🚲 PM SVANidhi Yojana – Empowering India’s Street Vendors
Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a transformative scheme launched by the Ministry of Housing and Urban Affairs in June 2020. It is aimed at enabling street vendors to access working capital loans to restart and grow their businesses in the aftermath of COVID-19.
🌐 Official Website
Visit the official portal for PM SVANidhi scheme:
https://pmsvanidhi.mohua.gov.in
🎯 Scheme Objective
- Provide affordable working capital loans to street vendors.
- Promote digital transactions and financial inclusion.
- Offer interest subsidies and incentives for timely repayments.
- Support street vendors in becoming self-reliant (AtmaNirbhar).
📌 Key Features of PM SVANidhi
- Collateral-free loan of up to ₹10,000 with a 1-year tenure.
- Interest subsidy of 7% per annum on timely repayment.
- Eligibility for a higher loan amount in the second and third tranches.
- Cashback incentives of up to ₹100/month for digital payments.
- Integrated with Aadhaar and bank account for direct benefit transfer.
🧍 Who Can Apply?
The scheme is applicable to:
- Street vendors who were vending on or before March 24, 2020.
- Vendors with identity proof and certificate of vending from ULBs.
- Hawkers, rehri-patri vendors, thelas, and cart pullers.
- Urban as well as peri-urban and rural vendors operating in urban areas.
📋 Documents Required
- Aadhaar Card
- Mobile Number linked with Aadhaar
- Bank Account Passbook
- Vendor Certificate from ULB/Survey ID (if available)
- Letter of Recommendation (LoR) if certificate is unavailable
🔄 Loan Cycle & Progressive Lending
PM SVANidhi has a progressive loan system:
- 1st Loan: ₹10,000 (1 year tenure)
- 2nd Loan: ₹20,000 upon timely repayment
- 3rd Loan: ₹50,000 with consistent credit and repayment
💳 Digital Transactions & Cashback
The scheme promotes digital transactions through:
- Monthly cashback of ₹50, ₹75, or ₹100 based on transaction count.
- QR code, UPI apps, and bank-integrated payments.
- Training and onboarding support from banks and ULBs.
📝 How to Apply?
You can apply for the PM SVANidhi scheme via:
- Online portal: pmsvanidhi.mohua.gov.in
- Common Service Centers (CSCs)
- Banks or microfinance institutions
- Assistance from local municipal offices or urban local bodies (ULBs)
🔐 Application Steps
- Visit the official website or nearby CSC.
- Fill in the loan application form with KYC details.
- Upload necessary documents.
- Get verification done by ULB or lending institutions.
- Loan amount is directly credited to the beneficiary’s account.
🏦 Banks Participating in PM SVANidhi
- All Scheduled Commercial Banks
- Regional Rural Banks (RRBs)
- Small Finance Banks
- Non-Banking Financial Companies (NBFCs)
- Microfinance Institutions (MFIs)
📊 Scheme Impact (2020–2024)
- Over 60 lakh applications received
- More than 45 lakh loans sanctioned
- Encouraged over 30 lakh digital transactions
- Benefited women vendors and marginalized groups
👩🦰 Special Provisions for Women & Marginalized
- Priority to women-headed vending businesses
- Easy documentation for street vendors without certificates
- Self-Help Groups (SHGs) participation encouraged
💡 Benefits of PM SVANidhi
- Boosts self-reliance among street vendors
- Improves creditworthiness for future loans
- Brings vendors into the formal economy
- Encourages adoption of digital payments
- Creates awareness of savings and financial planning
📞 Helpline & Support
- PM SVANidhi Helpline: 1800-11-1979
- Email Support: pmsvanidhi-mohua@gov.in
- Nearby CSCs and Urban Local Bodies (ULBs)
📚 Success Stories
Many vendors who lost their livelihoods during the pandemic have revived their small shops and mobile carts using PM SVANidhi loans. From tea sellers to vegetable vendors, over 45 lakh beneficiaries have already received assistance. The program has especially helped women vendors, disabled entrepreneurs, and migrant returnees who lacked access to credit.
🔍 Future of PM SVANidhi
- Plans to include vendors from smaller towns and Tier-3 cities
- Upgraded digital training modules for cashless economy
- Integrated schemes for insurance and pension add-ons
Post a Comment
0 Comments