After the cabinet meeting on Monday, the government has announced to launch the PM Swanidhi scheme. The benefit of this scheme will be given to those who live on livelihood by setting up street vendors and small shops. Under this scheme, the government will help these people to start their own business. With this, the street-dwellers will be able to resume their business without any delay. The government has named it PM SVANidhi or PM Street Vendors Self-Reliant Fund. Under this special credit scheme, 5 million street vendors who have vending on or before 24 March 2020 can take loans.
Explain that amid the corona virus epidemic, the country has a lockdown situation for more than 2 months. It is the worst hit on those people who run their livelihood on the roadside along the street tracks. Their business has completely collapsed due to the closure of the market. Even the problem of daily bread has come. In such a situation, PM Swanidhi scheme can be helpful for them.
Who will get the benefit of this scheme
This loan will be given to those who run shops on the roadside cart or hawker-track. Fruit-vegetable, laundry, saloon and paan shops are also included in this category. Those who run them can also take this loan. It is believed that 50 lakh will benefit from this scheme.
How much will be the loan
Under this scheme, every street vendor can take a loan up to Rs 10,000. This amount can be returned in installment within 1 year of the street vendors. It will be given with very easy conditions. No guarantee will be required in this. In this way it will be an unsecured loan. 7 percent annual interest subsidy will be transferred by the government to their account to the street vendors who repay this loan on time. There is no provision for penalty under this scheme.
5000 crores for the scheme
The government has approved an amount of Rs 5000 crore for this scheme started for street vendors. There will be no strict condition for this. It will be found with easy terms.
Learn the special features of this scheme
Mobile app and web portal based application process.
There will be no guarantee for this loan.
Initial loan up to Rs 10,000 for one year
on or before loan interest subsidy of 7 on
half yearly basis. The subsidy will be paid
at the time of first loan and in case of early payment, the eligibility of more loan
facility for receipt of digital transaction or monthly cashback on payment.