As per announcement made by Hon’ble Finance Minister, during her address on May 14,2020, Ministry of Housing and Urban Affairs has launched PM Street Vendors Atma Nirbhar Nidhi (PM SVANidhi), a Special Micro-Credit Facility Scheme for providing affordable loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
PM SVANidhi targets to benefit over 50 lakh Street Vendors, who had been vending on or before 24 March, 2020, in urban areas. The eligible vendors will be identified as per following criteria:
- Street vendors in possession of Certificate of Vending/ Identity Card issued by Urban Local Bodies.
- The vendors who have been identified in the survey but have not been issued Certificate of Vending/Identity Cards.
This Scheme include extension of collateral free working capital loan of up to Rs. 10,000, interest subsidy @7% per annum, eligibility of higher loan on timely repayment of first loan, and monthly cash back on digital transactions.
The Cabinet Committee on Economic Affairs chaired by the worthy Prime Minister, approved the continuation of lending under the Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) beyond March 2022 till December 2024, with focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families.
The Scheme had envisaged to facilitate loans for an amount of Rs. 5,000 crores and the approval has increased the loan amount to Rs. 8,100 crores, thereby providing the Street vendors working capital to further expand their business and making them AtmaNirbhar.
For more details click on the below link- guidelines.pdf