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Over 27 lakh street vendors apply for a loan under the PM scheme | India News

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NEW DELHI: Almost 27.34 lakh from street vendors have applied for a subsidized loan of Rs 10,000 each from the government under PM Street Vendor’s Atma-Nirbhar Nidhi (PM SVANidhi), a special microcredit scheme. So far, 14.35 lakhs of applications have been approved and some 7.89 lakhs of loans of Rs 773.6 million have been disbursed to beneficiaries, the Ministry of Housing and Urban Affairs said.
The government aims to extend this benefit to 50 lakh street vendors under this scheme.
According to government data, more than half of the beneficiaries who have obtained this loan are from Uttar Pradesh and Madhya Pradesh. While 2.93 lakh beneficiaries obtained the loan in UP, another 1.53 lakh beneficiaries are from MP. Almost 90% of loans have been disbursed by public sector banks, led by the State Bank of India.
Providers who left home due to the Covid-19 lockdown are eligible for the loan upon return. “Provision of loans has become easy as one can upload the application online on their own at any common service center or municipal office or by going to a bank,” the ministry said.
Banks are reaching out to applicants to make loans to help them start their businesses. The scheme incentivizes digital transactions such as receipts and payments using digital media such as UPI, payment aggregator QR codes and RuPay debit cards by street vendors through monthly refunds.

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