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  4. FACT CHECK: Can people avail loans upto Rs 10 lakh under PM Aadhaar Card Loan Scheme? | Know the truth here

FACT CHECK: Can people avail loans upto Rs 10 lakh under PM Aadhaar Card Loan Scheme? | Know the truth here

Two websites claimed that people can avail loans upto Rs 10 lakh under a scheme called PM Aadhaar Card Loan Yojana, without any guarantee.

Edited By: Aveek Banerjee New Delhi Updated on: July 31, 2023 14:09 IST
Website claims availability of loans under PM Aadhar Card
Image Source : INDIA TV Website claims availability of loans under PM Aadhar Card Loan scheme

A website claiming that people can avail loans for upto Rs 10,00,000 through the PM Aadhaar Card Loan Scheme is making the rounds on social media. According to the website, this scheme is young entrepreneurs who want to establish a new business or expand an old one.

How accurate is this website? Under which government scheme can people avail loans for setting up businesses? For this purpose, India TV did a fact check to investigate the veracity of this report.

What is the claim?

A website has claimed that people can avail loans for upto Rs 10 lakh with the use of their Aadhaar card, under a scheme called as 'PM Aadhaar Card Loan Scheme'. It claims that people can easily avail loans without any guarantee to set up new businesses or expand old ones. It said that the scheme is commonly known as Mudra Yojana.

India Tv - A screenshot of the video claiming loans upto Rs 10 lakh available under PM Aadhar Card Loan Scheme

Image Source : INDIA TVA screenshot of the video claiming loans upto Rs 10 lakh available under PM Aadhar Card Loan Scheme

Additionally, the website claims that any private or governmental bank involved in this scheme can avail loans with the help of basic documents like the Aadhaar Card.

India TV's fact check over the claim

After hearing of the news, India TV initiated the fact check by searching the keyword 'PM Aadhaar Card Loan' on Google. This news was published on June 22 by a website called sarkariyojnanews.com and on another website called achiloan.in. While searching for more details on official websites run by the Government of India, we found that no such scheme exists. We also found a tweet by the Twitter handle of PIB fact check denouncing the claims as 'fake'.

However, it is important to note that the claim is not entirely false. The government provides does indeed provide loans upto Rs 10 lakh for non-corporate and small/micro enterprises under the 'PM MUDRA Yojana' (PMMY). These loans are classified as MUDRA loans under PMMY who also bear the expenses of operations. Such loans are given by commercial banks, small finance banks, microfinance institutions (MFIs) and Non-Banking Financial Companies (NBFCs). To avail loans, people need to show their Aadhaar card as identity proof, business proof and PAN card.

So the above claim, although not entirely false, is misleading. There is no such scheme as "PM Modi Aadhaar Card Loan', and loans are provided by the PM Mudra Yojana. Additionally, the scheme does not provide loans solely on the basis of one's Aadhaar card. If you want detailed information about this scheme, then you can refer to government websites or read detailed story about PMMY on India TV.

ALSO READ | FACT CHECK: Finance ministry to grant Rs 3,00,000 loan under PM Mudra Yojana scheme? | Know the truth

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