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HDFC BANK: LAUNCHES MICRO CREDIT FACILITY WITH CSC

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HDFC Bank has started a special micro credit facility at the village level of PM SVANidhi Yojana . This scheme has been started in collaboration with Common Service Centres (CSC). People in rural areas will now be able to apply for loans from the Common Service Center (CSC) centre online. This innovative and beneficial step is a flagship scheme of the Government of India, in line with the guidelines of आत्मनिर्भर भारत.

The bank has said in an official statement that it would facilitate PMSVA Nidhi to its Village Level Entrepreneurs (VLE) on the Digital Sewa Portal. 

In this portal the vendors can complete the entire process online. This is a collateral-free and affordable loan of Rs 10,000 with a 7% subsidy. It is a very simple application. VLEs must understand the loan application requirements, ensure that the mobile number is linked to Aadhaar, and verify the eligibility status of the application according to system rules. This will help street vendors get back into business and start and uplift a business cycle.

The Aadhar number must be linked to the mobile number
The bank said, linking your cell phone number to your Aadhaar number is required in order to apply for a loan under the PM Svanidhi Yojana. Apart from that, the bank has also stated that before applying for the loan; remember the rules & regulations established in order to grab the benefit from the scheme.

Who is eligible to apply for the loan?
Those who run roadside stores, handcarts, or street vendors will be eligible for this loan. This category also includes fruit and vegetable markets, laundry services, saloons, and paan shops. This loan will be granted on extremely favorable terms.

Over 26 lakh street sellers received loans.
According to the official website, loans for 29, 18,261 people have been issued under the PM Svanidhi Yojana as of November 17, 2021. Simultaneously, the loan amount was deposited into the accounts of 26, 17,315 persons.

This scheme started since June , 2021
This scheme was started from 1st June in the year 2021. In this, a loan of up to ten thousand rupees is being given to help in the work. For the functioning of the scheme, the government has earmarked Rs 5000 crore.

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