PM loans: Only 9% hit by pandemic return for top-up in Noida

NOIDA: The Prime Minister’s Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme launched after the first surge of Covid-19 to provide quick loans of Rs 10,000 for street vendors to restart their businesses, saw only 3,117 registrations in Noida. While 1,800 beneficiaries have already repaid the money, only 268 vendors have come back for an additional loan of Rs 20,000.
Aditya Kumar, officer in-charge of the urban development agency at Vikas Bhawan in GB Nagar, said, “Against the accepted applications for the scheme, less than 9% of the people have come back to take an additional loan of Rs 20,000.

The second loan facility is available only to those people who have successfully repaid the loan of Rs 10,000 to the banks. As per our records, out of 3,117, some 1,800 people have already settled their dues with the banks.”
The PM SVANidhi scheme was launched by the Union government in June 2020 with an aim to provide collateral-free working capital loans of up to Rs 10,000 for one-year tenure in the aftermath of the first wave of Covid. Upon successful repayment of the initial loan, the applicants have the facility to avail another loan of Rs 20,000.
Rajesh Kumar, a 40-year-old resident of Bishanpura in Sector 58 Noida, said, “I had borrowed Rs 10,000 under the scheme for street vendors and I started a vegetable outlet with my brother. We had thought that vegetables would be one thing that every one would buy and it would be a guaranteed income source to tide over the lockdown-induced financial losses. I have already returned the loan amount to the bank and got back to our original business, that of movers and packers.”
Sunita Devi, 39, a resident of Sector 62, was just a housewife before the country witnessed the first wave of the pandemic. Her husband worked as a daily wager at construction sites in Noida. “Since most of the commercial activities had come to a halt during the pandemic, my husband became jobless and we managed two square meals a day with the small savings we had and free ration from the state government.”
When the loan scheme was launched, Sunita seized the opportunity. “I started a tailoring shop near my house with the loan money. Though my husband has started working again, I have decided to continue with my small business for an extra income and some savings for the rainy day,” she said.