New Delhi, Jan 17 || The government reportedly plans to launch a microcredit programme in April 2026, offering collateral‑free loans of up to Rs 10,000 per annum to gig workers, domestic helpers, and other vulnerable groups.
The Ministry of Housing and Urban Affairs is apparently designing the scheme on the lines of the PM Street Vendors Atma Nirbhar Nidhi (PM‑SVANidhi), which provides street vendors with small working‑capital loans, according to reports.
Under PM‑SVANidhi, vendors receive initial loans starting at Rs 10,000, and on timely repayment, they become eligible for subsequent tranches of Rs 20,000 and Rs 50,000, along with a 7 per cent interest subsidy and additional incentives for adopting digital payments.
The new scheme aims to help gig and platform workers -- many of whom lack formal credit histories to buy two‑wheelers and other assets needed for their work.
Eligibility is expected to mirror PM‑SVANidhi’s verification approach, where beneficiaries will include workers registered on the government’s e‑Shram portal who hold government‑issued identity cards and a Universal Account Number.