PM SVANidhi Phase 2: Higher Loans and UPI Credit Cards
Why in the news
The Union Government cleared a second phase of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), with bigger loans and UPI-linked credit cards for urban street vendors.
Key facts
- Interest subsidy: 7% on all loans.
- Credit card: for 11 lakh vendors who repaid two loans; ₹30,000 limit; banks will frame repayment rules.
- Over 68 lakh vendors took the first ₹10,000 loan; about 38.4 lakh have repaid.
| Loan | Earlier | Revised |
|---|---|---|
| First | ₹10,000 | ₹15,000 |
| Second | ₹20,000 | ₹25,000 |
| Third | ₹50,000 | ₹50,000 (same) |
Objectives
- Strengthen creditworthiness, formalisation and digital financial access.
- Improve capital availability for micro urban entrepreneurship.
Exam angle
- Target group: urban street vendors.
- Card is UPI-linked, limit ₹30,000.