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Street vendors to get credit without collateral:
News:
- The Ministry of Housing and Urban Affairs launched a micro-credit scheme for street vendors.
- The scheme was announced by Finance Minister on May 14 as part of the economic package for those affected by the COVID-19 pandemic and lockdown.
About Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme:
- Under the scheme, vendors will be able to apply for a working capital loan of up to ₹10,000, which is repayable in monthly instalments within a year. The loans would be without collateral
- It will benefit over 50 lakh vendors who had their businesses operational on or before March 24.
- The scheme is valid till March 2022.
- On timely/early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries.
- An online portal and mobile application were being developed to ensure speedy implementation of the scheme.