Avail loans up to Rs 50K under PM scheme, Patiala MP Preneet Kaur tells vendors

Tribune News Service

Patiala, September 16

Patiala MP Preneet Kaur today urged vendors in the district to avail the benefits of the Union Government’s “PM SVANidhi Yojna” under which loans up to Rs 50,000 are provided on easy terms.

PM SVANidhi scheme aims at empowering vendors, who took a hit during the Covid period, through hassle-free access to affordable credit. Preneet Kaur, Patiala MP

Preneet says, “Prime Minister Narendra Modi-led Central government is running a progressive scheme to uplift and re-establish street vendors who took a hit during the Covid period. Under this scheme, street vendors are set to be given hassle-free loans up to Rs 50,000.”

Preneet adds, “The PM SVANidhi scheme promises to empower the street vendors through hassle-free access to affordable credit. Under this scheme, vendors selling goods such as vegetables, fruits, and ready-to-eat street food, among others, or services, including barber shops, cobblers, laundry services, etc. can get access to working capital credit from banks, non-banking financial companies (NBFCs), and microfinance lenders.”

“The vendors can apply for the loan through the scheme’s portal or mobile app. They can also approach a nearby Common Service Centre (CSC) or visit the Municipal Corporation office. The process is automated through a mobile app and web portal. It takes less than 30 days for the application to be approved,” she adds.