CM to give letters of credit for loans to over 4,000 street vendors

Gujarat Chief Minister Bhupendra Patel will give letters of credit to more than 4,000 street vendors in Ahmedabad Saturday in Science City under the Prime Minister Street Vendors’ AtmaNirbhar Nidhi scheme.

Addressing media persons Friday, Ahmedabad Deputy Commissioner of Police of Economic Offences Wing Bharti Pandya said, “Under the scheme, the loans is given in three steps, first Rs 10,000 loan to be paid within 12 months, then Rs 20,000 to be paid within 18 months, and finally, Rs 50,000 loan.

The chief minister will disburse letters of credit to 2,300 beneficiaries for the first category of loan, 1,600 for the second and 200 for the last category.”

Pandya also informed that the loans are given at the interest of 7 per cent. However, the payments done digitally will get a cashback of Rs 1,200.
“The only eligibility criteria to get the loan is an Aadhaar card linked with a mobile number and a bank account,” Pandya said.