In this article, we will give you a broad overview of everything you need to know about the Indira Gandhi Shahri Credit Card Yojana.
As you are all aware, employment levels have been impacted by the Coronavirus pandemic and this situation prevails even today. In such a situation, the government is launching various schemes to generate employment. Today, we will provide you with information about the Indira Gandhi Shahri Credit Card Yojana. Through this scheme, interest-free loans of up to ₹ 50000 will be made available for a period of 1 year to small traders, vendors, cart traders and citizens providing services in the unorganized sector.
Indira Gandhi Shehri Credit Card Scheme 2024
The Indira Gandhi Shehri Credit Card Scheme 2024, initiated by Rajasthan Chief Minister Ashok Gehlot, is a noteworthy effort to provide financial assistance to small traders, street vendors and individuals working in the unorganised sector.
Its beneficiaries, who have been adversely affected by the economic repercussions of the COVID-19 pandemic, can access interest-free loans of up to ₹50,000 under this scheme.
Details Of Indira Gandhi Shehri Credit Card Yojana 2024
- Scheme Name: Indira Gandhi Urban Credit Card Scheme
- Initiated By: Rajasthan Government
- Beneficiary: Citizens of Rajasthan
- Year: 2023
- Loan Amount: ₹50,000
- State: Rajasthan
- Application Type: Online/Offline
- Official Website: To be launched soon
Implementation of Indira Gandhi Urban Credit Card Scheme
For the efficient implementation of the Indira Gandhi Shehri Credit Card Yojana 2024, a screening committee will be constituted under the leadership of an authorized Municipal Commissioner or other authorized representatives from the Urban Local Bodies (ULBs).
This committee will oversee the disbursement of loans, with members including the district lead manager, district industry centre representative, and senior branch manager of the bank.
Furthermore, an authorized representative or District Project Officer from ULB will serve as the committee’s coordinator. Applications will be reviewed and physically verified by the committee, after which loans will be disbursed.
To streamline the process, a web portal and mobile app will be developed.
Implementing Authority under Indira Gandhi Shehri Credit Card Yojana
The District Collector will take charge of the implementation and review of the scheme within the district, serving as the nodal officer.
Beneficiaries of Indira Gandhi Urban Credit Card Scheme
The scheme primarily caters to:
- Hairdressers
- Rickshaw pullers
- Potters
- Mochi (cobblers)
- Mechanics
- Tailors
- Washermen
- Color painters
- Electrical repairmen, and more.
Objective of Indira Gandhi Shehri Credit Card Yojana 2024
The scheme’s central aim is to provide financial support to individuals who have faced unemployment due to the COVID-19 lockdown. It seeks to empower urban youth with self-employment opportunities, reduce the adverse effects of the pandemic on informal businesses and mitigate the state’s unemployment rate.
By offering economic assistance, the scheme intends to uplift the living standards of Rajasthan’s citizens.
Benefits and features of Indira Gandhi Urban Credit Card Scheme
- Loans of up to ₹50,000 are available to beneficiaries affected by the pandemic.
- These loans are interest-free
- The application deadline for this scheme is March 31, 2022
- No guarantees are required to secure the loan
- A three-month moratorium period is provided
- Beneficiaries have 12 months to repay the loan
- The district collector serves as the nodal officer
- Verification of beneficiaries is conducted by the Subdivisional Officer
- Expenditure for the scheme is borne by the state government
- Loans can be withdrawn using credit or debit cards
- The loan can be repaid in one or more installments
- No processing fee
- Approximately 5 lakh beneficiaries will be assisted on a first-come, first-serve basis
Main points of Indira Gandhi Shehri Credit Card Yojana
- Maximum loan: ₹50,000 per year.
- No guarantees are required
- Interest-free loan
- Loans to be repaid in 12 monthly installments
- Loan withdrawal through credit or debit card
- No processing fee
- Assistance provided for the entire life-cycle of the loans
- First-come, first-serve basis
- Beneficiaries must have faced economic challenges and pandemic-related business setbacks
Indira Gandhi Shehri Credit Card Yojana Time Limit
The scheme is to be in operation for one year. The moratorium period is three months, and the loan repayment period is 12 months. New loans were sanctioned under this scheme until March 31, 2022.
Selection Process under Indira Gandhi Urban Credit Card Scheme
- The benefits of the Shehri Credit Card Yojana will be extended to:
- Street vendors holding certificates or identity cards issued by the local urban authorities.
- Street vendors selected during the survey but not issued certificates or identity cards.
- Traders operating in peri-urban or rural areas under the jurisdiction of the local urban body, provided they have a recommendation letter from the local urban body or Town Vending Committee.
- Youth between 18 and 40 working in various service sectors.
- Citizens engaged in other services, identified and included by the District Collector based on local circumstances.
- Citizens registered in the District Employment Centre.
- Local vendors without certificates from the local body can be recommended by the concerned Sub-Divisional Magistrate.
Identification of Beneficiaries under Indira Gandhi Urban Credit Card Scheme
Beneficiaries under this scheme are identified based on the target allotted to each district. This includes:
- Street vendors belonging to SC, ST, and OBC categories with certificates or identity cards issued by local urban authorities.
- SC, ST, and OBC vendors selected during surveys but not issued certificates.
- SC, ST, and OBC vendors left out in the local urban body’s survey but recommended by the local urban body or Town Vending Committee.
- Other vendors, as identified by the District Collector based on local circumstances.
Urban Credit Card Scheme Interest
- The bank rate under this scheme is set at 10% by the government.
- Loan-related transactions are exempt from stamp duty.
- Interest will be charged by the bank at the end of the quarter, and beneficiaries are responsible for timely payment.
- Interest can be paid in the subsequent financial year.
- The state government is expected to specify the maximum interest payment period for NPA loans.
Indira Gandhi Urban Credit Card Scheme Lending Institute
Loans under this scheme can be availed from:
- Scheduled Commercial Banks
- Regional Rural Banks
- Small Finance Banks
- Cooperative Banks
- Non-Banking Finance Companies
Credit Guarantee under Shehri Credit Card Yojana
All loans provided under this scheme are covered under the Credit Guarantee Fund Trust for Micro and Small Enterprises. The credit guarantee fund trust charges fees ranging from 0.85% to 2%. Beneficiaries are also required to pay GST.
Loan Release Time Limit
- Application processing: 15 working days
- Scrutiny and approval: 7 working days
- Credit card delivery: 3 working days
- Total time for loan approval: 25 days from the application date.
Eligibility for Indira Gandhi Shehri Credit Card Yojana 2024
To qualify for the scheme, applicants must meet the following criteria:
- Permanent resident of Rajasthan.
- Age between 18 to 40 years.
- Monthly income ≤ ₹15,000.
- Family monthly income ≤ ₹50,000.
- Holders of certificates or identity cards issued by the urban body.
- Beneficiaries left out in the survey, with recommendation letters from the Town Vending Committee.
- Vendors selected during the survey.
- Applicants with monthly incomes > ₹15,000 or total family monthly incomes > ₹50,000 are not eligible.
Process to Apply under Indira Gandhi Urban Credit Card Scheme
Application submission is possible through the official web portal and Android app. Moreover, assistance is available through eMitra kiosks established by the Government Department to guide applicants and address concerns.
Steps to Register Indira Gandhi Shahri Credit Card Yojana
As of now applications under Indira Gandhi Shahri Credit Card Yojana will be accepted only until March 31, 2022. All prospective applicants must know that this scheme will accept applications only through the official web portal and android app. Beneficiaries can also use the Emitra kiosk to apply.
In order to avail of the benefits of the scheme the applicant must keep the following documents and information handy-
- Aadhar card
- Address proof
- I Certificate
- Age Proof
- Income Proof
- Passport size photographs
- Mobile Number
- Email Id
Contact the help desk that has been established at the level of the Local Government Department for guidance or to resolve grievances.
To Sum Up
Beware of fraudsters trying to extract sensitive information from you under the guise of Indira Gandhi Shahri Credit Card Yojana. Never divulge your personal details on any website other than the official website of the Yojana linked above.
