The government has launched several loan schemes to help Indian citizens in fulfilling their dream. The schemes provide financial assistance for various purposes such as education, marriage, housing, transportation, etc.
The principal features of these schemes are:
1. The benefit of interest subsidy is available only when you apply for a home loan from an approved bank or NBFC (non-banking finance company).
2. The amount of eligible loans is Rs 5 lakhs or higher if it exceeds your annual income by 10% but less than Rs 20 lakhs if it exceeds 20%.
1. PMAY-G - It is a housing loan scheme for the construction or renovation of houses.
2. MHAWL Yojana - This is a high-value housing loan scheme for urban areas.
3. Mudra Bank Loan - This financial support is given to those who want to buy their own house and need help with their down payment.
These government loans are provided by banks, FPI, and NBFCs.
Pradhan Mantri Mudra Yojana (PMMY) is a Government of India initiative to provide loans to Small and Micro Enterprises (SMEs). The PMMY aims to promote entrepreneurship among youth, women, senior citizens, and other marginalized sections of society.
The scheme has been introduced to promote the growth of SMEs by providing financial assistance under the Prime Minister's Employment Generation & Entrepreneurship scheme or Pradhan Mantri Kaushal Vikas Yojana (PMKVY) which was launched in 2015 with an initial corpus of Rs 50 crore for creation of three lakh jobs annually over its initial period.
The scheme is aimed at providing affordable housing to all urban households in the country. The government will provide financial assistance to eligible beneficiaries through various schemes such as interest-free loans and other subsidies.
The MIG Credit Linked Subsidy Scheme (CLSS) for Micro, Small, and Medium Enterprises (MSMEs) was launched in 2015 by the Ministry of Housing and Urban Affairs. It aims to provide financial assistance to micro, small, and medium enterprises (MSMEs) who are unable to obtain loans from banks because their financial profiles do not qualify for bank finance.
The scheme provides an interest subsidy on a loan given by banks or NBFCs/ financial institutions under Non-Banking Financial Company (NBFC), Financial Institutions within India which are regulated under Section 19 of Banking Regulation Act 1949 vide Notification No. 1011/24 Dated 30th Oct 2011 issued by Reserve Bank Of India on 9th March 2012
PMAY-Housing for All (Urban) Mission
Credit Linked Subsidy Scheme for EWS and LIG Segment under PMAY-Housing for All (Urban) Mission:
The Ministry of Rural Development announced that it has extended the last date to apply for credit linked subsidy scheme by one week, from 31st December 2018 to 5th January 2019. The last date was originally scheduled to end on 9th January 2019 but now it stands extended till 5th January 2019.
The Deen Dayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM) is a state government scheme that provides loans to marginalized groups in urban areas. The purpose of this scheme is to provide financial assistance to poor people who are unable to get access to bank loans because they have no collateral or income.
To apply for this loan, you will need a copy of your caste certificate or an affidavit from your employer confirming your employment status along with your biodata as per RBI guidelines. You must also ensure that you have paid all taxes due on any income earned through this source before applying for any kind of loan under DAY-NULM
PMSYM is a pension scheme for the elderly. It was launched in May 2015 and is open to people who have completed their 55th birthday and are not eligible for any other government-sponsored medical insurance scheme.
PMSYM provides monthly income support to senior citizens with no family support, who cannot afford to sustain themselves financially on their own and need financial assistance from the government.
The benefit of PMSYM is that it covers all expenses related to healthcare like doctor fees (private or public), hospitalization expenses, etc., which were earlier charged separately by various insurance companies or private hospitals at a much higher cost than what Pradhan Mantri Jan Dhan Yojana offers you as part of your bank account opening procedure!
Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) is a government scheme to encourage employers to provide LPG connections to their employees. The employer can claim the subsidy amount of Rs. 1,000 per connection from the Employees' Provident Fund Organisation (EPFO) or any other recognized employee's provident fund body for all eligible employees working in his company or organization. The scheme is applicable for all employers and all eligible workers working in their organizations as well as those who have retired from service but are still contributing towards the EPF account of their previous employers/employers under Section 80C of the Income Tax Act 1961
PMSBY is a life insurance scheme that provides insurance coverage for death and permanent disability. This government-run initiative was launched in 2015 by the Ministry of Health and Family Welfare, Department of Financial Services under the Pradhan Mantri Suraksha Bima Yojana (PMSBY). The scheme covers all citizens of India who are above 18 years old, irrespective of their gender or income status.
It also offers free premium subsidies up to Rs 1 lakh per annum for each member family that enrolls into PMSBY using its portal. In addition to this subsidy benefit offered by PMSBY's website, there are other benefits like:
1. Earned Income Tax Credit (EIC) worth up to 30% on premium payments made under this scheme;
2. No medical examination is required after one year but your age must not be more than 70 years at the time of purchase;
PMJJBY is a government scheme for the poor and needy. The program was launched by Prime Minister Narendra Modi on May 9, 2015. It provides financial assistance to those who are unable to pay their medical bills due to poverty. Under this scheme, an individual can avail of benefits up to Rs 50 lakhs for treatment of critical illnesses like heart disease, cancer, kidney failure, etc., at any hospital across India.
Government Loan Schemes are a great way to help people who are looking for loans to fund their dreams. These schemes have helped thousands of Indian citizens in fulfilling their dream and make them self-dependent. The government has plans to expand these schemes further so that more Indians can benefit from them.
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