Tirunelveli Corporation to hold special camps to disburse credit cards to roadside vendors

Account subscription benefits alongside Premium Stories, Editorials, Opinions and more. Unlock these with Subscription

Tirunelveli Corporation will organise special camps for distributing credit cards to roadside or street vendors of the four zones of the urban civic body to strengthen their livelihood through micro credit facility.

An official statement said the special camps for distributing credit cards to roadside vendors will be organised from Thursday (September 17) onwards. The first camp of this series will be organised at the Corporation’s central administrative office on Thursday and the second camp will be conducted at Tirunelveli Zone office on Friday (September 18).

The subsequent camps will be held at the Zone offices of Thatchanallur (September 19), Palayamkottai (September 21) and Melapalayam (September 22) between 10 a.m. and 5 p.m.

Roadside vendors of fruit stalls, vegetable shops, eateries, sugarcane juice shops, footwear shops, flower shops, pushcarts etc. can get this credit card with which they can avail loans and do financial transactions.

The beneficiaries will get affordable and collateral-free working capital loans through nationalised banks. While the first tranche loan of ₹15,000 can be repaid in 12 months, the second portion of ₹25,000 will be repayable in 18 months. If the loan repayment of the borrower is good, the third tranche of ₹50,000 will be released, which can be repaid in 36 months.

The beneficiaries will get 7% annual interest subsidy, which will be credited directly to the bank accounts. This scheme encourages digital adoption by offering monthly cashback incentives up to ₹1,600 for undertaking retail and wholesale digital transactions.

Eligible vendors who repay the second loan will get access to a UPI-linked RuPay Credit Card with limits up to ₹30,000 for emergency business or personal needs. No penalty will be levied for paying the loans ahead of the schedule.

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.