PM Street Vendor's Aatmanirbhar Nidhi, a special credit facility for street vendors.
◆ Vendors can avail loan up to Rs 10,000.
◆ 50 lakh vendors to covered under PM SVANidhi.
SALIENT FEATURES OF PM SVANidhi
◆ A Loan tenure of 1 year on working capital
◆ Interest Subsidy at 7% p.a on timely repayment, paid quarterly
◆ Monthly cash-back incentives on digital transactions
◆ Higher loan eligibility on timely/early repayment of the first loan
SALIENT FEATURES OF PM SVANidhi
◆ A Loan tenure of 1 year on working capital
◆ Interest Subsidy at 7% p.a on timely repayment, paid quarterly
◆ Monthly cash-back incentives on digital transactions
◆ Higher loan eligibility on timely/early repayment of the first loan
◆ Graded Credit Guarantee for lending institutions through CGTMSE
◆ No collateral security required ; No penalty charged on early payments
◆ Mobile App and Web Portal based application process
◆ In 1st phase, 125 Cities selected for saturation
◆ Scheme to be implemented up to March 2022
STREET VENDORS ELIGIBLE FOR PM SVANidhi
◆ All vendors from Rural/Urban area vending in the urban local bodies
◆ Such Vendors need to posses any of the following
● Certificate of Vending (CoV)
● Vendors Identity Card
● Provisional Certificate of Vending
● Letter of Recommendation
BENEFITS UNDER PM SVANidhi
◆ Rate of Interest (RoI) by Banks, NBFCs & MFIs as per RBI Norms for respective category
◆ Interest Subsidy to be transferred through DBT into borrower's Account in quarterly installments
◆ Cash Back on Digital Transaction
● Up to ₹ 100 per Month on Specified no. Of transaction of value ₹ 25 & above
● Digital Payment aggregators to collaborate in on-boarding street vendors e.g PayTM,Amazon Pay, PhonePe etc.
PM SVANidhi BENEFICIARIES ENCOURAGED TO USE DIGITAL TRANSACTIONS
◆ Bank/Digital Aggregators to provide durable QR CODE for Free
◆ Handholding at place of business
◆ Cash Back in DBT per month
● ₹ 50 after 50 transactions
● ₹ 75 after 100 transactions
● ₹ 100 after 200 transactions
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