“Public Sector Banks at the forefront of #PMSVANidhi! have sanctioned 23,16,207 loans as on 31/05/2021, which is over 95% of total loans sanctioned under this scheme. Creating #AatmaNirbharVendors for an #AatmaNirbharBharat!,” Department of Financial Services under the Finance Ministry said in a tweet.
Total applications sanctioned under the scheme were 24.21 lakh as on May 30, it said.
Under the scheme, collateral-free working capital loan of up to Rs 10,000 of one-year tenure is being provided. The scheme aims at financing approximately 50 lakh street vendors, to resume their businesses.
Incentives in the form of interest subsidy (at 7 per cent per annum) and cashback (up to Rs 1,200 per annum) are being provided to promote good repayment behaviour and digital transactions, respectively.