Akshi Kamboj (intern journalist) With the country being on lockdown for almost 5 months now, self-employed people are the worst affected. small scale shop owners like street vendors have almost lost their livelihood. Amid this financial crisis, the government has extended a helping hand to street vendors by launching the PM SVANidhi app. This app aims to provide affordable working capital loans to street vendors to kickstart their halted livelihoods. It is a user-friendly digital interface that enables business correspondents of micro-lending institutions, banks, non-banking financial corporations to source and process loan applications of street vendors.
“PM SVANidhi mobile app is a step towards boosting the use of digital technology and will enable field functionaries of LIs like banking correspondents and agents of non-banking financial companies/ micro finance institutions, who have proximity with the street vendors, to ensure maximum coverage of the scheme. It is believed that launch of mobile app will give impetus to the implementation strategy of the scheme besides promoting paper-less digital accessing of micro-credit facilities by the street vendors”
government said in a statement after launch
Just like any other app, it can be downloaded from the google playstore. Under the scheme, over 50 lakh street vendors will be provided with with a capital loan up to Rs 10,000 which can be repaid within a year. on early repayment of the loan their bank accounts will be accredited an interest subsidy at 7% per annum. After the launch of the scheme over 1,54,000 street vendors have applied for the loan out of which 48,000 have already been sanctioned.
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