Under the scheme, working capital up to 10,000 rupees is provided to small businesses with street vendors, tracks and diggers. Under the scheme, these borrowers are also encouraged to pay for loans regularly and are also rewarded on Digital Transactions.
New Delhi: Job and business have been affected due to lockdown. People need money to resume work. Due to the bank’s long process and high interest rates, people are reluctant to borrow. The Modi government has decided to immediately provide Instant Loan to street vendors and small business people.
Rs. 10,000/- being received under Self-Reliant Fund Scheme
Small businesses with street tracks will now be able to avail loans up to Rs 10,000 under the ‘Atamnirbhar Fund’ scheme through 3.8 lakh Common Service Centres (CSC) centres spread across the country. Csc e-Governance Services India Limited, the government’s digital and e-governance services unit, said on Wednesday
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The Prime Minister Street Vendors Self-Sufficiency Fund Scheme (PMSVAFY) is fully funded by the Ministry of Housing and Urban Affairs. Under the scheme, working capital up to 10,000 rupees is provided to small businesses with street vendors, tracks and diggers. Under the scheme, these borrowers are also encouraged to pay for loans regularly and are also rewarded on Digital Transactions.
The scheme will give a formal shape to the street vendors and open up new opportunities for the sector. The CSC will help in registering these small businesses under the scheme.
Sanjay Kumar, Joint Secretary, Ministry of Housing and Urban Affairs, said that under the scheme, working capital up to 10,000 rupees will be available to the urban area. The capital will be for a period of one year and will have to be paid in monthly instalments. He said that no living or guarantee will be obtained by the lending institution for this loan. “All businesses will have to make digiKumar said sidbi has been appointed as the implementing agency for the scheme and so far two lakh applications have been received and 50,000 businessmen have been sanctioned loans.tal transactions, they will get cashbanks offered in it.”
