PM SVANidhi: Total 14,34,000 loans sanctioned under the scheme

19 nov 2020

PM SVANidhi: Total 14,34,000 loans sanctioned under the scheme

The provision of applying for the loan under the PM-SVANidhi scheme has now become hassle-free as one can easily upload the application online on their own by going to a bank or at any common service centre.
The central government has informed that out of 27 lakh 33 thousand applications received, over 14 lakh 34 thousand loans have been sanctioned and about 7.88 lakh loans have been disbursed under Pradhan Mantri Street Vendor’s Atma-Nirbhar Nidhi (PM SVANidhi) Scheme.

The micro-credit scheme was launched by the government in June 2020 in order to help micro or nano entrepreneurs recover the impact of the Coronavirus pandemic and its effect on the economy of their business. Under the scheme, the nano entrepreneurs will be eligible to access the working capital credit of up to Rs. 10,000 which will be repayable in 12 months installments.
Key Highlights:
• According to the Ministry of Housing and Urban Affairs, vendors who had left for their native places because of the COVID-19 lockdown will be eligible for the loan under the government-sponsored scheme.

• The provision of applying for the loan under the scheme has now become hassle-free as one can easily upload the application online on their own by going to a bank or at any common service centre.• Under the scheme, banks have also been reaching the doorsteps of the people for providing them loans to help them start their ventures.

• PM Modi also appreciated the hard work of the bank-staff stating that there was a time when the street vendors did not go to the bank but today banks are reaching their homes. Portal to administer PM-SVANidhi Scheme:
To ensure the fast implementation of the PM-SVANIDhi Scheme with accountability, transparency, and consistency, a digital platform with a mobile app and web portal has been developed for administering the scheme for the end-to-end solution. The Urban Local bodies have also been playing a significant role in the successful implementation of the government scheme.