MODI Loan : Pradhan Mantri Jan Dhan Yojana (PMJDY): Get ₹10,000 Emergency Loan Facility

MODI Loan : Pradhan Mantri Jan Dhan Yojana (PMJDY): Get ₹10,000 Emergency Loan Facility

The Government of India launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August 2014 under the National Mission for Financial Inclusion (NMFI) with the vision of ensuring that every Indian household has access to basic banking facilities. This flagship scheme, announced by Prime Minister Narendra Modi, has brought millions of unbanked citizens into the formal banking system.

Over the years, PMJDY has been upgraded to provide more benefits, including an overdraft facility of up to ₹10,000 for account holders, which acts as a form of emergency financial assistance.

Objectives of PMJDY

The primary aim of PMJDY is financial inclusion, ensuring that weaker sections of society, low-income groups, and unbanked adults have access to:

Key Features and Benefits of PMJDY

  1. Basic Savings Bank Deposit Account (BSBDA):

    • Any Indian citizen can open this account.

    • No minimum balance requirement.

    • Access to deposits, withdrawals, and remittances.

    • Maximum four withdrawals allowed per month.

  2. Small Account (Chota Khata):

    • For people without valid documents.

    • Valid for 12 months, extendable for another year if the account holder applies for valid ID proof.

  3. RuPay Debit Card with Accident Insurance:

    • Free RuPay debit card issued to every PMJDY account holder.

    • Accidental insurance cover of ₹2 lakhs (₹1 lakh for accounts opened before 28th August 2018).

  4. Overdraft Facility – Emergency Loan of ₹10,000:

    • Initially, the overdraft limit was ₹5,000. Later, it was revised to ₹10,000.

    • This facility is provided to eligible account holders to meet emergency financial needs.

    • Works like a short-term loan, repayable to the bank.

  5. Life Insurance Benefits:

    • Account holders are eligible for life cover benefits under linked schemes.

  6. Access Through Banking Correspondents (BCs) / Bank Mitras:

    • In rural and remote areas, Bank Mitras act as banking representatives.

    • They provide services like deposits, withdrawals, balance checks, and remittances.

Eligibility Criteria

  • The applicant must be an Indian citizen.

  • Minors above 10 years can open an account under the guidance of a legal guardian.

  • Applicant must not already hold a regular savings bank account.

  • To avail the ₹10,000 overdraft facility, the account should generally be operational for at least 6 months and show satisfactory transaction history.

Application Process

Opening a Jan Dhan account is simple and can be done both online and offline.

Offline Method

  1. Visit the official PMJDY portal https://pmjdy.gov.in.

  2. Download the Account Opening Form available in Hindi and English.

  3. Fill in details such as name, Aadhaar number, address, occupation, and income.

  4. Submit the filled form at your nearest bank branch along with required documents.

  5. Once verified, the account will be activated, and you will receive a RuPay debit card.

Documents Required

  • Aadhaar card (primary KYC document).

  • Any one of the following valid government IDs:

    • Voter ID, PAN Card, Ration Card.

  • Proof of residence (Passport, Driving License, utility bills like electricity/water).

  • Passport size photographs.

  • Filled PMJDY account opening form.

  • Any other document permitted by the Central Government or RBI.

Overdraft Loan – How to Avail ₹10,000 Emergency Facility?

  1. Open a PMJDY account and ensure regular transactions.

  2. Maintain the account for at least 6 months with satisfactory activity.

  3. Approach your bank branch and request the overdraft facility.

  4. The bank will evaluate your account activity and sanction an overdraft limit of up to ₹10,000.

  5. The overdraft amount can be withdrawn and used for emergency needs.

  6. Repay the overdraft on time to maintain good banking records.

Conclusion

The Pradhan Mantri Jan Dhan Yojana (PMJDY) is one of the largest financial inclusion programs in the world, empowering millions of Indians with access to banking, credit, and insurance facilities. The ₹10,000 overdraft emergency loan is a crucial support for families during financial crises, especially for those from weaker sections.

If you haven’t yet opened your PMJDY account, visit your nearest bank branch today and take advantage of the benefits under this life-changing scheme.

👉 To know more or apply, visit the official website: https://pmjdy.gov.in

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