Home Finance Facilitating Collateral free Working Capital Loans upto Rs 10,000 Under PM SVANidhi

Facilitating Collateral free Working Capital Loans upto Rs 10,000 Under PM SVANidhi

by News Monks

Consequent on the announcement of the Aatma Nirbhar Bharat Abhiyan package, Ministry of Housing and Urban Affairs has, on June 01, 2020, launched ‘Prime Minister Street Vendor’s AmtaNirbharNidhi Scheme (PM SVANidhi). It aims at facilitating collateral free working capital loans upto Rs 10,000 of 1 year tenure, to about 50 lakh street vendors across the country. It provides for incentives in the form of interest subsidy @ 7% per annum on regular repayment of loan and cash-back upto Rs. 1,200 per annum on undertaking prescribed digital transactions. Further, on timely or early repayment, the vendors will be eligible for the next cycle of working capital loan with an enhanced limit.For the purpose of scheme administration, an end-to-end solution through an IT platform has been developed in collaboration with Small Industries Development Bank of India. The loan processing under the Scheme has commenced on July 02, 2020.

State / Union Territory-wise number of loan applications received, sanctioned and disbursed,as on 14th September, 2020, is at Annexure.                  

This was informed by Minister of State (I/C) for Housing and Urban Affairs Shri Hardeep Singh Puri in a written reply in the Rajya Sabha today.

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