Big Relief for Informal Workers: Loans Without CIBIL or Guarantee Coming Soon
No Salary Slip, No CIBIL Score? Govt to Roll Out Collateral-Free Loans for these people: The government is preparing a major relief package for millions of gig workers. This includes food delivery workers, domestic helpers, and other daily wage earners. The government plans to bring workers without permanent jobs, salary slips, or good CIBIL scores into the banking system.
New Microcredit Scheme Likely to Start in April: The central government may launch a new microcredit scheme from April. The Ministry of Housing and Urban Affairs has prepared the framework for this scheme. Under the scheme, eligible workers can get loans of up to ₹10,000 without providing any collateral.
This scheme will support delivery workers from platforms such as Swiggy, Zomato, Zepto, and Blinkit. It will also help domestic workers and other urban unorganized workers. The loan amount can be used to buy motorcycles, mobile phones, or other tools needed for work.
Scheme Based on PM-SVANidhi Model: The government will design this scheme on the lines of the PM-SVANidhi scheme. Under PM-SVANidhi, street vendors first receive a loan of ₹10,000. If they repay on time, they can get higher loans of ₹20,000 and later ₹50,000. The scheme also offers a 7% interest subsidy and rewards for digital payments. The new scheme for gig workers is expected to offer similar benefits.
Who Will Get the Benefit? The scheme will benefit workers whose details are already registered with the government. Gig workers registered on the e-Shram portal, domestic helpers, and other unorganized workers will be eligible. The government will give priority to workers who have Aadhaar, a Universal Account Number (UAN), and verified records.
Helping Workers Access Bank Loans: Many gig workers cannot get bank loans because they do not have income proof or a credit history. This scheme will solve that problem. It will help workers access formal banking services and become financially independent.
A Big Step for Unorganized Workers: By November 2025, more than 310 million unorganized workers and millions of gig workers had registered on the e-Shram portal. This new scheme will not only provide financial help but will also connect millions of workers to the formal financial system.
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