Indians are forced by habit to repay loans, only 773 people returned money under PM Swanidhi Yojana

New Delhi: Prime Minister Narendra Modi has made plans keeping in mind the smallest people of the country. PM Modi had started PM Swanidhi Yojana to give loans to street vendors for their own business, which people have been seen taking full advantage of.

Under this scheme, the loan taker faces concerns regarding returning the third instalment. Under the PM Swanidhi Yojana, only 773 out of more than 4.5 lakh borrowers have returned the loan amount for the third loan installment of Rs 50,000.

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What is PM Swanidhi Yojana?

Under PM Swanidhi Yojana, first Rs 10000 and then Rs 20000 are given as loan amount and after returning this amount, the applicant becomes entitled to get a loan of Rs 50000. However, the loan repayment rate is much better in the first and second periods of this scheme. In this, about 70 to 80 percent of the loan has been repaid.

Under PM Swanidhi Yojana, applicants are given subsidy at 7 percent interest rate and they have to repay the loan in installments within 1 year. Regarding the slow pace of repayment of the third period loan, officials of the Urban Affairs Ministry have said that there is nothing unusual in it. You get the third loan only if you have repaid both the first and second loans on time.

How many loans did you repay?

Under PM Swanidhi Yojana, only 773 people have fully repaid these loans, while the number of people paying the first and second installments has also been quite high. Its data has not yet been received from the states. One thing is clear that PM Swanidhi Yojana has helped a lot the lowest class of the country i.e. the street vendors. While giving information in the Rajya Sabha last week, the Ministry of Urban Affairs said that till now 94.31 lakh loans have been given under the PM Swanidhi Scheme, the total cost of which is Rs 13,422 crore.

Minister of State for Urban Affairs Tokhan Sahu has informed that out of the loan amount of Rs 94.31 lakh, only 40.36 lakh loan has been repaid so far. Sahu has said that not a single complaint has been received so far against the agencies and companies working on giving loans under PM Swanidhi Yojana.