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40 per cent street vendors under PM SVANidhi turn defaulters English.Lokmat.com

40 per cent street vendors under PM SVANidhi turn defaulters

Aurangabad, June 10: The central government has provided interest free loans under Prime Minister Svanidhi Scheme (PM SVANidhi) to ...
40 per cent street vendors under PM SVANidhi turn defaulters

Aurangabad, June 10:

The central government has provided interest free loans under Prime Minister Svanidhi Scheme (PM SVANidhi) to provide financial assistance to street vendors during the Covid-19 period. However, it has come to light that 40 per cent of the street vendors in Aurangabad have not paid the installments.

PM Svanidhi Scheme is being implemented in the country from June 1, 2020. Aurangabad Municipal Corporation (AMC) was given a target to distribute loans to 17,840 street vendors. In that connection, 20,429 street vendors had applied online for the scheme to various banks. Banks sanctioned loans worth Rs 12.65 crore to 12,672 street vendors. Out of this, loans of Rs 9.64 crore have been disbursed to 9,697 street vendors so far. Aurangabad ranks fourt in Maharashtra in disbursing maximum loans to street vendors under PM Svanidhi. However, 40 per cent of the street vendors who got the loans did not pay their loan installments on time. As a result, they have turned defaulters and they will no longer get any loan from banks as their CIBIL score has been lowered. It was also clarified that there will be no increased loan approval under PM Svanidhi to such defaulters.

Installments on digital transactions

If the defaulter street vendors pay all the installments or loan amount together, such street vendors will be eligible for an additional loan of Rs 20,000 under PM Svanidhi Scheme. Also, if the street vendors make digital financial transactions, they will get cashback of up to Rs 1,200.

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