PM Street Vendor Atmanirbhar Nidhi (PM SVANidhi) has now been extended till December 2024. Union Minister Anurag Thakur has given this information. He said that earlier the last date to apply under the scheme was till March 2022.
What is PM Svanidhi: Under the scheme, street vendors can get a loan of up to Rs 10,000 with interest subsidy to resume their work. On timely repayment of the loan taken in the first time, the beneficiaries of PM Svanidhi become eligible for a loan of up to 20 thousand rupees in the second time and 50 thousand rupees in the third time.
Under PM Svanidhi Yojana, to encourage digital transactions, street vendors are provided with QR code, training and cashback facility.
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Incentives are being given in the form of interest subsidy (7 per cent p.a.) and cashback (up to Rs 1,200) respectively to promote good payment practices and digital transactions. For a loan of Rs 10,000 at 24 per cent per annum, the interest subsidy is effectively 30 per cent of the total interest.