PM Swanidhi Yojana: Now with the help of mobile app, street vendors will get loan from home

Under this scheme, street vendors are given a loan of up to 10 thousand rupees. No guarantee will have to be given to take this loan.

New Delhi: The central government has launched the PM Swanidhi mobile app for the PM Swanidhi scheme. Explain that under this scheme, street vendors are given a loan of up to 10 thousand rupees. The goal of the app is to provide a user friendly digital interface to lending institutions.

According to the government, the newly launched app has all the same features that are in the web portal of PM Swanidhi. In these, the applicants are getting facilities like e-KYC, processing of applications and real time monitoring.

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This scheme was started from 1 June. In this, loan of up to 10 thousand rupees is being given to the street vendors. No collateral (guarantee) will have to be given for taking this loan. For this scheme, the government has put an amount of Rs 5000 crores.

This loan will be given to those who run shops on the roadside, cart or hawker-track. Fruit-vegetable, laundry, saloon and paan shops are also included in this category. This loan will be given on very easy terms.

50 million street vendors are expected to benefit from this scheme. Those paying on time will be given a 7 percent discount in interest. However, it has not been told how much interest will have to be paid on the loan.

According to the statement issued by the government, so far more than 1.54 lakh street-dwellers have applied for it. More than 48,000 applicants have been approved and the amount has been authorized.

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