendra Modi on 8th April 2015. This Modi scheme for loan is more beneficial for the people who are incapable to meet the guidelines of the bank because of the failure of the loan. In the Pradhan Mantri Mudra Yojana, every individual can proceed for a loan.
This Modi scheme for loan aimed at growing the self-confidence of educated, skilled or young workers who want to become an entrepreneur. Under the scheme the amount given is:
Under sub-scheme of Shishu (Child) Loan: Loan up to INR 50,000
Under sub-scheme of Kishore (Adolescent) Loan: Loan up to INR 50,000 to 5.0 Lakhs
Under sub-scheme of Tarun (Young) Loan: Loan up to INR 5 to 10 lakhs
Eligibility for Pradhan Mantri Mudra Yojana
The plan is only for businessmen and small traders. Under the scheme, loan can’t be taken for home or education purchase. Non-incorporated small commercial entities located in rural and urban areas, which include:
- Millions of partnership or proprietorships firms
- Service sector components
- Small industrial units
- Vegetable or fruit vendors
- Shopkeepers
- Foodservice
- Truck operators
- Machine operations
- Repair shops
- Craftsman
- Small scale businesses
- Food processing business
NOTE:
The plan is only for small traders and businessmen. Under the scheme, loan can’t be taken for education or home purchase.
Source:- https://indiamicrofinance . com/jan-dhan-yojana-banks-march-ahead . html
Pradhan mantra Jan Dhan Yojana
Prime Minister Narendra Modi launched the Prime Minister Jan Dhan Yojna on August 28, 2014. Initially, when accounts were being opened under this scheme, there was not much amount in the accounts, but till March 2018, the total amount in these accounts was more than 75572 crores.
Individuals can open an account with Zero balance in this Modi scheme for loan. There is no need to keep a minimum balance in it. Accidental insurance of up to INR 1 lakh is given to the account holder. Plus, life insurance of INR 30000 is also given.
Under this scheme, 3.02 crore accounts have been opened and about INR 1,500 crore has been deposited in them. According to this scheme, any person can open a bank account with zero balance.
Key Features Of This Scheme:
This Modi scheme for loan ensure complete financial enclosure of all the families in the nation by offering access to insurance, pension and credit facility
An individual can open a bank account without any balance
Over 6 lakh communities in the nation were planned into 1.59 lakh Sub Service Areas (SSAs)
In each Sub Service Areas (SSA) there are around 1,000 to 1,500 households
The account holder gets a RuPay debit card with the inbuilt accident insurance coverage of INR 1 lakh
NOTE:
It was announced in his first Independence Day speech on August 15, 2014.
Source:- https://www . youtube . com/watch?v=YA1HVU37GR0
Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana is obtainable to persons under the age group between 18-50 years plus who have a bank account and now ready to join or enable the auto-debit.
Key Features of Pradha mantra Jeevan Jyoti Bima Yojana
This modi scheme for loan provides life cover of INR 2 lakh for 1 year period widening from 1st June-31st May and it is renewable
This scheme provides the risk coverage of INR 2 lakh in case of demise of the insured person
The premium for this scheme is INR 330 per annum
NOTE:
Prime Minister Narendra Modi launched the Pradha mantra Jeevan Jyoti Bima Yojana (PMJJBY) scheme countrywide on 9th May, 2015 in Kolkata.
Source:- https://blog . elearnmarkets . com/pradhan-mantri-suraksha-bima-yojana/
Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana is obtainable to individuals between 18 to 70 years of age group with an account in any bank who give consent to enable or join auto-debit facility on or before May 31 for the coverage on a yearly regeneration basis.
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Key Features of The Pradhan Mantri Suraksha Bima Yojana
This scheme provides the risk coverage of INR 2 lakh for the accidental death
This scheme provides coverage of INR 1 lakh for full disability for partial disability
The scheme is offered by the Public Sector General Insurance Companies
NOTE:
Pradhan Mantri Suraksha Bima Yojana was launched by the Prime Minister Narendra Modi on May 9th, 2015 in Kolkata.
Source:- https://www . gkdigest . com/2018/09/government-extends-atal-pension-yojana . html
Atal Pension Yojana
The Atal Pension Yojana (APY) was launched to provide pension to the laborers working in the unorganized sector. If you are involved in this scheme, then the central government will allow you and your spouse to stay the minimum pension Guarantees.
Key Features of Atal Pension Yojana:
If you invest in the Atal Pension Yojana, you will get a pension of up to INR 1,000 to INR 5,000 per month from the age of 60 years to till death.
Pension amount will be 1,000, 2,000, 3,000, 4,000 or 5000 rupees per month
How much pension will be received will depend on your contributions in your plan before 60 years
NOTE:
After the death of the investor, the husband or wife will also get this pension.
Source:- https://www . youtube . com/watch?v=uvQRDU0gN9o
Stand Up India Yojana
There is a stand up India yojana for financing Scheduled Castes / Scheduled Tribes and Women Entrepreneurs, the purpose of this scheme is to provide bank loan to the people.
Under the scheme, every bank branch has to provide bank loan between at least one scheduled caste or scheduled tribes and a woman borrower between INR 10 lakh and INR 1 crore for the establishment of a new project
These enterprises may be related to manufacturing, services or business sectors
In the case of non-person enterprise, 51 percent shareholding and controlling stake is to be held by scheduled caste / scheduled tribe or women entrepreneur
NOTE:
The Government launched this Stand Up India Yojana on 5th April, 2016.
Source:- https://www . chanakyaiasacademy . com/blog/item/711-pradhan-mantri-vaya-vandana-yojana-for-senior-citizens
Pradhan Mantri Vaya Vandana Yojana
This is a pension scheme for senior citizens of 60 years and above. Under this scheme, senior citizens will get a guaranteed return of 8% for 10 years if they choose the monthly pension option.
If the annual pension option is selected, then a guaranteed return of 8.3% for 10 years will be received. This scheme has been discontinued Goods and Service Tax (GST). It will be available for sale from the launch date i.e. 4th May 2017 to one year.
NOTE:
Since launch on May 4, 2017, LIC has also collected INR 2,705 crore by selling 58,152 policies.
