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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.
