PM SVANindhi SCHEME
Recently, The Union Housing and Urban Affairs Ministry has set a new target for its loan scheme for street vendors 63 lakh new loans till December 2023.
About Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme
- Launched on June 01, 2020
- Launched by Ministry of Housing and Urban Affairs (MoHUA)
- Type-Central Sector Scheme
- Scheme for Street vendors/ hawkers vending in urban areas, as on or before March 24, 2020,
Objectives
- The Scheme has the following objectives:
- Facilitate collateral free working capital loan up to Rs. 10,000, of 1 year tenure, with enhanced Joan of Rs. 20,000 and Rs. 50,000 in the second and third trances respectively, on repayment of earlier loans.
- Incentivize regular repayment, through interest subsidy (@7% per annum; and
- Reward digital transactions, by way of cash back up to Rs. 1,200 per year. While the Cabinet extended the scheme’s lending period until December 2024, these targets are “till December 2023”