Govt launches Rs 5,000-cr special credit facility for street vendors; here's all you need to know about Rs 10,000 loan scheme

In order to revive businesses of street vendors that have taken a serious hit due to the COVID-19 lockdown, the Centre has launched a special micro-credit facility amounting to a total of Rs 5,000 crore that will provide them Rs 10,000 as initial working capital In order to revive businesses of street vendors that have taken a serious hit due to the COVID-19 lockdown, the Centre on Monday launched a special micro-credit facility amounting to a total of Rs 5,000 crore that will provide them Rs 10,000 as initial working capital. #CabinetDecisions | Rs 10,000 loan for street hawkers through PM SVANiDHI : @nitin_gadkari pic.twitter.com/j5xMiretQG — CNBC-TV18 June 1, 2020 The Ministry of Housing and Urban Affairs has launched a Special Micro-Credit Facility Scheme - PM SVANidhi - PM Street Vendor’s AtmaNirbharNidhi, for providing affordable loans to street vendors, the government release said. This scheme is special due to a number of reasons: 1- A historic first: This is for the first time in India’s history that street vendors from urban/ rural areas have become beneficiaries of an urban livelihood programme, the government release said. On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on six monthly basis.