The Mukhyamantri rural street vendor loan scheme was launched by the state government of Madhya Pradesh. This loan scheme was launched by them on the basis of the Pradhan Mantri Street Vendor Scheme. The main objective of this scheme was to provide assistance to street vendors, as they are an integral part of the informal economy.
The Aim of the Mukhyamantri Rural Street Vendor Loan scheme
Under this Mukhyamantri rural street vendor loan scheme, the CM transferred the interest-free loan of 10 thousand rupees into the accounts of rural street vendors. All this was done in order to create Atma Nirbhar, Madhya Pradesh, with a special focus on health and education.
Benefits of the Mukhyamantri Rural Street Vendor Loan Scheme
- Provides access to credit for the street vendors.
- The loan amount could be used by the vendors to purchase stock or equipment.
- No collateral was demanded.
- It benefits the local economy by boosting demand.
- A one-time waiver of the loan facility was also provided.
- The period of repayment was flexible.
RELATED – MP Ayushman Bharat Niramayam Yojana
How does the Mukhyamantri rural street vendor loan scheme work?
Under this scheme, the vendors are provided with loans that are disbursed through the district administration. The Mukhyamantri rural street vendor loan scheme particularly aims at helping rural street vendors who were unable to fulfil their needs due to the COVID-19 pandemic. Basically, this scheme provides vendors with financial assistance so that they can restart their businesses.
Eligibility Criteria to Avail of the Mukhyamantri Rural Street Vendor Loan scheme
- The age of the beneficiary should be between 18 and 55 years.
- He or she must have documents like an Aadhar card, bank account number, IFSC code, and mobile number linked to Aadhar.
How to Register for this scheme
You could simply register on the portal, where you need to enter all your details and submit your application. After verification, you will be given the identity card and certificate. Here are the steps to follow:
- Recognize the criteria for the loan application.
- Verify that your mobile number is associated with your Aadhaar.
- Verify your eligibility according to the program’s rules. More here.
Important Links
Contact Details
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FAQ
Who can apply in this Scheme?
Only the citizens of MP are eligible to apply in this scheme.
Is Aadhar Card Required for this Scheme?
Yes Aadhar Card Required for this Scheme.
How to Find Other Government Schemes?
Go to our website’s search section and then search with the scheme name.
Is Bank Account details required for this Scheme?
Yes Bank Account details required for this Scheme?
Is Passport size photo required for this Scheme?
Yes Passport size photo required for this Scheme?
Conclusion
The Mukhyamantri rural street vendor loan scheme was launched by the state government of Madhya Pradesh. This loan scheme was launched by them on the basis of the Pradhan Mantri Street Vendor Scheme. The main objective of this scheme was to provide assistance to street vendors, as they are an integral part of the informal economy.
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