PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme has been launched by Ministry of Housing and Urban Affairs (MoHUA) to provide collateral free working capital loan to street vendors. Upto Rs10,000 loan will be disseminated to street vendors for them to restart their business affected during the pandemic.
They will also be provided interest subsidy at 7% per annum and cash-back upto Rs 100/month on digital transactions. The vendors are also eligible for additional working capital loan of Rs 20,000 on timely repayment or the capital loan of Rs 50,000 on early repayment during the next cycle.
MoHUA has also designed the initiative ‘SVANidhi se Samriddhi’ to build safety net for the families of the beneficiaries by connecting them to the existing eight socio-economic welfare schemes.
The Scheme also facilitates on-boarding of beneficiary Street Food Vendors to e-commerce platforms has also been facilitated under this scheme to serve their customers online. Rs 33.37 lakh loans amounting to Rs 3,621 crore have already been disbursed till July 12, 2022 across the country.
Already socio-economic profiling of 28.68 lakh beneficiaries along with their family members has been completed. Total 25.80 lakh scheme sanctions have also been facilitated. Under this scheme 9,198 Street Vendors have been on-boarded on the e-commerce platforms during this period.