HDFC Bank on Wednesday announced the launch of micro-credit facility for street vendors, PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), with common service centres (CSC).
HDFC Bank would facilitate PM SVANidhi for its village-level entrepreneurs (VLEs) on the digital sewa portal where vendors can complete the entire process online.
It is a collateral-free affordable loan of ₹10,000 with an interest subsidy of 7%.
The bank said that VLEs must understand the loan application requirements, ensure the mobile number is linked to the Aadhaar and check the eligibility status of their application as per the scheme rules.
“Through the launch of PM SVANidhi, at HDFC Bank we will be able to provide special micro-credit facility to small street vendors through our CSC VLEs for their holistic development and economic upliftment,” said Smita Bhagat, country head (GIB, CSC, e-commerce, startups and inclusive banking initiatives group), HDFC Bank.
It is another opportunity for VLEs to serve every business requirement in the country well as an avenue for earning incentives, said Dinesh Tyagi, managing director, CSC SPV.
“At present, we have over 50 lakh street vendors and our VLEs are widely spread to cater to them. They must capitalize on this network strength for facilitating small ticket loans of ₹10,000 for the vendors along with this VLEs should identify opportunities for other products and maximize their incentives,” said Tyagi.