AP Govt Offers Interest-Free Loans Up To Rs 90,000 For Street Vendors

• Andhra Pradesh government, in collaboration with MEPMA, is implementing the PM SVANidhi scheme for street vendors.
• Street vendors can obtain credit cards from MEPMA officials to access loans ranging from Rs. 10,000 to Rs. 30,000 initially.
• Loans are disbursed in three installments, potentially reaching up to Rs. 50,000 in the third installment upon successful repayment of previous ones.
• The loans carry a 7% interest rate, but become interest-free if repaid within 20 to 50 days.
• Beneficiaries can also receive up to Rs. 120 cashback monthly for digital transactions made using the credit card; currently, the scheme is active in Tirupati district and will expand statewide soon.

Why It Matters: AP government provides interest-free loans up to Rs 90,000 to street vendors through PM SVANidhi and MEPMA.