PM SVANidhi receives 15 lakh loan requests

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Prime Minister of Housing and Urban Affairs Ministry (MoHUA) Prime Minister’s AtmaNirbhar Nidhi (PM SVANidhi) program has so far received more than 15 lakh loan applications, the ministry said.

“Of these, more than 5.5 lakh loans have been sanctioned and about 2 lakh loans disbursed,” said an official statement.

MoHUA is implementing PM SVANidhi program to facilitate unsecured working capital loan to 50 lakh street vendors to restart their businesses after Covid lockdowns.

In order to speed up the loan approval process and facilitate the use of lenders, it was decided to forward requests directly to bank branches, which have been designated by the seller as “Preferred Lender” or where the seller holds a savings bank account, in case “Preferred lender” is not listed, the statement added.

Software was developed to facilitate the above-mentioned process, which was made operational on September 11.

“About 3 lakh applications would be pushed to banks using this software. From now on, the requests would be transmitted to the Preferred Lenders on a daily basis and for those for which no Preferred Lender is indicated, on a weekly basis ”, indicates the official press release.

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