Union Government has said that more than 15 lakh loan applications have been received so far under the PM Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) Scheme.
Ministry of Housing and Urban Affairs in a statement said, out of these, more than 5.5 lakh loans have been sanctioned and about two lakh loans disbursed. The Ministry is implementing the PM SVANidhi Scheme to facilitate collateral-free working capital loan to 50 lakh street vendors to restart their businesses post-COVID-19 lockdowns.
It said, with a view to expedite the loan sanctioning process and provide ease of operation to the lenders, it has been decided to push the applications directly to the bank branches, which have been indicated by the Vendor as Preferred Lender or where the Vendor holds a savings bank account in case Preferred Lender is not indicated.
The Ministry said, this process is expected to give boost to the number of loans sanctioned and cut down the time for loan disbursal drastically.
Besides, a software has also been developed to facilitate this process, which was made operational on 11th of this month. Around three lakh applications would be pushed to the banks using this software.
The Ministry said, these measures are expected to accelerate the implementation of PM SVANidhi Scheme by the Lending Institutions in making the street vendors access the benefits of the Scheme and to become Atmanirbhar.
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