More than 15 Lakh loan applications received under PM SVANidhi scheme |ForumIAS

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News: More than 15 lakh loan applications have been received so far under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme.

Facts:

PM SVANidhi: It is a special micro-credit facility scheme to enable more than 50 lakh urban/peri-urban & rural street vendors to restart their livelihoods affected due to the lockdown.
Duration: The scheme will be applicable till March 2022.
Targeted Beneficiaries: The scheme is applicable to vendors, hawkers, thelewale, rehri wala among others. Street vendors belonging to the surrounding peri-urban/rural areas are also included.
Features of the Scheme:
Under this, each of the street vendors will be given a credit loan of Rs 10,000 which they can return as monthly installments within a year.
Those who repay their loans on time will get 7% annual interest as subsidy which will be transferred in their bank accounts.
Nodal Ministry: Ministry of Housing & Urban Affairs