PM-SVANidhi Scheme: More than 25 lakh applications received so far

More than 25 lakh applications have been received under the PM SVANidhi-Pradhan Mantri Street Vendor’s Atma-Nirbhar Nidhi- A Special Micro-Credit Facility Scheme, out of which more than 12 lakh have been sanctioned and about 5.35 lakh loans disbursed.

In the state of Uttar Pradesh, more than 6.5 lakh applications have been received, out of which about 3.27 lakh have been sanctioned and 1.87 lakh loans have been disbursed. The stamp duty has been exempted for the loan agreement of SVANidhi Yojana in UP.

Vendors who had left for their native places due to Covid-19 lockdown are eligible for the loan on their return. The provision of loans has become hassle-free as one can upload the application online on their own at any common service centre or Municipal office or by going to a bank.

Prime Minister Narendra Modi has appreciated the hard work done by the bank staff, saying that “There was a time when street vendors did not go inside the bank but today the bank is going to their home.”

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.