Lakhpati Didi Scheme: Women will get Rs 5 lakh loan with zero interest

Lakhpati Didi scheme: The Lakhpati Didi scheme is a program by the Ministry of Rural Development that helps women in Self-Help Groups (SHGs) earn a sustainable income of at least Rs 1 lakh per year. In this scheme women will get Rs 5 lakh loan with zero interest.

The scheme aims to improve the quality of life of rural women and help them escape poverty.  While people have to pay high interest for the loan, a scheme is run by the government which provides loan without interest. However, not everyone can take advantage of this government scheme; this scheme has been started only for women.

Under this scheme, a loan of up to Rs 5 lakh is approved without interest. This means that if a woman is found eligible under this scheme, then she does not have to pay even a single rupee of interest on a loan of up to Rs 5 lakh. This special scheme of the government is Lakhpati Didi Yojana.

There are many benefits of this scheme of the government, which make it very popular. This scheme has been introduced to give financial strength to women and promote business. Lakhpati Didi Yojana of Narendra Modi Government is a skill development training program.

This scheme makes women eligible for self-employment by giving skill training. Under the Lakhpati Didi Scheme, women are trained in various sectors by professional trainers, which are run through self-help groups.

Interest free loan up to Rs 1-5 lakh

In this scheme of the Center launched on 15 August 2023, the government claims that since its launch, it has succeeded in making 1 crore women Lakhpati Didi. Its target was earlier fixed at 2 crore, but in view of its popularity, it was increased to 3 lakh during the interim budget.

In this initiative to strengthen women, along with skill training, women are also given big financial help from the government. Under Lakhpati Didi Yojna, women are given interest-free loan of Rs 1 to 5 lakh to start self-employment.

How does the scheme work?

The scheme provides financial instruments to help women entrepreneurs and SHGs access credit.

The scheme also provides support for assets, skills, finance, and markets.

The scheme encourages sustainable livelihood practices.

The scheme promotes collaboration between government departments, private sector, and market players.

Who is a Lakhpati Didi?

A Lakhpati Didi is a member of an SHG who earns an annual household income of at least Rs 1 lakh.

The income is calculated for at least four agricultural seasons and/or business cycles.

The average monthly income exceeds Rs 10,000.

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