Loans For Street Vendors: MCC Holds Discussions

Loans For Street Vendors: MCC Holds Discussions

November 19: A meeting was held at Mangalore City Corporation to discuss the distribution of distributing of loans to street vendors under the Pradhan Mantri Street Vendors Atmanirbhar Nidhi Yojana or PM SVANidhi Scheme.
PM SVANidhi Scheme was launched on June 1, 2020 by the Union Ministry of Housing and Urban Affairs to help street vendors. The scheme aims to provide working capital loans up to ₹ 10,000 at a subsidized rate of interest.
The interest subsidy on timely or early repayment of the loan is at 7 per cent and street vendors will be allowed to repay the loan in monthly instalments in one year.
Councillors of MCC suggested that distributing loans to street vendors should not become a nuisance while ensuring safe footpaths for pedestrians and smooth traffic movement in the city. They also mentioned that the civic body will have to evict street vendors from certain areas to make space for pedestrians. In such cases, sanctioning of loan should not come in the way to prevent their eviction.