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PM SVANidhi: Special Micro-Credit Facility Scheme launched

Part of: GS-Prelims and GS-II – Welfare Schemes; GS-III – Economy

In News:

The Ministry of Housing and Urban Affairs recently launched a Special Micro-Credit Facility Scheme for providing affordable loans to street vendors.
The scheme is PM SVANidhi – PM Street Vendor’s Atma Nirbhar Nidhi.

Key takeaways

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.

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