Over 5 lakh loans disbursed under PM SVANidhi Scheme

The Scheme was launched on June 1, 2020, by the Ministry of Housing and Urban Affairs for providing affordable Working Capital loans to street vendors to resume their livelihoods that have been affected due to Covid-19 lockdown.
Sheena

Updated: Nov 04, 2020 09:11:28 am

Over 5 lakh loans disbursed under PM SVANidhi Scheme

30 October 2020 Current Affairs:

PM Modi lauded beneficiaries of the PM Street Vendors Atmanirbhar Nidhi (PM SVANidhi) Scheme, and also most of the beneficiaries were repaying their loans on time. So far, 24.76 lakh applications have been received, of which 12.37 lakh have been sanctioned, and over 5 lakh loans have been disbursed.

Highlights:
♦ The Scheme was launched on June 1, 2020, by the Ministry of Housing and Urban Affairs for providing affordable Working Capital loans to street vendors to resume their livelihoods that have been affected due to Covid-19 lockdown.
♦ By the Scheme, vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of 1 year. The loans would be without collateral.
♦ 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 a quarterly basis.  There will be no penalty on early repayment of the loan. The Scheme promotes digital transactions through cashback incentives up to an amount of Rs. 100 per month.
♦ The scheme targets to benefit over 50 lakh street vendors. The duration of the Scheme is till March 2022.  
♦ The lending institutions under the Scheme include Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, NBFCs, Microfinance institutions and Self Help Group banks.

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