PM SVANIDHI Yojana
After farming in India, where most people earn their income, oh hey MSME sector. This sector covers everything from small businesses to street vendors. The SVANIDHI scheme has been brought back to power street vendors. A survey revealed that whatever street vendor he was, he spent whatever he had on his principal during this long lockdown.
Prior to this plan, there were no major plans for street vendors. Through this scheme, all street vendors will be able to start their businesses again. This sector provides employment to crores of people. Through this plan, millions of families have the support to move forward again. The Government of India has placed a budget of Rs 5000 crores in this scheme. About 50 lakh people will get direct benefit in this scheme.
During this lockout, the biggest impact was on the street vendors. With no business in lockdown, people working in the sector spent their savings. People are unable to start their business right now after the money deposited is exhausted.
Vendors selling on the street are more inclined to take loans from banks, due to which they take loans from moneylenders at a higher interest. Due to the high-interest rate of the loan, they also reduce their profits. Even after working hard, nothing comes to his hand.
Benefits of Sannidhi Yojana
The Government of India has made a plan to give loans up to Rs. 10000 to street vendors through SVANIDHI scheme. It will be very easy to take this loan, there is no need for a guarantor. This can be applied through mobile and website.
On payment of the loan on time, the merchant will get a loan of Rs 20,000 for the second time. The loan will get a subsidy of 7% on repayment ahead of time. The borrower will be paid subsidy after 6 months. Cashback will also be given on the transaction on the digital platform.
|Launched by||PM Narendra Modi|
|Beneficiary||Street Vendors, Small Shopkeeper|
|Loan Amount||10,000 Rupees|
|Total Budgets||5000 crores|
|Application Process||Online Mode|