16-10-2023 | 18:45 PM
The Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) scheme has achieved a significant milestone by extending its support to more than 50 lakh street vendors across the nation.
Key Highlights:
It is a micro credit scheme for urban street vendors that aims to provide collateral-free working capital loans up to `50,000.
The schemes facilitate collateral free working capital loan upto `10,000 of 1 year tenure, with enhanced loan of `20,000 and `50,000 in the second and third tranches respectively on repayments of earlier loans.
Incentivizes regular repayment, through interest subsidy @ 7% per annum; and
Reward digital transactions, by way of cashback upto `1,200 per year. The scheme employs Aadhaar-based e-KYC, utilizes an end-to-end IT platform, and employs SMS-based notifications for application status updates.
Banks eligible to give loans are Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies, Micro-Finance Institutions and SHG Banks.
