PM SVANidhi launched to benefit over 50 lakh street vendors amid COVID-19 crisis
New Delhi, June 02: Prime Minister Narendra Modi on June 01 launched a new scheme Pradhan Mantri Street Vendor's Atmanirbhar Nidhi (PM SVANidhi) Scheme to provide financial help for to street vendors for their businesses.
Through the PM SVANidhi scheme, the street vendors can get a loan of Rs 10,000 to restart their businesses.
This is a special micro-credit facility scheme to provide affordable loans to street vendors to resume works and livelihoods amid COVID-19 crisis.
Features of the PM SVANidhi scheme
- The scheme to benefit over 50 lakh street vendors.
- Can avail working capital loan of up to Rs 10,000 repayable in monthly instalments in tenure of one year.
- To restart their livelihoods affected due to Covid-19.
- On timely/early repayment of the loan, an interest subsidy of 7 per cent pa will be credited to beneficiaries through DBT on 6 monthly basis.
- Monthly cashback incentive on digital transactions receipt/payment.
- Mobile App and Web Portal Based Application Process.
- No Collateral Security Required for Loan.
- The loaning will commence in the month of July.