PM Svanidhi Scheme will get loan more easily, know details

 

Now you will be able to get a loan in PM Svanidhi Scheme more easily. Because the Government of India plans to further expand the Prime Minister Street Vendor Self-Reliant Fund Scheme. For this, the central government is now preparing to link the scheme with banks, private banks can also join this scheme. Housing and Urban Affairs officials have been directed to work on the vision of PM Narendra Modi's plan. Its purpose is that the PM Svanidhi portal will be linked with banks to speed up the sanction and transfer of loans through the scheme.

 

In this regard, the central ministry is planning to consult with Public Sector Undertaking (PSU) banks and private banks by the end of this month, so that more people can take advantage of the scheme. For this, the Secretary of the Union Ministry has also started an Application Programming Interface (API) to coordinate between PM Svanidhi and State Bank of India (SBI) portal.

 

This table will make the process of applying for and getting loans easily very easy between the PM Svanidhi portal and the e-Mudra portal of the State Bank of India. This will make it easier for people doing small jobs along the road to get working capital. A statement from the central ministry said that the ministry will consider similar synergies with other banks, for which an advisory meeting will be held soon.

 

The Union Ministry of Housing and Urban Affairs has implemented the PM Svanidhi scheme from June 1, 2020. Its purpose is to help people whose livelihoods were affected by the lockdown imposed to prevent the spread of the coronavirus. The scheme aims to benefit about 5 million people in urban and rural areas. Under PM Svanidhi scheme, sellers can take a loan of up to Rs 10,000 working capital, which the beneficiary will have to repay within one year through monthly instalments. As of October 6, 2020, more than 20.50 lakh loan applications have been received under the PM Svanidhi scheme, out of which more than 7.85 lakh cases have been approved loans and loan amount has been given in more than 2.40 lakh cases.