Hyderabad tops in extending loans to street vendors under PM SVANidhi scheme
Hyderabad: Hyderabad leads the chart in receipt of applications and sanctions under the PM SVANidhi Scheme for extension of loans to street vendors, among the cities with over 40 lakh population.
Among cities like Lucknow, Varanasi, Indore and Warangal, Hyderabad received the highest number of applications – 58,996 till January 20 this year and the same were submitted to banks. Of these, loans have been sanctioned to 31,250 applications.
Among other cities, Lucknow received 46,726 applications and loans were sanctioned to 22,625 applications, Varanasi received 40,270 applications and loans were sanctioned to 27,622, Indore received 36,619 applications and loans were sanctioned to 27,766 of them.
Under the PM SVANidhi Scheme, the Central Government is extending loans to boost livelihoods of street vendors who had lost their business due to Covid-19 pandemic. Accordingly, the Greater Hyderabad Municipal Corporation (GHMC) has taken up a survey of street vendors to issue Identity cards and facilitate them in obtaining loans from banks under the scheme.
Each street vendor will be sanctioned loan to the tune of Rs.10,000 at 7 per cent interest, which can be repaid in 12 EMIs. The interest paid out of above 7 per cent rate of interest will be reimbursed under this scheme.
Further, to help street vendors get onto the e-commerce platforms like Swiggy, Zomato and others and expand their business, GHMC is conducting “Main Bhi Digital” campaign till January 22.
The campaign is being conducted in association with Central Government to train the street vendors on digital transactions. They are being promoted to get additional financial benefit at Rs.100 per month, which in turn will reduce the EMI amount paid by the vendor.
– Street vendors identified – 157499
– ID cards issued – 144279
– Loan applications uploaded – 58996
– Sanctioned – 31250
– Grounded loans – 22568
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