PM Modi to interact with beneficiaries of PM SVANidhi Scheme from UP today via video conferencing

Prime Minister Narendra Modi will interact with the beneficiaries of PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Scheme from Uttar Pradesh today via video conferencing. Chief Minister of Uttar Pradesh will also be present on the occasion.

PM SVANidhi scheme was launched on June 1, 2020, to help poor street vendors, impacted by COVID-19, resume livelihood activities.

Till date, a total of more than 24 lakh applications have been received under the scheme, out of which more than 12 lakh have been sanctioned and about 5.35 lakh loans have been disbursed.

In Uttar Pradesh, more than six lakh applications have been filed, out of which about 3.27 lakh have been sanctioned and 1.87 lakh loans have been disbursed. The interaction will be witnessed by beneficiaries of the Scheme from across the state.

PM SVANidhi scheme was is a special micro-credit facility for the street vendors. It is a Central Sector Scheme i.e. fully funded by the Ministry of Housing and Urban Affairs with the following objectives:

1) To facilitate working capital loan up to Rs 10,000.

2) To incentivize regular repayment.

3) To reward digital transactions.

Urban street vendors will be eligible to avail a Working Capital (WC) loan of up to Rs 10,000 with tenure of 1 year and repaid in monthly instalments. For this loan, no collateral will be taken by the lending institutions. On timely or early repayment, the vendors will be eligible for the next cycle of the working capital loan with an enhanced limit. No prepayment penalty will be charged from the vendors for repayment before the scheduled date.