Ministry of Housing & Urban Affairs launched a scheme PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) to empower Street Vendors by not only extending loans to them, but also for their holistic development and economic upliftment. The scheme intends to facilitate collateral free working capital loans of up to INR10,000/- of one-year tenure, to approximately 50 lakh street vendors, to help resume their businesses in the urban areas, including surrounding peri-urban/rural areas.

The PM SVANidhi scheme offers incentives in the form of:

• interest subsidy @ 7% per annum on regular repayment of loan
• cashback upto INR1200/- per annum on undertaking prescribed digital transactions
• eligibility for enhanced next tranche of loans

Close to 2 million applications have been received under this scheme, of which 752191 have been sanctioned, and 218751 loans have already been disbursed.

An illustration of the benefits under the scheme is shared herewith: