Centre sanctions Rs 5,795 crore loan to street vendors

Centre also launched a PM SVANidhi mobile app to ease the loan application process for street vendors

Union Minister for Housing and Urban Affairs Hardeep Singh Puri on Thursday said that 48.5 lakh loan applications have been sanctioned with the disbursal of more than 46.4 lakh loans amounting to a total of Rs 5,795 crore, as on May 30, 2023 under PM SVANidhi scheme.

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The scheme facilitates working capital loans in three tranches to street vendors. It has been providing microcredits to more than 36 lakh street vendors across India, the Minister said.

The PM SVANidhi scheme, started to help street vendors get easy loans, is witnessing one of the fastest roll-outs among all government schemes.

The scheme, launched on June 1, 2020, with an aim to instil 'Swarozgar, Swavlamban, Swabhimaan' (Self Employment, Self-Sustenance, and Self-Confidence) in street vendors, has become one of the fastest growing microcredit schemes of the central government and has given people access to credit and social security schemes, the statement said.

The Minister also launched a PM SVANidhi mobile app to ease the loan application process for street vendors. He also interacted with the beneficiaries of the scheme.