Things to Consider Before Applying for Street Vendor Loan Scheme

Things to Keep in Mind Before Applying for a Street Vendor Loan

There are several benefits that a beneficiary of the PM Street Vendor Atmanirbhar Nidhi scheme is entitled to. However, one of the defining features of the PM SVANidhi scheme is the working capital loan that the officials at the helm of the scheme in question provide to the members of the Indian street vendor community. Such a loan can be applied for through the online portal dedicated to the PM Street Vendor Atmanirbhar Nidhi scheme.

However, there are certain things that an individual must be mindful of prior to the initiation of the application for a monetary advance provided as a part of the PM Street Vendors Loan scheme. What this article will do is essentially take you through the things that a prospective beneficiary must keep in mind ahead of applying for a PM vendor loan and eventually becoming a beneficiary of the PM Street Vendor Atmanirbhar Nidhi scheme. Read on to know more.

Things That one Must Keep in Mind Ahead of Applying for a PM Vendor Loan?

 

1. Understand the loan application requirements - Much like in the case of any other form of lending, the PM vendor loan can only be availed by an individual if they meet the eligibility criteria that has been laid out by the Indian government. Some of the parameters on which the officials in question have based the same are the likes of their age, citizenship status and the amount of time they have been running their respective establishments, among few others. It is important for a prospective beneficiary to go through it the same thoroughly before applying for a PM vendor loan or for becoming a beneficiary of the PM Street Vendor Atmanirbhar Nidhi scheme.
2. Ensure that your mobile number is linked to your Aadhaar Card - The government of India has made it mandatory for every Indian citizen to link their Aadhaar Card to their mobile number. The same applies to the people who are looking to seek the benefits of the PM Street Vendor Atmanirbhar Nidhi scheme such as availing a PM vendor loan and the sundry monetary compensations that are provided to the members of the Indian street vendor community under the street vendors loan scheme. Hence, the prospective beneficiary must ensure that the needful has been taken care of ahead of proceeding with the same.
3. Check the eligibility status as per the scheme Rules - As mentioned previously, the PM street vendors loan scheme can only prove to be beneficial to the street vendors of India if they meet the laid out eligibility criteria. It is important for the prospective beneficiary to ensure that they meet the fulfil the same. What you will find below is a bulleted list which includes the basic eligibility requirements for an individual looking to receive the benefits provided under the PM Street Vendor Atmanirbhar Nidhi scheme. Read on to know more.

 

Eligibility Criteria for the PM Street Vendor Atmanirbhar Nidhi Yojana:

The benefits of the PM Street Vendor Atmanirbhar Nidhi Yojana are available to those who reside in those states or Union Territories which have established and notified schemes, rules and laws for them under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act of 2014. If the street vendor in question resides in a state or a union territory which has laws which aim to protect their interests, they can apply for the PM vendor loan. However, the prospective beneficiary must also ensure that they fulfil an additional set of requirements in order to know for sure whether or not their PM vendor loan will get accepted or not. What you will find below is a list of those very criterias. Read on to know more.

Additional Requirements Laid out for PM Vendor Loan

1. Street vendors should have a Certificate of Vending or identity card that has been issued by the relevant Urban Local Bodies (ULBs) with them.

2. In the event that the aforementioned documents are not available with them, they must immediately find out whether or not their name appears in the list of vendors that have been identified through the survey in question. The same was conducted by the Indian government during the preliminary stages of setting up the PM Street Vendor Atmanirbhar Nidhi Yojana scheme, but, they have not been issued a Certificate of Vending or any other form of proof of identity.

3. In the event that an individual is a vendor who commenced their operations after the aforementioned survey had concluded, they must be in the possession of a Letter of Recommendation (LoR) that was issued in their name as well as that of their business by the officials of the aforementioned communities.

In the event that the second or third point is applicable to you, the reader, a Provisional Certificate of Vending would be generated for you to start off with after you have raised this query in front of the officials representing the ULB. They should then theoretically issue a Permanent Certificate of Vending and Identification Card. The same can happen either almost immediately or, at the most, within a month after the dispute in question was raised. It must be noted that the amount of time a street vendor will have to wait for the previously mentioned document to be issued will vary on a case-to-case basis.

If you think that you are not eligible for the benefits provided by the Pradhan Mantri Street Vendor Atmanirbhar Nidhi Yojana, you can always apply for a business loan through Bajaj Markets or look into the kind of loan amounts that are granted by the government as a part of the Pradhan Mantri Mudra Yojana (PMMY).

You can always learn more about the PM Street Vendor Atmanirbhar Nidhi scheme, the other benefits that are provided under the same, its history and how the scheme in question has helped various street vendors of India since its introduction on Bajaj Markets.