PM SVANidhi Scheme:SVANidhi Loan ₹50000/- Apply Online

The PM SVANidhi Scheme, also known as the PM Street Vendor’s AtmaNirbhar Nidhi, is a government initiative launched to provide financial support to street vendors. Introduced on June 1, 2020, by the Ministry of Housing and Urban Affairs, this scheme aims to help street vendors resume their livelihoods by offering easy, collateral-free loans. The PM SVANidhi loan offers a working capital loan starting at ₹10,000, with future opportunities for higher loans of ₹20,000 and ₹50,000 based on repayment performance

Street vendors form an essential part of India’s informal urban economy, supplying daily necessities like food, clothing, and services at affordable rates. However, the COVID-19 pandemic severely impacted their businesses, leaving them with minimal working capital. The PM SVANidhi Scheme provides financial assistance to these vendors, helping them recover and formalize their businesses. Along with credit facilities, the scheme encourages digital transactions and offers interest subsidies to vendors who maintain timely repayments.

Objectives

• To provide street vendors with a working capital loan up to ₹10,000 initially.
• To promote timely repayment of loans, enabling vendors to apply for higher loans, such as a PM SVANidhi loan of ₹50,000.
• To incentivize and reward digital transactions.
• To uplift street vendors economically and formalize their businesses.
• To provide seamless access to loans through the PM SVANidhi login portal.

Full Details Of PM SVANidhi Scheme

Eligibility Criteria

• Street vendors with a Certificate of Vending/Identity Card issued by Urban Local Bodies (ULBs).
• Vendors identified through ULB surveys but without a Certificate of Vending.
• Vendors with a Letter of Recommendation from ULB/Town Vending Committees.
• Vendors from rural or peri-urban areas who have been issued a Letter of Recommendation to operate within ULB areas.

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Benefits

• Vendors can access an initial loan of ₹10,000 without providing any collateral.
• Those who repay on time can apply for a PM SVANidhi loan 50,000 for business expansion.
• Vendors are eligible for an interest subsidy of 7%.
• The scheme promotes financial inclusion through digital payments, rewarding vendors with a cashback of up to ₹100 monthly.
• Vendors can apply for the loan through a simple PM SVANidhi loan apply online process.
• Access to the PM SVANidhi portal ensures transparency and easy tracking of loans.

Required Documents

For the first loan:

• Certificate of Vending or Identity Card for Category A and B vendors.
• Letter of Recommendation for Category C and D vendors.
• Additional KYC documents like Aadhaar Card, Voter ID, or Driving License.

For the second loan:

• Loan closure document from the first loan.

How to Apply

• Visit the official PM SVANidhi portal at pmsvanidhi.mohua.gov.in.

• Click the “Log In” button and enter your mobile number.
• After login, select your vendor category and provide your Survey Reference Number (SRN).
• Complete the application form and submit the necessary documents.
• Alternatively, vendors can also apply offline by visiting their nearest ULB or kiosk.

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The PM SVANidhi Scheme is a significant initiative to uplift street vendors by offering accessible financial support. By formalizing their businesses, providing loans up to ₹50,000, and encouraging digital transactions, the scheme helps vendors become more self-reliant. The application process is simple, and the scheme ensures that street vendors continue to thrive, even in challenging times. Additionally, it aligns with other government initiatives like PM Mudra Yojana, offering further opportunities for small businesses to flourish.