Check Out Interest Rates Of Banks For Loans Under Prime Minister's Street Vendors Scheme

While several state-owned banks have high interest rates for beneficiaries under SVANidhi scheme, many of them seek credit ratings of beneficiaries.

As national lockdown was imposed in March 2020 and several migrant workers were left stranded without any source of income, the Ministry of Housing and Urban Affairs on June 1, 2020, had launched Prime Minister Street Vendor‘s AmtaNirbhar Nidhi Scheme (PM SVANidhi). What Is SVANidhi Scheme? The scheme is aimed at facilitating collateral free working capital loans of up to Rs 10,000 of one-year tenure, to about 50 lakh street vendors across the country who had been affected due to lockdowns, helping them to restart their business. It also provides for incentives in the form of interest subsidy at seven per cent per annum on regular repayment of loan. For the purpose of scheme administration, an end-to-end solution through an IT platform has been developed in collaboration with Small Industries Development Bank of India (SIDBI), which is the implementation partner for the scheme.