Govt Launches PM SVANidhi Mobile App For Extending Microcredit To Street Vendors

At a time when the government has been doing all its bit for all its citizens possibly, street vendors are also not left behind and on Friday the centre launched PM SVANidhi Mobile App for extending microcredit at doorsteps of street vendors.

"It is believed that the launch of the Mobile App will give impetus to the implementation strategy of the scheme besides promoting paper-less digital access of micro-credit facilities by the street vendors," the government said.

The ministry of housing & urban affairs in a statement said this app is aimed to provide a user-friendly digital interface for lending institutions for sourcing and processing loan applications of street vendors under the scheme. Over 1.54 lakh street vendors have applied for a working capital loan so far, out of which, over 48,000 applications have been approved and the amount has been sanctioned, the statement said.

The app has features similar to the PM SVANidhi portal and includes facility of vendor search in the survey data, e-KYC of applicants, processing of applications, and real-time monitoring.

The PM SVANidhi scheme was launched by Finance Minister Nirmala Sitharaman under the ambit of the Atma Nirbhar Bharat package. As per the contours of the scheme a loan of up to Rs. 10000 will be extended for reestablishing business and an interest subsidy of 7% will be credited back to the beneficiaries account who make timely loan repayments.

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