PM SVANidhi application launched to street vendors requests micro-loans
New Delhi: On Friday, the Ministry of Housing and Urban Affairs launched the AtmaNirbhar Nidhi (PM SVANidhi) app from street vendor PM. It aims to provide a user-friendly digital interface for credit institutions (LIs) and their officials in the field to research and process loan applications from street vendors under the program.
The PM SVANidhi mobile application is a step towards increasing the use of digital technology and will enable field officers to LI like correspondent banks (CBs) and agents of non-bank financial companies (NBFCs) / institutions microfinance institutions (MFIs), which have proximity to street vendors, to ensure maximum coverage of the program. It is believed that the launch of the mobile application will give impetus to the program implementation strategy in addition to promote digital paperless access to micro-credit facilities by street vendors, ”the government said in a statement after the launch.
The ministry has already launched the website on June 29, 2020 and the app has all the functionality similar to PM SVANidhi’s web portal. Features include supplier search in survey data, applicant e-KYC, application processing, and real-time monitoring.
The app can be downloaded from the Google Play Store for use by LIs and their field officials. Since the start of the loan process under PM SVANidhi on July 2, 2020, more than 1,54,000 street vendors have applied for a working capital loan in all states / UTs of which more than 48,000 have already been sanctioned.
PM SVANidhi was launched by the Ministry of Housing and Urban Affairs on June 1, 2020 to provide an affordable working capital loan to street vendors to resume their livelihoods which have been affected by the Covid-19 lockdown .
PM SVANidhi diet
This program aims to benefit more than 50 lakh street vendors who were selling by March 24, 2020, in urban areas, including those in the surrounding peri-urban / rural areas. Under the program, sellers can qualify for a working capital loan of up to Rs. 10,000, which is repayable in monthly installments for one year.
In the event of early / timely repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accounts of the beneficiaries through the direct transfer of benefits on a quarterly basis. There will be no penalty for early repayment of the loan. The program promotes digital transactions through cash incentives up to an amount of Rs. 100 per month. In addition, sellers can achieve their ambition to climb the economic ladder by taking advantage of the ease of increasing the credit limit in the event of early / early repayment of the loan.