Government is providing loans up to Rs. 50,000 to street vendors, learn how to apply

Government Scheme: The central and state governments are operating several schemes to benefit the people. These schemes are helping to strengthen people financially. Currently, the government is running a special scheme that provides loans for starting a business. This loan is being provided without any security. Let’s learn more about it in detail.

Learn the details of the PM SVANidhi Scheme

Under the Pradhan Mantri SVANidhi Yojana, 10,000 street vendors have been given loans without collateral. This loan can provide financial support to street vendors and help them get their businesses back on track. The objective of the SVANidhi scheme is to make street vendors self-reliant, strengthen their self-employment, and provide them with a dignified livelihood.

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How much loan is being given?

Under this scheme, a working capital loan of up to Rs. 10,000 is provided for the first time without any guarantee. Beneficiaries who repay the loan on time get the opportunity to take a loan of up to Rs. 20,000 in the second installment and up to Rs. 50,000 in the third installment. According to reports, this scheme has not only provided financial assistance to street vendors but has also boosted their self-esteem. Earlier, they were forced to take loans from informal sources at high-interest rates, but now the government has provided them with a safe and affordable option.

How many people have received loans?

This scheme has shown a positive impact. Millions of loan applications have been submitted by street vendors. Millions of applications have been approved, and crores of rupees in loans have been disbursed.

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How to apply

In short, the Pradhan Mantri SVANidhi Yojana is an important initiative to strengthen small shopkeepers and street vendors financially. Under this scheme, loans ranging from Rs. 10,000 to Rs. 50,000 are available without any collateral, which has to be repaid within 12 months. Additionally, beneficiaries are provided with a 7 percent interest subsidy. Applications for this loan can be submitted at any government bank, but a bank account, Aadhaar card, and mobile number are mandatory.