PM SVANidhi scheme loans to Delhi street vendors cross INR 221cr mark

NEW DELHI — Minister of Housing & Urban Affairs Hardeep Singh Puri said on Friday that the number of bank loans given to street vendors in Delhi under the PM SVANidhi scheme had crossed the 2 lakh mark and over INR 221 crore had been disbursed to them.

“As of 14 February 2024, we have received 3.05 lakh loan applications from street vendors of Delhi, of which 2.2 lakh applications have been sanctioned by banks and 1.9 lakh loans already disbursed worth INR 221 crores. With the disbursement of 10,000 loans today, the milestone of 2 lakh loan disbursements in Delhi will be crossed,” the minister said while speaking at PM SVANidhi mega camp held here in which loans were distributed to 10,000 street vendors.

He said that the aim of the SVANidhi Yojana was to restore the Swarozgar, Svavlamban, Swabhimaan of street vendors.

He said that more than 80.42 lakh loans to 60.94 lakh street vendors amounting to INR 10,678 crores had been extended under the scheme by facilitating collateral-free first working capital loan up to INR 10,000 in the first tranche, and then INR 20,000 and INR 50,000 in the second and third tranches respectively.

He said that the scheme has not only resulted into financial inclusion of street vendors but has also led to their respect and dignity.

“Now, street vendors are no longer solely dependent on informal credit channels where they were forced to pay exorbitant interest rates. The government has provided them with an alternative,” the minister said.