Over 27 lakh street vendors apply for loan under PM scheme | India News – Times of India

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NEW DELHI: Nearly 27.34 lakh street vendors have applied to avail Rs 10,000 subsidised loan each from the government under the PM Street Vendor’s Atma-Nirbhar Nidhi (PM SVANidhi), a special micro-credit facility scheme. So far 14.35 lakh applications have been sanctioned and about 7.89 lakh loans of Rs 773.6 crore have been disbursed to the beneficiaries, the housing and urban affairs ministry said.
The government has the target to extend this benefit to 50 lakh street vendors under this scheme.
According to the government data, more than half of the beneficiaries who have got this loan are from Uttar Pradesh and Madhya Pradesh. While 2.93 lakh beneficiaries have got the loan in UP, another 1.53 lakh beneficiaries are from MP. Nearly 90% of loans have been disbursed by the public sector banks with the State Bank of India taking the lead.
Vendors who had left for their native places due to Covid-19 lockdown are eligible for the loan on their return. “The provision of loans has become hassle-free as one can upload the application online on their own at any common service centre or municipal office or by going to a bank,” the ministry said.
Banks are reaching the doorsteps of the applicants to provide loans for helping them start their ventures. The scheme incentivises digital transactions such as receipts and payments using digital means like UPI, QR-codes of payment aggregators and RuPay debit cards by the street vendors through monthly cash back.



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