PM SVANidhi app launched to help street vendors apply for micro loans

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News:  The Ministry of Housing and Urban Affairs has launched the PM Street Vendor’s AtmaNirbhar Nidhi(PM SVANidhi) App.

Facts:

  • Objective: To provide a user-friendly digital interface for lending institutions (LIs) and their field functionaries for sourcing and processing loan applications of street vendors under the PM SVANidhi scheme.

Additional Facts:

  • PM SVANidhi scheme: It is a Central Sector Scheme to facilitate street vendors to access affordable working capital loan for resuming their livelihoods activities after easing of lockdown.
  • Features:
    • Initial working capital of up to 10,000/.
    • Interest subsidy on timely/ early repayment @ 7%.
    • Higher loan eligibility on timely repayment of the first loan.
  • Beneficiaries: Street vendors/ hawkers vending in urban areas as on or before March 24,2020 including the vendors of surrounding peri-urban and rural areas.
  • Lending Institutions: Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies, Micro-Finance Institutions and SHG Banks.
  • Tenure: The Scheme shall be implemented up to March, 2022.