Gig Workers to Get Collateral-Free Loans Up to ₹10,000 Annually

• The central government is launching a microcredit scheme for gig workers like delivery boys and cab drivers.
• Eligible beneficiaries can receive collateral-free loans of up to ₹10,000 annually, benefiting those without a formal credit history.
• The Ministry of Housing and Urban Affairs (MoHUA) is developing the scheme, modeled after the successful PM-SVANidhi program.
• Incentives include an interest subsidy of up to 7% for timely repayment and cashback for digital payments.
• The scheme targets workers registered on the e-Shram portal and is expected to be implemented from April 2026.

Why It Matters: Government to offer collateral-free microcredit to gig workers, boosting financial inclusion and the gig economy.