MoHUA launches PM SVANidhi Scheme to facilitate loans to street vendors
To support street vendors, the Ministry of Housing and Urban Affairs (MoHUA) has launched a micro-credit scheme ‘Prime Minister Street Vendor’s AmtaNirbhar Nidhi (PM SVANidhi) just after it launched a package called Aatma Nirbhar Bharat Abhhiyan. In collaboration with Small Industries Development Bank of India, it has also developed an IT platform for the smooth process of loans under the scheme.
Under SVANIdhi scheme, collateral free loan upto Rs 10,000 each as working capital with the tenure of one year will be provided to over fifty lakh street vendors pan-India. It’s also providing interest subsidy on regular repayment of loan in addition to upto Rs.1200 cash-back. Not only this but the vendors will automatically become eligible for next cycle of such working capital loan if they make early or, timely repayment of their loan.
