PM SVANidhi

• The Union Housing and Urban Affairs Ministry has set a new target for its loan scheme for street vendors — 63 lakh new loans in less than six months till December
• New Target has been segregated into-
  • 60,99,000 first-term loans (up to Rs 10,000 each) to beneficiaries in big states,
  • 34,990 such loans in small states and UTs, and
  • 1,66,200 loans in hill states of Himachal Pradesh and Uttarakhand and the Northeast.
• Ministry has also set the target of 63 lakh beneficiaries for second-term loans, which are up to Rs 20,000 each and will be given to those who have paid off the first loans, and 2.93 lakh for third-term loans — up to Rs 50,000 given to those who have paid the second.

ABOUT PM SVANIDHI

• The Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi) was launched during the Covid-19 pandemic and the resultant lockdown.
• It is a micro credit scheme, facilitating a working capital collateral free loan of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with 7% interest subsidy.
• The government has already disbursed 50 lakh loans to 39 lakh beneficiaries in the three years since the scheme’s launch in 2020.
• The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
• The scheme incentivizes digital transactions by vendors through cash back facility.
• Recently the lending period was extended till December 2024.