You surely must want to progress in your life and ensure your financial security, but along the way, it is the lack of money that hinders your dream. But no worries, there are several free money-making schemes from the Indian government that can prove to be hugely beneficial to you.
Here in this article, we will make you aware of the top 5 free money-making government schemes that, if availed, can lessen your financial worries.
The top 5 free money-making government schemes that we are going to discuss are as follows:
- Pradhan Mantri Jan Dhan Yojna
- Pradhan Mantri Mudra Yojna
- Stand Up India Yojna (Women/SC/ST Loan Yojna)
- Skill India Yojna (Pradhan Mantri Kaushal Vikash Yojna)
- Ayushman Bharat Yojna (Pradhan Mantri Jan Arogya Yojna)
Pradhan Mantri Jan Dhan Yojna (PMJDY)
One of the most ambitious schemes of Prime Minister Narendra Modi, the Pradhan Mantri Jan Dhan Yojna, was launched in 2014. The scheme is aimed at poor people who usually don’t open a bank account due to the lack of money.
Jan Dhan account can be opened with any bank without paying a fee, yet treated at par with other accounts in terms of benefits. There is no compulsion to maintain any minimum balance in this type of account. However, the government offers 4% annual interest on deposits.
The highlight of the scheme is up to Rs 1 lakh accidental cover along with Rs 30,000 life insurance cover to its account holders.
Other features of Pradhan Mantri Jan Dhan Yojna include:
- Free-of-cost Rupay debit card
- Pan India money transfer facility
- Up to Rs 5,000 overdraft facility post six months of operating the account
- Loan facility of up to Rs 5 lakh
- Direct account transfer for subsidies and financial benefits of various government schemes
Pradhan Mantri Mudra Yojna (PMMY)
To boost to micro and small businesses, Indian government introduced the Pradhan Manti Mudra Yojana in 2015. The corporate and farm sector aren’t included in this scheme.
Mudra Loans are available under these categories depending on the loan amount.
- Shishu Mudra Loan (up to Rs 50,000)
- Kishor Mudra Loan (Rs 50,000- Rs 5 lakh)
- Tarun Mudra Loan (Rs 5 lakh- Rs 10 lakh)
While Kishor and Tarun Mudra loans are provided as per individual bank interest rates, the Shishu Mudra loan rate starts as low as 1%, and also the repayment is stretched for 5 years. Mudra loans are unsecured loans without any collateral.
Stand Up India Yojna (Women/ST/SC Loan)
If you belong to ST or SC categories or are a woman looking for loans to start or support your entrepreneurship, the Stand UP India scheme will serve your purpose.
The scheme facilitates loans between Rs 10 lakh to Rs 1 crore for services, trading, or manufacturing enterprises. The farm sector doesn’t come under its purview.
In the case of non-Individual enterprises, 51% shareholding and controlling stakes should be held either by ST/SC and/or women entrepreneurs. Loan repayment duration is up to 7 years with 18 months of the moratorium period.
Skill India Scheme (Pradhan Mantri Kaushal Vikash Yojna)
Skill India Loan scheme also known as Pradhan Mantri Kaushal Vikash Yojna (PMKVY), since 2015 has been enabling individuals, especially students, to learn or upgrade their technical skills.
Under the scheme, an aspirant is eligible for getting a loan ranging from Rs. 5,000 to Rs. 1, 50,000 for enrolling in more than 40 technical courses with a loan repayment period of 3 to 7 years.
PMKVJ scheme offers training courses for three months, six months, and one year. After the course completion, the government provides certificates and Rs 6,000 as prize money.
Moreover, the government tries to arrange the placement of successful candidates through job fairs and tie-ups with various organisations.
Ayushman Bharat Yojna (Pradhan Mantri Jan Arogya Yojna)
In 2018, the Ayushman Bharat Yojna, also known as Pradhan Mantri Jan Arogya Yojna (PMJAY), was launched to provide up to 5 lakh medical cover to each family from the poor and vulnerable section of the society, which constitutes 40% of the Indian population.
Using the Ayushman Card issued by the government, the beneficiary under this scheme can avail free treatment in empanelled hospitals, both public and private, across India.
These hospitals also have a dedicated Ayushman Mitra who assists the poor in ascertaining their eligibility and arranging documents so that they don’t miss out on the benefits of this scheme.
Like the schemes mentioned above, several other free government schemes also benefit people in meeting their financial needs to establish and grow their businesses. However, due to the lack of information, many needy people remain deprived of enjoying the fruits of such schemes.
At Biznssbyte.com, we cover different government schemes regularly. Keep watching this space to keep yourself abreast and reap the benefits of those schemes.