PM SVANidhi Scheme: The central government has made a big announcement to make the street vendors self-reliant. The central government has given good news by increasing the duration of the PM Svanidhi Yojana. Now this scheme has been extended further till 31 March 2030. This decision of the government will provide great relief to crores of street vendors and small businessmen across the country.
Under this scheme, the loan amount was earlier Rs 10000, but now it has been increased to Rs 15000. It means that it has been increased by up to Rs 5,000. The central government started this scheme on 1 June 2020 during Corona. The government started it to benefit the poor. Gradually, the facilities available from the scheme kept expanding.
What is PM Svanidhi Yojana?
PM Svanidhi Yojana is working to make the street vendors self-reliant. People are taking advantage of this scheme in large numbers. Through this, working capital loans are given to handcart and sidewalk vendors at low interest rates. This is not only financial assistance but also a means to give respect and recognition to street vendors in society.
This scheme has worked to make millions of vendors self-reliant by supporting them during the coronavirus pandemic. It has been decided to increase the loan of the first instalment from Rs 10000 to Rs 15000. In the second phase, the loan instalment has been increased from Rs 20,000 to Rs 25000. In the third phase, it has been decided to increase the loan amount to Rs 50000.
Credit cards will be available upon paying the second instalment
Credit cards of street vendors will also be made easily. Those who pay the second instalment of the loan of Rs 25000 on time can get a UPI-linked Rupee credit card for personal needs and emergencies. Along with this, those who make digital payments in the same transaction will be given Rs 1600 as cashback. Along with this, the Ministry of Housing and Urban Affairs will operate this scheme.