Over 12 lakh applications sanctioned, 5.35 lakh loans disbursed under PM SVANidhi Scheme
PM SVANidhi, a special micro-credit facility for street vendors, has received more than 25 lakh applications out of which over 12 lakh have been sanctioned loans and 5.35 lakh applicants have already received loans. In Uttar Pradesh itself, over 3.27 lakh loans have been sanctioned out of which 1.87 lakh loans have been disbursed. Stamp duty has been exempted for the loan agreement under the scheme in UP.
Under PM SVANidhi, the vendors who had earlier left for their native places are also eligible for loan after they return. The provision of loan has been made hassle-free with the facility of uploading the application online at the municipal office, or at any common service centre, or through any bank. Precisely, the banks are reaching the doorstep of the applicants to provide them loans so that they could start their ventures.
According to Durga Shankar Mishra, Secretary, MoHUA, the ministry is working in unison with all the stakeholders to make the entire process effortless and smooth to realise the objective of Atma Nirbhar Bharat. A digital platform, with mobile app and a web portal, has also been developed to provide end-to-end solution. The platform integrates mobile app and web portal of MoHUA with Udyami Mitra portal of SIDBI and it automatically provides the interest subsidy, thus, the scheme  also incentivizes digital transactions. All the payments and receipts are being exchanged using the digital route through UPI, RuPay debit cards, or QR-codes of various payment aggregators. The street vendors are also facilitated with monthly cash back.
As per a tweet by Hardeep Singh Puri, MoS, Housing and Urban Affairs (I/C), it’s a positive step towards AtmaNirbhar Bharat. Most of the street vendors who have availed loans under PM  SVANidhi Yojana are repaying on time which proves that the small-time borrowers don’t compromise on their honesty and sincerity. Lockdown due to the spread of COVID- 19 pandemic has also shown the positive spirit of the local traders and that they can bounce back to their businesses for sure through SVANidhi scheme.
Urban local bodies are leveraging the network of business correspondents, street vendors’ associations, microfinance institutions, various self-help groups and digital payment aggregators like Google Pay, BHI, Amazone Pay, Bharat Pay and PhonePe, among others in administering the PM Svnidhi scheme successfully.
