27 lakh applications received under Pradhan Mantri Swami Nidhi Yojana, loan facility up to Rs 10,000 for handlers and vendors
The Ministry of Housing and Urban Affairs said on Wednesday that more than 27.33 lakh applications have been received under a special microloan scheme for loans of up to Rs 10,000 for handlers and vendors. According to the official statement, out of a total of 27,33,497 applications, 14.34 lakh applications have been approved under the Pradhan Mantri Swanidhi Yojana (Pradhan Mantri Street Vendors Self-Reliant Fund) for handlers and carts.
Out of this, 7.88 lakh loans have been disbursed till now. Those who left their work and returned to their homes due to the ‘lockdown’ of the cart, vendors, track shoppers (vendors) for the Coronavirus epidemic and its prevention are eligible to take a loan under this scheme on return. Under this scheme, borrowing has been facilitated.
Application forms can be uploaded online from any goods or service center or municipal office. Or this form can be taken from the bank. Housing and Urban Affairs Secretary, Durga Shankar Mishra wrote on Twitter, “PM Swami Nidhi Scheme is moving forward. Under this, more than 27 lakh applications were received … More than 14 lakh applications have been approved so far. Out of this, around 8 lakh loans have been disbursed till now. ”
Special features of the scheme
- Mobile app and web portal based application process
- No guarantee will be required for this loan
- Initial loan up to Rs 10,000 for one year
- Seven percent interest subsidy on repayment of the loan on time or before
- The subsidy will be paid to eligible creditors on a half-yearly basis
- Eligibility of more loans in case of timely and early repayment of the first loan
- Monthly cashback facility on receipt or payment of digital transactions
