Big news for street vendors in Andhra Pradesh: Rs. 30,000 credit card scheme launched

The Andhra Pradesh government has delivered another crucial piece of good news to street vendors. To enable them to conduct their businesses without financial difficulties, a new scheme has been implemented starting today. Under this scheme, street vendors will be provided with special credit cards with a limit of Rs. 30,000 through banks. The objective of this scheme is to provide them with the opportunity to use money interest-free during emergencies, eliminating the need to borrow at high-interest rates. Initially, this will be implemented as a pilot project in Tirupati district, and credit cards will be distributed to approximately 7,000 eligible street vendors on Friday. This card will be valid for five years.

At the same time, street vendors also have the opportunity to avail loans up to Rs. 50,000 through the PM Svanidhi scheme. These loans are sanctioned in three installments without any collateral. In the first installment, Rs. 10,000 is provided, followed by Rs. 20,000 in the second installment upon timely repayment, and up to Rs. 50,000 in the third installment. Only 7 percent interest will be charged to those who repay the loan on time. Currently, this scheme is being implemented in Tirupati district and will soon be extended across the state. Officials express hope that these measures will enhance the financial security of street vendors and ensure the stability of their businesses.