Top 5 Government Guaranteed Loan Programs For Your Personal Finances In 2022

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Pradhan Mantra Jhan Dhan Yojna (PMJDY)

PMJDY is the National Mission for Financial Inclusion, which aims to provide inexpensive access to financial services such as basic savings and deposit accounts, insurance, remittances, credit and pensions. The proposal envisions universal banking access, with every family having at least one basic bank account, as well as access to credit, financial literacy, insurance and pensions.

Poor connection and online transactions will be treated as technology challenges. The program also intends to use mobile transactions through telecom operators and their established hubs as withdrawal points for financial inclusion. A concerted attempt is also underway to recruit the country’s youth to engage in the Mission Mode program.

Under the program, the individual will get all the basic facilities that a regular account gets. In addition to the usual features, the PMJDY account holder will be eligible for accident insurance coverage of 1 lakh INR (improved to 2 lakh INR for new PMJDY accounts if they are opened after 28.8.2018), an overdraft facility (OD) up to Rs. 10,000 to eligible account holders is also available.

PMJDY accounts are eligible for Direct Benefit Transfer (DBT), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Atal Pension Yojana (APY), Micro Units Development & Refinance Agency Bank (MUDRA).

MUDRA Yojna

MUDRA Yojna

“MUDRA” stands for Micro Units Development & Refinance Agency Bank, it is a refinancing institution under the direction of the Indian government. The main feature of the program is that it allows the inclusion of last mile financiers. The program provides credit to non-farm businesses in the manufacturing, trade and service sectors with credit needs of less than Rs. 10 lakhs. However, MUDRA does not lend directly to micro-entrepreneurs or individuals.

MUDRA loans can be obtained from a nearby branch of a bank, NBFC (Non-Bank Financial Companies), MFIs, etc. Borrowers can now also apply online for MUDRA loans on the Udyamimitra portal at udyamimitra.in.

Depending on the stage of growth or development and the financing needs of the micro-unit / entrepreneur, the beneficiary may benefit from the following types of loans:

  1. Shishu – Loans up to INR 50,000 / –
  2. Kishor – Loans between 50,000 INR and 5 lakh INR
  3. Tarun – Loans between INR 5 lakh and INR 10 lakh
Standing India

Standing India

Stand Up India is another government program aimed at promoting entrepreneurship at the local level for economic empowerment and job creation. The Stand-Up India Scheme seeks to leverage the institutional credit structure to reach the underserved sector and the people of the country. The program enables underserved people to participate in the nation’s economic growth. With a 1.25 lakh bank branch network located across the country, the program will benefit at least 2.5 lakh borrowers across India.

The objective of the Stand-Up India program is to facilitate bank loans between INR 10 lakh and INR 1 Cr to at least one SC or ST borrower and at least one female borrower per bank branch of all commercial banks planned for the establishment of ‘an entirely new business. . Under the scheme, you can apply for a loan if you belong to the mentioned categories.

The Stand-Up India portal provides a digital platform based on 3 pillars to support business promotion among entrepreneurs in SC, ST and Women categories.

  1. Grip support
  2. Provide funding information
  3. Credit guarantee.

Prospective entrepreneurs can browse the interactive portal at standupmitra.in for support services such as mentoring, training, orientation, skills development programs, etc.

Ayushman Bharat Yojana

Ayushman Bharat Yojana

Ayushman Bharat or PMJAY (Pradhan Mantri Jan Arogya Yojna) is another flagship program of the Indian government. It is the largest fully government funded health insurance plan in the world.

The program was launched on the basis of the recommendation made in the National Health Policy 2017, to achieve the vision of universal health coverage (UHC). It provides coverage of 5 lakhs INR per family per year for secondary and tertiary care hospitalizations in public and private hospitals in India. It is a cashless system which means that you don’t have to worry about the money to get the health services in the hospitals.

This program aims to undertake innovative ideas at the primary, secondary and tertiary levels to approach the health system in a holistic way. Ayushman Bharat uses a continuum of care model that consists of two interrelated elements: prevention and treatment.

Skills loan program

Skills loan program

The Skills Loan Program was established in July 2015 to provide individuals with institutional credit for skills development courses that are aligned with national occupational standards and skill packs and lead to a diploma, certificate or diploma. diploma from training institutes that follow the national skills qualification framework (NSQF). This program applies to all member banks of the Association of Indian Banks (IBA), as well as to any other banks and financial institutions that the RBI may deem appropriate. The plan gives banks general guidelines for implementing the skills lending program.

Under this program, anyone who has obtained admission to a course offered by industrial training institutes (ITI), polytechnics or a school recognized by central or public school boards or a college affiliated with a recognized university, training partners affiliated with National Skill Development Corporation (NSDC) / Sector Skill Councils, State Skill Mission, State Skill Corporation can get easy loan between 5,000 and 1,50,000 rupees at interest rate of 1.5 %. The plan does not allow guarantees to be taken from the beneficiary.


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