Mumbai: BMC disburses loans to 10,000 hawkers

The PM SVANidhi scheme was launched by the Union ministry of housing and urban affairs on June 1, and intends to facilitate collateral-free working capital loans to over 50 lakh street vendors

Staff ReporterUpdated: Monday, September 26, 2022, 10:10 AM IST
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Representative Image | File

Mumbai: The BMC has received about 20,000 applications for loan under the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi). Out of it, around 10,000 hawkers have been given the loan.

Around 6,241 hawkers have participated in workshops conducted by the civic body in the last few days to explain the scheme.

The PM SVANidhi scheme was launched by the Union ministry of housing and urban affairs on June 1. The scheme intends to facilitate collateral-free working capital loans to over 50 lakh street vendors. The vendors will get loans up to Rs 10,000 and will be allowed to repay it in monthly installments within a year. There will be no penalty for early repayments.

Also, an interest subsidy of 7 per cent per annum will be credited to such beneficiaries' bank accounts every quarter. The BMC has been given the target of facilitating one lakh street vendors who were in business before March 24.

"The scheme is intended to help the vendors who have lost their business during Covid pandemic. So far we have received 20,000 applications and the loan has been disbursed to 50 per cent of them," said an official from the civic license department.

The hawkers who have identity cards but have not been issued certificates can apply for the scheme with a letter of recommendation by the street vending committee.

The vendor can use the loan for purchase of vegetables, fruits, clothes, stationery, etc. The BMC conducted a workshop last week in which they explained to the participants about how to get enrolled on the Centre's portal.

Around 101 workshops have been conducted in the 24 administrative wards of the city.

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