new Delhi. The online dashboard of the Prime Minister Self-Reliant Fund (PM Swanidhi) has started for the street vendors. Housing and Urban Affairs Secretary Durga Shankar Mishra said that the online dashboard is dynamic, interactive and will provide a one-stop solution to all stakeholders monitoring and monitoring the progress of Prime Minister Swanidhi up to the city level.
Over 7.15 lakh applications on Swanidhi portal
More than 7.15 lakh applications have been received since the inception of online application submission on 2 July 2020 on the Prime Minister’s Swanidhi portal. Also, over 1.70 lakhs have been approved in various states and union territories. Prime Minister Swanidhi was launched by the Ministry on 1 June 2020 to provide affordable working capital loans to street vendors so that they can resume their livelihood.
50 lakh street-dwellers will get benefit
Their livelihood was adversely affected due to Kovid-19 lockdown. The scheme will benefit more than 50 lakh street vendors who were selling goods in urban areas including periphery (peri-urban) rural areas on or before March 24, 2020.
Loans up to 10 thousand rupees
Under this scheme, sellers can avail a working capital loan of up to Rs 10,000 which can be repaid in monthly installments over a tenure of one year. On timely repayment of loan, interest subsidy of 7 percent per year will be deposited in the bank accounts of the beneficiaries through direct benefit transfer on quarterly basis.
Rs 100 cash back
There will be no penalty for early repayment of loan. The scheme will promote digital transactions through a cash-back incentive of Rs 100 per month. Sellers can achieve their ambition to climb the economic ladder by availing the facility of raising the loan limit on timely repayment of loan.