PM SVANidhi Scheme

PM Street Vendor's AtmaNirbhar Nidhi, or the PM SVANidhi Yojana, is a micro-credit facility for street vendors. This scheme provides affordable working capital loans of up to ₹10,000 for a tenure of 1 year to street vendors.

The Ministry of Housing and Urban Affairs launched this scheme to support the livelihood of street vendors affected by the COVID-19 pandemic.

Here are some important details of the PM SVANidhi Yojana:

Here are some key parameters of the scheme:

• To provide a working capital loan of up to ₹10,000 at an affordable interest rate

• To incentivise timely repayment of loan

• To reward digital transactions with cashback

The subsidised interest rate for the PM SVANidhi Scheme is 7% p.a. The interest rates are fixed as per the prevailing loan interest rates offered by the following institutions:

• Scheduled Commercial Banks (SCBs)

• Regional Rural Banks (RRBs)

• Small Finance Banks (SFBs)

• SHGs (self-help groups)

• Cooperative banks

The interest rate depends on the RBI guidelines if you get the loan from the following entities:

• Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs)

• Non-Banking Financial Companies (NBFCs)

If the non-NBFC lenders are not covered under the RBI guidelines, the interest rates would be fixed as per the RBI guidelines for NBFC-MFIs.

Here are the eligibility parameters for the PM SVANidhi Yojana:

Eligibility Criteria for UT/States 

• The scheme is only available for beneficiaries from the State/UT who have notified Rules and Scheme under the Street Vendors Act, 2014

• Beneficiaries belonging to Meghalaya, which has its own Street Vendor Act, are eligible to participate

Eligibility Criteria for Beneficiaries 

• You must have a vending certificate or identity card issued by the concerned Urban Local Body (ULB)

• In case you are identified in the ULB led identification survey, you must provide a provisional certificate if you do not possess an identity card

• In case you were left out of the survey, you must provide a permanent certificate from the concerned ULB issued within 30 days of issuance of the provisional certificate

• You can apply with a Letter of Recommendation (LoR) if you are from surrounding development or rural or peri-urban areas in the ULB’s geographical limits

Follow these steps to apply for a loan under the PM SVANidhi Scheme:

• Step 1: Visit the official website and click on the “Apply Loan” tab for the amount you want to apply for. For instance, “Apply Loan 10K” or “Apply Loan 20K”

• Step 2: Provide your mobile number and enter the captcha code, then click on “Request OTP”

• Step 3: Choose your category and fill in the required fields

• Step 4: Click on the ‘Submit’ option to apply

Follow these steps to check the PM SVANidhi loan status online:

• Step 1: Visit the official website of the PM SVANidhi Scheme

• Step 2: Log in using your ID and password

• Step 3: View the loan status on the screen