Without paperwork, street vendors will get loans easily, they will have to do this work on mobile

new Delhi. The people of Stret Vendors have suffered a lot due to the lockdown. They have to struggle for livelihood. In such a situation, a loan is being given by the government to start employment again. In this, they can apply only by mobile without any paper mess. For this, the Prime Minister Swanidhi Mobile App has been launched. This allows street vendors to easily take a loan sitting at home. So let’s know how to apply and what is the procedure for this.

This special step has been taken by the government to promote the use of digital technology. The app will provide loans to street vendors through banking agents (BCs) and agents of non-banking financial companies (NBFCs) / micro-finance institutions (MFIs). This app includes all the same features as PM Swanidhi’s web portal. Under the scheme, the vendor will get a loan of Rs 10,000. Its installments can be repaid at fixed installments every month. On depositing the installment at the right time, you will also get interest subsidy at the rate of 7 percent from the government. Which will come directly to the vendor’s account.

What is this app
The Prime Minister Swanidhi mobile app has been launched to provide financial assistance to the street vendors in starting employment. It can be downloaded from the Google Play Store. So far, more than 1,54,000 street vendors from different states and union territories have applied under this scheme. Out of these, more than 48,000 applications have also been approved.

These features will be found in the app
In this app, PM Swanidhi’s web portal has all the same features. These include vendor search in survey data, e-KYC to apply for loans, application processing and real time monitoring. In this, loans can be given easily through micro-credit facilities.