Today, many banks and financial institutions allow people to apply for loans using basic KYC verification through an Aadhaar card. This makes the process faster and more accessible for millions of people across India. In some cases, eligible applicants may receive personal loans ranging from ₹10,000 to ₹2.5 lakh, depending on their financial profile.
At the same time, individuals who want to start their own business can benefit from government-backed programs such as the Prime Minister’s Employment Generation Programme (PMEGP). This scheme supports aspiring entrepreneurs by offering business loans along with government subsidies.
Personal Loans Available Through Aadhaar-Based KYC
After completing the basic KYC process using Aadhaar and other required details, applicants can submit their loan request online. If the application meets the lender’s requirements, the borrower may receive a personal loan ranging from ₹10,000 to ₹2.5 lakh.
In many cases, the approved loan amount is directly transferred to the applicant’s bank account, making the process convenient and quick. However, the final amount depends on factors such as income level, credit score, and repayment history.
It is important to remember that responsible borrowing and timely repayment are essential to maintain a healthy financial profile.
PMEGP Loan Scheme for Starting a Business
While personal loans can help with short-term financial needs, people who want to start their own business can benefit from government initiatives like the Prime Minister’s Employment Generation Programme (PMEGP).
PMEGP is a government-backed scheme implemented by the Ministry of Micro, Small and Medium Enterprises (MSME). The scheme is executed through the Khadi and Village Industries Commission (KVIC) and aims to promote self-employment across the country.
The primary goal of this program is to encourage entrepreneurship among youth, small entrepreneurs, and individuals in rural and semi-urban areas. By providing financial support and subsidies, the scheme helps people establish small businesses and generate local employment opportunities.
Types of Businesses Supported Under PMEGP
The PMEGP scheme supports a wide range of small-scale business activities. These activities generally fall into two main categories.
The second category covers service-based businesses, which may include activities such as repair services, small shops, or other service-oriented enterprises.
One of the most attractive aspects of the PMEGP scheme is the government subsidy, which can range from 15% to 35% of the project cost, depending on the applicant’s category and location.
Loan Application Process and Required Documents
If someone wants to apply for a personal loan using Aadhaar-based verification, the process usually starts by visiting a bank branch or applying through an online lending platform.
During the application process, the lender verifies the applicant’s identity and financial information. Once the eligibility criteria are met, the loan amount is approved and transferred to the applicant’s bank account.
For individuals applying under the PMEGP scheme, the application can typically be submitted through the official online portal associated with the program. After submitting the application, the concerned agency and bank review the proposal and verify the documents.