India is rolling out microcredit loans for gig workers in 2026
Starting April 2026, India's government will offer collateral-free microloans—up to ₹10,000 a year—for gig workers and people in vulnerable jobs.
Inspired by the PM-SVANidhi scheme (which has already helped over 1 crore people), this new plan aims to make it easier for those outside the formal workforce to access money when they need it.
Why should you care?
If you're part of the gig economy or know someone who is, this could be a game changer.
The scheme targets e-Shram registrants—think delivery partners, freelancers, and other unorganized workers—offering collateral-free microloans of up to ₹10,000 a year and is being designed on the pattern of PM-SVANidhi, which has subsequent tranches of ₹20,000 and ₹50,000 and an interest subsidy of 7% for timely repayment.
You can use these funds for things like buying a two-wheeler to start your own hustle.
Plus, companies like food delivery apps will now chip in up to 2% of their turnover toward social security funds, helping close big gaps in support for informal workers.
It's all about making self-employment safer and more sustainable for millions of young Indians.