What is the PM SVANidhi scheme for street vendors and How to apply?

Team Udayavani, Dec 31, 2020, 12:07 PM IST

Ministry of Housing & Urban Affairs launched a scheme PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), on June 01, 2020.

It is a micro-credit facility that provides street vendors a collateral-free loan of Rs 10,000 with low rates of interest for a period of one year.

The interest subsidy on timely or early repayment of the loan is at 7 per cent and street vendors will be allowed to repay the loan in monthly instalments in one year. There is a monthly cash-back incentive on digital payments.

As reported by Indian Express, So far, the scheme, part of the AtmaNirbhar Bharat package has received 31,64,367 applications from across the country (except from Sikkim, which is officially not taking part in it). Of the total applications, 16,77,027 have been sanctioned and 12,17,507 have been disbursed.

Who are Eligible and how to apply?

Street vendors engaged in vending in the urban, pre-urban & rural areas on or before 24 March 2020 are eligible. The benefits can be availed by street vendors or hawkers in urban, pre-urban and rural areas.

How to apply

Go to the website www.pmsvanidhi.mohua.gov.in

Click on apply for a loan.

Enter your mobile number and captcha.

Select the category and fill in the details required.

Click on submit.

Documents required

The documents required for KYC are Aadhaar card, voter’s identity card, driving licence, MNREGA card and PAN card.