New Delhi [India], September 9 (ANI): Bollywood actor Ajay Devgn on Wednesday lauded and showed his support for the PM-SVANidhi Scheme of the Ministry of Housing and Urban Affairs.
Appreciating the new scheme that gives a special micro-credit facility for street vendors, the 51-year-old actor took to Twitter and wrote: "PM SVANidhi is a special initiative for empowering India's #AatmaNirbharVendor".
The 'Singham' actor noted that the "initiative is likely to benefit over 50 lakh street vendors."
"Power to our Honourable PM and Ministry of Housing & Urban Affairs," the 'Dilwale' actor tweeted.
The Centre has launched PM SVANidhi Scheme to facilitate collateral-free working capital loan up to Rs 10,000 of one-year tenure, to approximately, 50 lakh street vendors, to resume their businesses.
Incentives in the form of interest subsidy (at 7 per cent per annum) and cashback (up to Rs 1,200 per annum) are being provided to promote good repayment behaviour and digital transactions respectively. The interest subsidy effectively works out to 30 per cent of the entire interest burden for a loan of Rs 10,000 at 24 per cent annual interest.
Therefore, in effect the vendor does not pay any interest, rather gets a subsidy on the loan amount if he repays in time and uses digital transactions for all receipts and payments. The scheme entails enhanced next tranche of loan on early or timely repayment.
Loan processing has begun since July 2 this year through an IT platform "PM SVANidhi" with Small Industries Development Bank of India (SIDBI), which is the implementing agency for the scheme administration. (ANI)