2.5 Million applications received under PM SVANidhi scheme, 1.2M loans released

More than 25 lakh applications have been received under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), a special micro-credit facility scheme, out of which more than 12 lakh have been sanctioned and about 5.35 lakh loans have been disbursed.

The Union Ministry of Housing and Urban Affairs had launched the PM SVANidhi on June 1, 2020. The scheme intends to facilitate collateral free working capital loans of up to Rs 10,000 of one-year tenure to approximately 50 lakh street vendors, to help resume their businesses in the urban areas, including surrounding peri-urban/rural areas.

In Uttar Pradesh, more than 6.5 lakh applications have been received, out of which about 3.27 lakh have been sanctioned and 1.87 lakh loans have been disbursed. Stamp duty has been exempted for the loan agreement of PM SVANidhi in Uttar Pradesh.

“Vendors who had left for their native places due to the Covid-19 lockdown are eligible for the loan on their return. The provision of loan has been made hassle-free as one can upload the application online on his own from any common service centre or municipal office or by going to a bank. Banks are reaching the doorsteps of the people to provide loans to help them start their ventures,” said a statement issued by the Ministry of Housing and Urban Affairs.

Even Prime Minister Narendra Modi has appreciated the hardwork put in by the bank staff, saying that “there was a time when street vendors did not go inside the bank, but today the bank is going to their homes”.

In order to ensure fast implementation of the scheme with transparency, accountability and consistency, a digital platform with web portal/mobile app has been developed to administer the scheme with end-to-end solution.

The IT platform integrates the web portal/mobile app with the UdyamiMitra portal of SIDBI for credit management and PAiSA portal of MoHUA to administer interest subsidy automatically.

“The Covid-induced lockdown has shown the resilience of the local traders and with help from the government, they can definitely bounce back to business and strengthen their livelihoods,” said the statement.

Hardeep Singh Puri, Minister of Housing and Urban Affairs, while reviewing the implementation status and progress of the scheme, had said, “This is a positive step towards the making of an AtmaNirbhar Bharat, where every Indian is a stakeholder in the nation’s progress and way forward.”

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Arushi Sana is the Co Founder of NYK Daily. She was a Forensic Data Analyst previously employed with EY (Ernst & Young). She aims to develop a global community of knowledge and journalism par excellence through this News Platform. Arushi holds a degree in Computer Science Engineering. She is also a Mentor for women suffering from Mental Health, and helps them in becoming published authors. Helping and educating people always came naturally to Arushi. She is a writer, political researcher, a social worker and a singer with a flair for languages. Travel and nature are the biggest spiritual getaways for her. She believes Yoga and communication can make the world a better place, and is optimistic of a bright yet mysterious future!

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