Centre gets over 27L applications from street vendors

Centre receives over 27 lakh applications under scheme for street vendors

The scheme targets to benefit over 50 lakh street vendors who had been vending on or before March 24, 2020

Representative image. Credit: PTI Photo

The Centre has said that it has received over 27.33 lakh applications from street vendors under a special micro-credit facility scheme (PMSVANidhi), and has sanctioned loan to over 14 lakh applicants so far.

Under the PM Street Vendor''s AtmaNirbhar Nidhi (PMSVANidhi) scheme, a total of 27,33,497 applications have been received, in which, loan has been sanctioned to 14.34 lakh applicants and loan has been disbursed to 7.88 lakh applicants, Union Ministry of Housing and Urban Affairs said.

The Ministry has launched PM SVANidhi on June 1, 2020, for providing affordable working capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.

The scheme targets to benefit over 50 lakh street vendors who had been vending on or before March 24, 2020, in urban areas including those from surrounding peri-urban/ rural areas.

Vendors who had left for their native places due to the coronavirus lockdown were eligible for the loan on their return, the Ministry said.

Under the Scheme, the vendors can avail a working capital loan of up to Rs 10,000, which is repayable in monthly instalments in the tenure of one year. On timely/ early repayment of the loan, an interest subsidy at 7 per cent per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis. There will be no penalty on early repayment of loan.