[Apply] PM Visvas Yojana 2021 Eligibility / Registration Form / Documents List – 5% Cash Subsidy to SHGs with OBC Members or Individuals

The upliftment of the poor happens not through charity, but empowerment. And while there seems to be enough work done in terms of earmarking relief funds for the poor, what will really come in handy for them is an opportunity to work and earn their means of livelihood.

“Give a man a fish, he won’t go hungry for a day. Teach a man to fish, he won’t go hungry for life.”

Bearing in mind the sentiment, the government of India has launched the PM Visvas yojana – a welfare scheme offered to the poor wherein interest subvention will be offered to Self Help groups with 100% OBC members and OBC individuals who have taken a loan for various income-generating activities. These may include loans from Lending institutions that have signed MoA with the NBCFDC.

Eligibility criteria for the PM Visvas Yojana 2021

In order to avail of the benefits of the PM Visvas yojana 2021, the following eligibility criteria need to be met:

  • Members of Backward Classes, as notified by the Central Government/State Governments.
  • The applicant’s annual family income should be less than ₹3 lakh.
  • SHGs must be registered with NRLM/NULM/NABARD with more than two years of credit history.
  • SHGs or individuals must have made all repayments timely to be eligible for the interest subvention offered by the state government.
  • All OBC Antodaya Anna Yojana cardholders and OBC individuals facing three or more Deprivators in terms of SECC-2011, as per the records available at the specific BDO office shall be considered eligible for interest subvention.

Salient Features of the PM Visvas scheme

  • The maximum loan amount limit for Self-help groups is ₹4 lakh.
  • The maximum loan amount limit for individuals is ₹2 lakh.
  • The maximum subvention amount is 5% per annum.
  • Caste eligibility for SHGs – all members to be OBC. SHGs promoted by NRLM/NABARD/NULM.
  • Caste eligibility for individuals – caste to be under OBC list of Centre or state.
  • The annual Family income cap for SHG – less than ₹3 lakh for each member.
  • The annual Family income cap for individuals – less than ₹3 lakh.

Mode of payment for the subvention under the PM Visvas Yojana

The ideal model is considered to be through Direct Transfer of Subvention amount into the operating account of SHG or individual.

List of documents needed to avail the PM Visvas scheme

  • Recent passport size photos
  • Aadhaar card
  • Bank passbook first page (offering Bank account details)
  • Certificate to confirm the underprivileged/disadvantaged group

Summing it up

Supporting small businesses is a necessary move, especially when a country like India intends to support the “Make in India” cause. By doing this, the central government encourages more small entrepreneurs to dream to make it big and by offering the necessary finances, it offers the platform for individuals or organisations to soar.

The scheme is a perfect solution to put India on the radar; at par with other developed nations where small entrepreneurs have as much a chance of making it big as big companies.

Similar Yojanas

Prime minister-launched schemes in India

Over the years of Indian Politics, many prime ministers have implemented schemes and welfare initiatives. These schemes are mainly funded by the central government of India and also by the state governments. Atal Bihari Vajpayee, Manmohan Singh, Rajiv Gandhi, and Narendra Modi have worked for the betterment of society.

One unique aspect of the schemes is their catchy names, such as Swachh Bharat Mission and Smart Cities Mission. The names have much more attention from masses. The government of India under the influence of prime ministers has doubled many of its flagship schemes and programs. Recently, on May 31, 2019, the government declared to extend PM Kisan Samman Nidhi. The scheme was originally available to only some categories of farmers; it has now been made available to all farmers in the country. Under this scheme, farmers are annually paid Rs. 6,000 in three installments. Over 145 million people would be benefitted from this. Launched by September 2018, PM Jan Arogya Yojana would be targeting 107 million people. New Jal Shakti Ministry has been announced with the aim of availing piped water to all Indian families by 2024. Schemes have also been launched for better skill-training activities and entrepreneurship, such as Skill India Mission and Make in India Mission. The National Rural Employment Guarantee Act was launched in 2005 for social security purposes, promising livelihood and employment to rural areas.

There are many pension-related schemes for our country’s farmers, traders, and entrepreneurs. Startup India is one of the flagship initiatives launched for strengthening startup culture and professional ecosystem. While prime ministers-launched schemes have done the best to fix agricultural crisis, employment and investment are expected to be next on the government’s agenda.