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Economy
Mahesh

28/04/22 08:29 AM IST

PM SVANidhi

In News 
  • The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi has approved the continuation of lending under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) beyond March 2022 till December 2024, with focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families.

PM SVANIDHI 

  • The scheme was launched by the Ministry of Housing and Urban Affairs on June 01, 2020 for providing affordable Working Capital loan to street vendors to resume their livelihoodsthat have been adversely affected due to Covid-19 lockdown.
  • Under the scheme, affordable collateral-free loans are being facilitated to the Street Vendors.
  • The Scheme had envisaged to facilitate loans for an amount of Rs. 5,000 crore.
Scheme benefits 

  • Vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
  • On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis.
  • There will be no penalty on early repayment of loan.
  • The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
  • The vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan
Source-PIB 

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