Centre paid Rs 58 crore interest subsidy on street vendors’ loans under PM SVANidhi
Under the PM SVANidhi scheme, street vendors can get loans of Rs 10,000, Rs 20,000 or Rs 50,000 to restart businesses “adversely impacted during the Covid-19 pandemic”
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The scheme was started on June 1, 2020 “with the aim to facilitate collateral-free working capital loan to street vendors". (File Photo) The Union Housing and Urban Affairs Ministry has paid Rs 58.83 crore in interest subsidy and Rs 25.70 crore in cashback to beneficiaries of the PM SVANidhi loan scheme for street vendors since it began in 2020, the ministry has informed Parliament this week.
In response to an unstarred question in the Lok Sabha on Thursday, Minister of State for Housing and Urban Affairs Kaushal Kishore said the scheme was started on June 1, 2020 “with the aim to facilitate collateral-free working capital loan to street vendors to restart their businesses, which were adversely impacted during the Covid-19 pandemic”.
From 2020-2021 till 2022-2023, a total of 40.75 lakh loans had been disbursed, with half of them (20.58 lakh) being in the first financial year, the reply stated.
“Under PM SVANidhi Scheme, initially working capital loan up to Rs 10,000 was introduced. Considering requirement for enhanced loan, second loan amount of up to Rs 20,000 w.e.f. April 09, 2021 and third loan up to Rs 50,000 w.e.f. June 01, 2022 were introduced,” the reply added.
In total, an interest subsidy of Rs 58.83 crore has been paid in the three financial years so far and Rs 25.70 crore in cashback to beneficiaries who used digital payments, with the highest amount (Rs 15.30 crore) being in 2022-2023.
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