In the beginning, the PM Modi government announced various loan schemes for the people of Indian origin, with special focus on the poor. However, as the time passed by, it has emerged that the PMModi schemes are also applicable to the other sections of the society, with different kinds of benefits. The poor people who were promised assistance during the time of recession could now receive financial help from various banks and financial institutions, with PM’s blessings. This has made life easier for millions of the common people as they could take advantage of the financial help extended by the banks and other institutions and clear off their dues and other financial obligations.
Although these schemes have been beneficial for the people, the question is whether it was worth the PM’s time and efforts in going in for these kinds of schemes. After all, his main aim was to bring economic stability in the country. There can be no doubt that reducing the burden of arrears and other loans taken at a later stage will help the economy to regain the lost momentum and lead it towards the path of recovery.
However, while the poor people were getting financial aid under the PM’s schemes, the big shot companies were enjoying the same benefits, which is an indication of the prime importance of his initiatives. It was not possible for these big companies to bear the burden of long term loans at one go. Hence, in order to take care of their employees, they decided to form a fund that would help them to invest in productive assets. The money thus made available through the PM’s schemes is expected to generate jobs for the people, and bring about a rapid recovery in the economy.
The prime mover behind these loans is the Indian housing Finance Corporation or IIFC. The IIFC is an indirect lender, which lends loans to both the poor and the middle class of the society. Unlike the commercial banks, the IIFC does not put the borrowers under the watchful eyes of the banks and other financial institutions. The IIFC has been working successfully since 2020, with a dedicated team of officials to look after the needs of the poor people. A massive amount of liquidity is made available through the PM’s loan scheme, with an aim to provide monetary assistance to the people to enable them to take up new and upcoming business ventures.
These loans can be utilized for the investment of your new and upcoming businesses. This would help you build a strong base of your own. You can choose from the different plans of investment. The loan amount will depend on your income. However, even if your income is low you can still avail of the PM’s loan. Through the PM’s scheme, millions of people would be given a second chance at life.
The PM’s loan scheme was designed with the common man in mind. These loans are not offered against collateral, so this implies that people with a bad credit history stand little chance of being approved for the PM’s schemes. However, even people who have a bad credit history stand a good chance of getting the PM’s loans. The scheme has been designed keeping in mind the problems of the poor and therefore the funds have been granted to the needy.