Government of Karnataka launched Badavara Bandhu Scheme an interest free loan scheme for the street vendors in the state. CM H D Kumaraswamy launched the scheme which will benefit 4.5 lakh street vendors and hawkers in the Karnataka. They will be eligible for the interest free loans starting from Rs. 2,000 to Rs. 10,000. Nine bank and state cooperative societies will provide the loan under the scheme. The primary objective of the scheme is to financially support the street vendor and empower them. With the Badavara Bandhu the street vendors don`t need to run from pillar to post and request banks for loans. The scheme will also protect them from the illegal money lenders.
Badavara Bandhu Scheme: An Karnataka Government scheme to provide interest free loan to the street vendors in the state.
- To empower street vendors
- To provide financial support
- To save them from illegal lender`s exploitation
Badavara Bandhu Benefits:
- Quick loans upto Rs. 10,000 for street vendors
- Not much of documentation required (BPL card is not required)
- Interest free loan
Who can apply for loan? All street vendors and street hawkers in Karnataka.
List of documents required to apply?
- Aadhaar card
- Street vendor card issued by local corporation
Mobile banks will provide quick loans on the spots under the scheme. It will also stop illegal lending and save poor from heavy interest loans. Mostly street vendors get loans from the local goons which then exploit them to get the loan back. Support from the government with interest free loan will help them focus on growing their business.