Gig workers & helpers get loan boost: Govt's new ₹10,000 scheme
New Delhi (The Uttam Hindu) : The central government is preparing to launch a new loan scheme soon for gig workers, domestic helpers, and other needy groups. According to reports, the government may launch a microcredit scheme from April 2026, under which loans of up to ₹10,000 will be provided annually without any guarantee.
It is being reported that this scheme is being modeled after the Prime Minister's Street Vendors' Atmanirbhar Nidhi (PM-SVANidhi) scheme. This scheme already provides small business loans to street vendors. The Ministry of Housing and Urban Affairs is developing the framework for this new scheme. Under the PM-SVANidhi scheme, street vendors receive a loan of ₹10,000 in the first phase. If they repay the loan on time, they can later receive loans of ₹20,000 and then up to ₹50,000. Additionally, a 7% interest discount and additional benefits are provided for adopting digital payments.
The new scheme aims to help gig and platform workers. Many workers lack bank records, preventing them from obtaining loans to purchase motorcycles or other work-related equipment. This scheme is being implemented to address this problem. Only those identified in government records will be eligible for this scheme. According to reports, workers registered on the e-Shram portal, who possess a government identity card and Universal Account Number, can benefit from this scheme. The PM-Svanidhi scheme requires street vendors to have a license and be listed in a municipal survey. A similar verification process may be adopted in the new scheme.
By November 2025, more than 31 crore unorganized workers and over 5.09 lakh gig and platform workers had registered on the e-Shram portal. According to reports, workers whose records are verified will be given loans first. The government had already announced plans to extend the PM-SVANidhi scheme in a new form. The scheme aims to benefit a total of 1 crore 15 lakh people, including 50 lakh new beneficiaries. Now the loan period of this scheme has been extended till March 31, 2030, for which the government has allocated a total budget of Rs 7,332 crore.
Under the new system, loan amounts have been increased in the first and second phases. Furthermore, beneficiaries who repay the second loan on time will also receive a RuPay credit card linked to UPI. The scope of this scheme will no longer be limited to towns, but will gradually expand to census towns, semi-urban areas, and more.