Pradhan Mantri Street Vendors’ AtmaNirbhar Nidhi (PM SVANidhi) scheme portal launched
Part of: GS Prelims and Mains II – Welfare Schemes; Govt schemes and initiatives
- Union Housing and Urban Affairs Ministry launched the portal for a loan scheme for street vendors.
- Name of the loan scheme for street vendors – Pradhan Mantri Street Vendors’ AtmaNirbhar Nidhi (PM SVANidhi) scheme.
- The portal — pmsvanidhi.mohua.gov.in — provides an “integrated end-to-end IT interface to users for availing benefits under the scheme.
About PM SVANidhi scheme
- Ministry of Housing and Urban Affairs launched the scheme on June 1st.
- The vendors can avail a working capital loan of up to Rs. 10,000.
- It will be repayable in monthly instalments in the tenure of one year.
- On timely/early repayment of the loan, an interest subsidy at 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on six monthly basis.
- There will be no penalty on early repayment of loan.
- Over 50 lakh people, including vendors, hawkers, thelewalas, etc. are likely to benefit from this scheme.
- Street vendors from peri- urban/ rural areas have become beneficiaries of an urban livelihood programme for the first time.
- MFIs/ NBFCs/ SHG Banks have been allowed in a scheme for the urban poor due to their ground level presence for the first time.