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Mahesh

08/07/22 20:24 PM IST

SVANidhi Mahotsav

In News 
  • The Minister for Housing and Urban Affairs had launched SVANidhi Mahotsav – a cultural festival for celebrating the success of PM SVANidhi Scheme and SVANidhi Mahotsav website recently. 
SVANidhi Mahotsav
  •  MoHUA is organising ‘SVANidhi Mahotsav’ – a cultural festival for celebrating the success of PM SVANidhi Scheme and the beneficiary street vendors & their families, from 09 July to 31 July, 2022 in 75 cities across 33 States/UTs of the country. 
  • SVANidhi Mahotsav is a festival for celebrating and recognizing beneficiary street vendor’s growth story and their contribution towards Indian economy.
  • The festival aims to celebrate 75 years of India’s independence with these nano-entrepreneurs, honoring their journey under PM SVANidhi scheme for demonstrating credit discipline, digital behavior and displaying their astute business acumen.
PM SVANIDHI Scheme
  • The scheme was launched on June 1, 2020 to facilitate working capital loans to the street vendors to help them restart their businesses which were adversely impacted due to the lockdowns imposed during COVID-19 pandemic.
  • He further said that this scheme is the first comprehensive effort for financial inclusion of the street vendors.
  • Prior to this Scheme, street vendors were dependent on the informal credit channels paying high rates of interest.
  • 36.6 lakh loans have been sanctioned and 33.2 lakh loans have been disbursed.
  • The amount disbursed so far is ₹3,592 Cr and about 12 lakh street vendors have repaid their first loan.
Features 
  • The scheme facilitates 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 term respectively, on repayment of earlier loans, to enable business expansion.
  • The Scheme incentivizes adoption of digital transactions by way of cashback of upto ₹ 100 per month which in turn would build their credit profile facilitating future loans from the Lending Institutions
  • The Scheme incentivises the repayment by way of 7% interest subsidy
  • The structuring of the product was done in such a way that if a Street Vendors repays the loan EMIs promptly and conducts the required number of digital transactions, the interest subsidy and the cashback availed would make the loan interest free.
Source- PIB 

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