04 Aug Small loans for an Atmanirbhar Bharat || True Balance Blog
Hit by the COVID-19 pandemic slump followed by nationwide lockdowns, tens of millions of India’s small and medium businesses, entrepreneurs and households are struggling to manage their livelihoods and keep their small businesses solvent. At a time when nearly 25% of the nation (200,000,000 people) are unemployed, even the smallest amount of money and help overcome several financial challenges.
The government has also rolled-out relief packages in the form of ‘Atmanirbhar Bharat’ and ‘AtmaNirbhar Nidhi’, which everyone from street vendors, hawkers to small businesses can avail INR 10,000 loan scheme. For people looking to avail smaller amounts, True Balance also offers small loans ranging between INR 500 – 7000.
The only requirements to qualify for such small loans are for you to:
- Be an Indian citizen older than 18 years
- Have a bank account
- Have a PAN Card for POI (proof of identity)
- Have Driving License or Voter’s ID as POA (proof of address)
- Have a mobile phone with internet access and a camera
We have seen several inspiring stories of small entrepreneurs and citizens who have fulfilled several challenges – turning the lives of themselves and others – with access to credit or insurance. You may see some benefits with real stories of inspiring, self-dependent (atmanirbhar) and innovative minds below:
- You can start offering small loans to those who need it
Rajendra Prasad from a village in Ghaziabad runs a Kirana shop. With only a smartphone, he also offers small loans to the people in his entire village based on mutual trust, to help run their households.
- You can start a small business
Poonam Gautam from a village in Haryana is a general store owner. With a smartphone, she also provides the facility of recharging and utility payments of gas, electricity bill etc. for the entire village. She also gives loans worth thousands every month to others in her village and vicinity.
- You protect the people you care about
Ajay Gupta works at a marble factory in New Delhi, and also offers small loans in the factory to sustain workers’ payday. For the company’s watchman, he purchased the gentleman’s first-ever insurance cover for INR 15/-, to protect him from the risks of the job.
- You can spread good deeds with small amounts
A doctor in Kerala bought about 500 COVID-19 protection health policies to distribute among the poor. Using the ‘refer-and-earn’ offer on cash loans, he referred a friend in the railways in Tamil Nadu, who bought 600+ more policies to protect his daily-wage and contract workers.
The strength within
Difficult times call for us to stand united and support ourselves and others in whatever way we can. Using easily accessible paths to self-dependence, it is time for us to summon our inner strengths and face whatever life throws at us. As they say, life is not about waiting for the storm to pass, but learning how to dance in the rain.