Which of the following statements about the PM SVANidhi Scheme is correct?

This scheme was launched by the Ministry of Finance.
It was launched on April 1, 2020.
Vendors can avail a working capital loan of up to ₹100,000, which is repayable in monthly installments over a tenure of one year.
There is no penalty on early repayment of the loan.

Correct answer: There is no penalty on early repayment of the loan.

Solution

PM SVANidhi is a central scheme for street vendors, and one of its key benefits is that borrowers are not penalized for repaying early. The other statements are incorrect because the scheme was launched by the Ministry of Housing and Urban Affairs, not the Ministry of Finance, and the loan amount mentioned is not accurate.

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