Government launches PM SVANIDHI scheme to provide affordable loan to street vendors

News: The Ministry of Housing and Urban Affairs has announced a scheme for street vendors named PM Street Vendors Atma Nirbhar Nidhi(PM SVANidhi).

Facts:

  • PM SVANidhi: It is a special micro-credit facility scheme to enable more than 50 lakh urban/peri-urban & rural street vendors to restart their livelihoods affected due to the lockdown.
  • Features of the Scheme:
    • Under this, each of the street vendors will be given a credit loan of Rs 10,000 which they can return as monthly installments within a year.
    • Those who repay their loans on time will get 7% annual interest as subsidy which will be transferred in their bank accounts.
  • Duration: The scheme will be applicable till March 2022.
  • Coverage: The scheme is applicable to vendors, hawkers, thelewale, rehri wala among others.Street vendors belonging to the surrounding peri-urban/rural areas are also included.
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