PM SVANidhi awareness camp in Jind empowers street vendors

An awareness camp for the PM SVANidhi Yojana was held at Jind Municipal Council to financially empower street vendors with collateral-free loans. The scheme offers phased loans from Rs 15,000 up to Rs 50,000, with timely repayment unlocking larger amounts and additional credit facilities. Beneficiaries also receive interest subsidies totaling nine percent and UPI cashback incentives to reduce their effective loan burden. PM SVANidhi scheme awareness camp held in Haryana's Jind; street vendors grateful to Modi govt for collateral-free loans Jind, Sep 8 An awareness camp under the 'Pradhan Mantri SVANidhi Yojana' was organised at Haryana's Jind Municipal Council, with the aim of financially empowering street vendors and small business owners, who thanked the Union government for the assistance upon their participation in the camp. "Small business owners who borrow privately from the market often find themselves burdened by high interest rates. Therefore, the government has endeavored to integrate street vendors into the formal banking system in order to address the issue. - Anil Duhan, Jind Municipal Commissioner" Under the scheme, eligible beneficiaries are provided collateral-free loans in a phased manner, enabling them to expand their small businesses. Beneficiaries who repay their loans on time get the opportunity to avail larger loan amounts subsequently. Anil Duhan, the Jind Municipal Commissioner, said that an awareness campaign for the PM SVANidhi Yojana is being conducted from September 1 to September 30. Camps are being organised across all five Urban Local Bodies (ULBs) of the district to ensure that the maximum number of street vendors can avail the benefits of the scheme. He noted that the first installment is Rs 15,000, which must be repaid within one year. Upon timely repayment, the beneficiary becomes eligible for the next installment of Rs 25,000, which has a repayment period of nearly one-and-a-half years. Subsequently, a third installment of up to Rs 50,000 can be availed, with a provision for repayment over three years. Anil Duhan said that a credit card facility is also being provided by the government. With eligible beneficiaries having access to an additional credit limit of Rs 30,000, the total credit facility can reach nearly Rs 80,000. The scheme also offers interest subsidies from both the Central and state governments; the Central government provides a seven per cent subsidy, and the Haryana government provides a two per cent subsidy, resulting in a total subsidy of nine per cent for the beneficiary. He noted that small business owners who borrow privately from the market often find themselves burdened by high interest rates. Therefore, the government has endeavored to integrate street vendors into the formal banking system in order to address the issue. The provisions for cashback on UPI transactions have also been introduced to encourage digital payments. If a beneficiary completes a specified number of UPI transactions, they can receive an annual cashback ranging from around Rs 1,200 to 1,600. The combined effect of interest subsidies and cashback can significantly reduce the effective burden of the loan. Mohit, a beneficiary of the scheme, shared that he initially received a loan of Rs15,000. He used this amount to start a fruit-selling cart business. As his business improved, he took a second loan of Rs 25,000 to expand his operations. He has now received a third installment of Rs 50,000, which he used to set up a small shop. The scheme helped him grow his business, enabling him to better support his family. He expressed his gratitude to Prime Minister Narendra Modi and the Union government. Mohit also mentioned that, in addition to credit cards, the scheme provides information on cleanliness, insurance, and other government programs through awareness camps. He noted that he had also benefited from schemes such as Jeevan Jyoti Bima and Jeevan Suraksha Bima. Another beneficiary, Nainu, said that he received a loan of Rs 15,000 under the scheme, to set up a vegetable cart. The loan helped him advance his business, and financial assistance was easily accessible through the banking system. He was informed that timely repayment of the loan would make him eligible for a larger loan amount in the future. He, too, thanked the Union government while describing the scheme as beneficial for the poor and small business owners. — IANS