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NEW DELHI: The government on Monday said the Rs 5,000 crore micro-lending scheme for street vendors, will allow fruit and vegetable sellers, pakoda walas, barbers, cobblers, laundry service providers and pan shops – seen as a key political constituency – to avail of loans up to Rs 10,000.
The PM Svanidhi scheme will leverage the network of banks, micro-finance institutions and self-help groups to hand out loans to street vendors who were in business before the lockdown at nominal rates for those repaying on time. Timely or early repayment will entitle the borrowers for an interest subsidy of 7%, which will be credited into the beneficiary’s bank account through direct benefit transfer on a six-monthly basis.
Besides, the