More than 27.33 lakh applications have been received under Pradhan Mantri SVANidhi Yojana that was launched few months back by the Central Government. Under this scheme, a loan of Rs. 10,000 for one year is being provided to the street vendors of urban areas without any guarantee.
The scheme is part of the Rs 20.97 lakh crore Atmanirbhar Bharat campaign. The street vendors can take loan through 3.8 lakh Common Service Centers (CSC) centres spread across the country and application forms can be uploaded online from the official website or can be obtained from the bank.
Out of a total of 27,33,497 applications, 14.34 lakh applications have been approved under the Pradhan Mantri SVANidhi Yojana. Out of this, 7.88 lakh loans have been disbursed so far.
Ministry of Housing and Urban Affairs Secretary Durga Shankar Mishra wrote on Twitter, “Under the PM SVANidhi-Pradhan Mantri Street Vendor’s Atma-Nirbhar Nidhi- A Special Micro-Credit Facility Scheme, 27,33, 497 applications have been received out of which 14,34,436 have been sanctioned and about 7,88,438 loans disbursed.”
Get Loans Instantly through PM SVANidhi mobile app
If you are facing any problem in getting a loan, then download PM SVANidhi mobile app from the Google Play Store. The objective of launching PM SVANidhi mobile app is to make the process of applying loan easy for street vendors. Through this app, the loan facility can be easily extended to street vendors through employees working in the field of lending institutions like banking representative (BC) and agents of non-banking financial companies (NBFC) or micro-finance institutions (MFI).
Through the PM SVANidhi mobile app, street vendors can get loans through micro-credit facilities without any paperwork. This app has all the same features as PM SVANidhi's web portal.
Working capital loans under the Pradhan Mantri SVANidhi Yojana are to be repaid in monthly instalments in a year. On repaying the loan on time, you will get interest subsidy at the rate of 7 per cent every year. This subsidy will go directly to the account of the borrower.
