PM SVANidhi Scheme: HDFC Bank Launches Micro-Credit Facility for Street Vendors

On 17^th November (Wednesday) HDFC Bank announced the launch of a micro-credit facility for the street vendors under PM Street vendor’s Aatmanirbhar Nidhi (PM SVANidhi), with common service centers (CSC). 

HDFC Bank facilitates the PM SVANidhi for its village-level entrepreneurs (VLEs) on the digital Sewa portal where vendors can complete the entire process via online method. This is a collateral-free affordable loan of Rs 10,000 along with an interest subsidy of 7%.

The bank said that the village level entrepreneurs (VLEs) must understand the loan application requirements, ensure mobile numbers are linked to the Aadhar Card & check the eligibility status of their applications according to the scheme rules.

Micro Credit Facility to Small Street Vendors

“With the launch of PM SVANidhi Scheme, at the HDFC Bank, we will be able to provide a special micro-credit facility to all the small street vendors through our CSC VLEs for their holistic development & economic upliftment, “said Smita Bhagat, country head (GIB, CSC, e-commerce, startups & inclusive banking initiatives group), HDFC Bank.  

It is another opportunity for the village level entrepreneurs (VLEs) to serve every business requirement in the country well as an avenue for earning an incentive said, Dinesh Tyagi, managing director, CSC SPV.

“Currently, we have over 50 lakhs vendors & our village-level entrepreneurs (VLEs) are widely spread to cater to them. They must capitalize on this network strength for facilitating small ticket loans of RS 10,000 for vendor along with these VLEs should identify the opportunities for other products & maximize their incentives” said Dinesh Tyagi. 

About PM SVANidhi Scheme

The PM SVANidhi scheme was launched by the Ministry of Housing and Urban Affairs, on June 01, 2020. The objective of the scheme is to provide affordable working capital loans to street vendors to continue their livelihoods that have been affected due to lockdown.