As apprised by Ministry of Housing and Urban Affairs (MoHUA), Street Vendors engaged in vending in urban areas as on or before March 24, 2020 are eligible for benefits under PM SVANidhi Scheme. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.
The Minister stated that 28,69,477 eligible beneficiaries have benefited under the PM SVANidhi Scheme till March 7, 2022. A statement indicating State and year-wise details of the loan disbursed under the scheme is at ANNEXURE-I.
So far, the Minister stated, an amount of Rs 45.21 crore & Rs 7.55 crore have been paid as interest subsidy and cash back respectively, the Minister stated. State wise details is at ANNEXURE-II.
The Minister stated that PM SVANidhi is a Central Sector Scheme. No funds are released to the States for disbursal to beneficiaries. Loan amount is directly released to the beneficiaries by the Lending Institutions, the Minister added.
Giving more details, the Minister stated that an interest subsidy of 7% is paid on quarterly basis through direct benefit transfer to the borrower on repayment of the loan instalments and cash back of upto Rs 100 per month is provided to the street vendors to incentivize digital transactions.
The Minister stated that the eligible vendors are identified as per following criteria:-
Giving details on the rate of interest charged by different types of Lending Institutions under PM SVANidhi Scheme, the Minister stated as under:-
An interest subsidy of 7% is paid on a quarterly basis on timely repayment of the loan instalments. The interest above the subsidy is borne by the beneficiary.
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