PM Modi launches Svanidhi credit card
PM Modi gives another gift to the poor, Launches PM SVANidhi Credit Card: Prime Minister Narendra Modi on Friday launched the PM SVANidhi Credit Card from Kerala, calling it a major step to support the poor.
At an event in Thiruvananthapuram, PM Modi flagged off three Amrit Bharat Express trains and a Thrissur–Guruvayur passenger train to improve rail connectivity between Kerala and states like Tamil Nadu, Karnataka, Telangana, and Andhra Pradesh.
The PM SVANidhi Credit Card is a UPI-linked, interest-free revolving credit facility for street vendors, hawkers, and cart operators. PM Modi said the initiative, launched from Kerala, will benefit poor people across the country.
Eligible street vendors who have repaid their first two PM SVANidhi loans can get this card. It offers a credit limit of up to ₹10,000, which can later increase to ₹30,000, and remains valid for five years. Banks issue the card.
The PM SVANidhi scheme, launched on June 1, 2020, provides collateral-free loans of ₹10,000, followed by ₹20,000 and ₹50,000 with a 7% interest subsidy. The scheme also promotes digital payments and offers vendors cashback of up to ₹100 per month for digital transactions.
ALSO READ: Deposit ₹2,000 Every Month, Get ₹22,732 on Maturity, Know This Post Office Scheme
