Loans to the tune of Rs. 38 crore disbursed to 26,124 urban road side vendors

Mysuru: Mysuru holds a top position in the country, in granting working capital loans under PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme to urban road side vendors in the district so far, at the annual rate of interest of 7%.

Under the Scheme, Department of Skill Development, Entrepreneurship and Livelihood of the Centre has been granting loans in phases and Rs. 38 crore loan has been disbursed so far to the road side vendors.

The Centre has devised the scheme to prevent the road side vendors from the harassment of private money-lenders. In the first phase, a loan of Rs. 10,000 each has been granted to 18,60,093 vendors, followed by second phase – Rs. 20,000 to 6,314 people and third phase – Rs. 50,000 to 1,447 vendors, totalling Rs. 38 crore to a total 26,124 beneficiaries.

If they repay the amount, they will be liable for Rs. 1 lakh loan in the fourth phase. They will be entitled to enjoy the benefits of various other schemes of the Government.

Dr. J.S. Byralingaiah, Mission Manager of Deen Dayal Upadhyaya Antyodaya Yojana- National Urban Livelihood Mission (DAY-NULM) said, about 10% of the beneficiaries in Mysuru haven’t repaid the loan.

A window of three months will be provided to clear the amount finally. If they fail to repay the amount again, it will be borne by the Government. But the beneficiaries will not be liable for any other loan schemes of the Government. Such vendors will be blacklisted.