Uttar Pradesh tops list of  PM Svanidhi beneficiaries

Express News Service

NEW DELHI: Uttar Pradesh tops the list of states when it comes to the PM Svanidhi scheme with over 28% of the beneficiaries from the state. So far, 6.93 lakh beneficiaries in UP were disbursed credits out of the total 24.73 lakh from across India. In fact, seven cities of UP find place in the top 10 cities having largest number of beneficiaries.

Introduced in June 2020, the Pradhan Mantri Street Vendors’ Atma Nirbhar Nidhi Scheme facilitates working capital loans to those street vendors who are engaged in urban areas as on or before March 24, 2020.

Data showed that total 45.70 lakh applications were received and 24.73 lakh disbursed loans. UP came first with 11.63 lakh applications and 6.93 lakh beneficiaries received the loan. The disbursement target is 8.30 lakh beneficiaries for UP.  

Madhya Pradesh is second with 5.64 lakh loan applications and 3.57 lakh beneficiaries getting loan. Recently, the urban affairs ministry enhanced the loan limit under the scheme. On prepayment or repayment, beneficiaries can get an enhanced working capital loan of up to Rs 20,000 and Rs 50,000 in second and third tranches. An interest subsidy of 7% is paid by the ministry on a quarterly basis on timely repayment of instalments. The interest above the subsidy is borne by the beneficiary.