PM SVANidhi aided 75.5L vendors with 17,800cr collateral-free loans
Since 2020, the PM SVANidhi scheme has helped over 75.5 lakh street vendors by giving out more than ₹17,800 crore in collateral-free loans, up to ₹50,000 each.
The goal is to help vendors join the formal banking system and make their businesses more stable.
Minister Manohar Lal said, "Lakhs of people have connected with the banking system for the first time through PM SVANidhi and have become part of the formal economy, thereby paving the way for financial inclusion and self-reliance," and the scheme will run until March 2030, aiming to reach 1.15 crore vendors.
PM SVANidhi 55L onboarded, repayment concerns
So far, 5.5 million beneficiaries have been digitally onboarded, leading to nearly ₹9 trillion in transactions and about ₹800 crore in cashback and subsidies.
The scheme has also seen more than 259,000 loans distributed in northeastern states, with over ₹430 crore in financial assistance.
While many have benefited, officials say repayment stress and economic disruptions are still concerns that need attention.