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GOVERNMENTS

Rajasthan government to provide interest-free loan to street vendors

JAIPUR: The Rajasthan government has introduced a scheme to provide interest-free loan up to Rs 50,000 to street vendors, people in the age group of 18-40 years working in the service sector and unemployed of urban areas hit by Covid-19-induced financial crisis.

In compliance with the budget announcement made by Chief Minister Ashok Gehlot, the finance department issued a circular regarding the Indira Gandhi Urban Credit Card Scheme- 2021 last week.

The scheme is aimed at financially supporting and encouraging street vendors, youths providing services in informal sector such as hairdressers, rickshaw pullers, potters, carpenters, cobblers, masons, tailors, painters, plumbers, electricians etc. for self employment, according to the circular issued on August 7.

They will get interest free loan up to Rs 50,000 without guarantee in one year.

The scheme will be applicable for one year and loans can be sanctioned till March 31, 2022. The loan moratorium period will be three months and loan repayment period will be 12 months.

Five lakh beneficiaries will be given loans under the scheme on the first come first serve basis. Those having monthly income of Rs 15,000 or monthly family income of Rs 50,000 will not be eligible for the scheme.

The beneficiaries will be identified at district level on the basis of certificates issued to the vendors by the urban local bodies scheduled commercial banks, regional rural banks, small finance banks, cooperative banks, and non-banking finance companies will be the lending institutions under the scheme.

Source: Press Trust of India

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