Rajasthan Mukhyamantri Svanidhi Yojana

Scheme Introduction: A Brief Overview

• The Rajasthan Government is continuously making efforts to provide necessary support to the vulnerable families.
• For this, they have started several initiatives to offer economic support.
• Recently, the government has started a new scheme called "Mukhyamantri Svanidhi Scheme".
• This scheme is different to the central government "PM Svanidhi Scheme", which provides financial support to unorganised street vendors.
• However, the PM Svanidhi Yojana doesn't provide support to various unorganised sector workers as they were not eligible.
• In order to fill this gap, the state government launched the Mukhyamantri Svanidhi Scheme.
• Under this scheme, the state government is distributing loans through Nationalised Commercial Banks, Gramin Banks, Private Sector Banks, and Scheduled Small Banks.
• The primary objective of the scheme is: -
  • To provide easy loan facilities to needy and vulnerable urban families.
  • To increase the capital flow in small businesses and enterprises.
  • To encourage self-reliance among the underprivileged.
• The Rajasthan Chief Minister Svanidhi Yojana offers collateral-free, subsidised loans in three phases: -
  • In Phase 1, the beneficiary will be granted a loan of Rs 10,000/- for 12 months.
  • In Phase 2, the beneficiary will get a Rs 20000 loan for a period of 18 months.
  • In Phase 3, beneficiaries will get Rs 50,000 for 36 months.
• The state government will provide a 7% percent interest subsidy on these loans.
• However, the interest subsidy will only be provided if the applicant repays the loan amount within the given schedule.
• The benefit of the scheme will be provided to needy and vulnerable families of the unorganised service sector, including: -
  • Gig Workers.
  • Transport Worker.
  • Domestic Worker.
  • Construction Worker.
  • Hawkers.
  • Waster Workers.
  • Rag pickers.
  • Artisans.
• To avail of the scheme benefits, the beneficiaries must meet its eligibility criteria (discussed in a later section).
• The loan provided under the scheme is collateral-free, which means beneficiaries are not required to submit any security.
• Application of Mukhyamantri Svanidhi Yojana can be submitted online through the SSO Portal.
• Post scrutiny, the eligible applications will be forwarded online to the concerned bank.
• The bank will approve and disburse the loan in the given time period.

Scheme Benefits

• Beneficiaries will receive a loan to start their business.
• The loan will be provided in three phases.
• The loan will be provided for a maximum duration of 36 months.
• The government will provide a 7% grant on the loan interest rate.
• The loan provided is collateral-free.

Eligibility Requirement

• The applicant must be a domiciled resident of Rajasthan.
• Age should be between 18 and 60 years.
• Must have a valid license/ Permit/ Letter of Recommendation (LOR) from the concerned department.
• Beneficiaries who are not entitled to the benefit of the PM Svanidhi Scheme.

Required Documents

• Janaadhaar Card.
• Aadhaar Card.
• Identity Proof.
• Address Proof.
• License/ Letter or Recommendation (LOR)

Steps to Apply

• The Rajasthan Mukhyamantri Svanidhi Yojana application form can be submitted online.
• Its online applications are available at the Rajasthan SSO Portal. 
  
• Fill out the form carefully and share all mandatory details.
• Upload the required documents to their designated place in the given size and format only.
• Preview the duly filled-in application form before final submission.
• Once submitted, the application will be sent to the officials for verification.
• Post successful verification, the application will be forwarded to the concerned banks.
• After reviewing the applications, the bank will disburse the loan amount within the scheduled time.

Important Points

• The loan amount under the scheme will be credited to the applicant's bank account within two weeks.
• If the loan is not repaid within the allotted time, applicants need to pay a penalty as per banking rules.
• The account can only be closed after six months from the date of loan disbursal, if the loan amount is fully repaid.
• The interest subsidy will be credited to the applicant's bank account directly. The request will be made by the bank every six months.

Relevant Link

• Rajasthan Mukhyamantri Svanidhi Scheme Online Apply.
• Rajasthan Chief Minister Svanidhi Yojana Guidelines.

Contact Information

• Rajasthan Local Self Govt Department Phone Number: 0141-2226722
• Email Helpdesk: dlb.lsg@rajasthan.gov.in