✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now! CHECK OFFER

PM Street Vendor's AtmaNirbhar Nidhi, popularly known as PM SVANidhi Yojana, is a micro-credit facility for 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. The scheme aims to empower street vendors with necessary financial support, thereby enhancing economic security. With the scheme, you can get affordable working capital loans of up to ₹10,000 with a repayment tenure of 1 year.

Key Facts About the PM SVANidhi Yojana

Here are some important details of the PM SVANidhi Yojana:

Scheme Launch Date

June 01, 2020

Scheme Extension

The scheme has been extended up to December 2024

Executing Ministry

Ministry of Housing and Urban Affairs (MoHUA), Government of India

Beneficiaries

Street hawkers vending in urban regions as on and before March 24, 2020

Loan Amount Offered

Up to ₹10,000

Interest Rate

7% p.a.

Objectives of the PM SVANidhi Scheme

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

PM SVANidhi Loan Interest Rate

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.

PM SVANidhi Yojana Eligibility Criteria

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

Read More

How to Apply for a Loan Under the PM SVANidhi Scheme?

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

How to Check Your PM SVANidhi Loan Status Online?

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

Benefits under the PM Svanidhi Scheme

Take a look at the benefits that you can get with PM Svanidhi Scheme:

Interest Subsidy

Beneficiaries receive a 7% per annum interest subsidy on loans, which is credited quarterly, reducing the financial burden

Easy Access to Credit

As a street vendor, you can get collateral-free working capital loans of up to ₹10,000 for a tenure of 1 year. Timely repayment can allows you to access higher loan amounts in subsequent cycles, up to Read More₹50,000. Read Less

Promotion of Digital Transactions

The scheme encourages vendors to adopt digital payment methods. You can earn cashback incentives for digital transactions, which can total up to ₹1,200 annually.

Credit Score Improvement

Regular repayment of loans can help improve your credit score, enhancing your ability to secure larger loans in the future

No Penalties for Early Repayment

You can repay your loans early without incurring any penalties, which encourages faster debt clearance

Flexible Loan Repayment Tenure

The loan repayment period is typically 12 months, allowing you to manage repayments according to the cash flow

FAQs on the PM SVANidhi Yojana

How long will it take to get the loan approved?

You will get the loan approved within 30 days under the SVANidhi Scheme.

Is it necessary to link a mobile number with Aadhaar to avail the benefit of the PM SVANidhi loan?

Yes, it is necessary to link your mobile number with your Aadhaar Card to avail of a loan under the PM SVANidhi Scheme. It is because the loan application process involves OTP-based Aadhaar verification.

Do I need to provide any collateral to avail the PM SVANidhi loan?

The loans provided under the PM SVANidhi Scheme are unsecured in nature. Therefore, you need not pledge any collateral to avail a PM SVANidhi loan.

Is there any loan pre-closure penalty under this scheme?

No, you do not need to pay any penalty for the pre-closure of the working capital loan under the PM SVANidhi Scheme.

Home
active_tab
Loan Offer
active_tab
CIBIL Score
active_tab
Download App
active_tab