Our WhatsApp number cannot be used for calls. This is a chat only number.
The PM Street Vendor’s Atma Nirbhar Nidhi (SVANidhi) scheme was launched in June 2020 amidst the COVID-19 pandemic to support street vendors, hawkers, and thelewala, financially. This financial support comes in the form of collateral-free loans of ₹10,000 at low-interest rates for a duration of one year.
Therefore, individuals can accumulate working capital and sustain their businesses with the help of this credit.
In this segment, we discuss the features, objectives, benefits, and application process of PM SVANidhi.
The successive lockdowns in India because of the pandemic has adversely affected the livelihood of street vendors. Considering this, the Ministry of Housing and Urban Affairs launched a PM SVANidhi scheme offering holistic development and economic upliftment for hawkers and street vendors.
Here are some features of this scheme -
Along with these features, the PM SVANidhi Yojana comes with the following objectives -
Apart from knowing the features and objectives, individuals might also consider learning about the PM SVANidhi Yojana online application and its details.
Before opting for PM SVANidhi Yojana online registration, it is advisable to check the following eligibility factors -
Other than fulfilling the SVANidhi scheme eligibility, beneficiaries might also consider knowing about the the application process.
Before beneficiaries apply for street vendors loan scheme online, they might want to consider some pre-application steps such as follows -
Once done, one can proceed to the SVANidhi Yojana online registration by following the below-mentioned steps.
By following these steps, you can successfully register yourself under the PM SVA scheme.
While applying for PM SVANidhi Yojana online to secure a collateral-free loan, vendors might need to present the following documents -
On successfully presenting the aforementioned documents, one can proceed to the PM SVANidhi scheme online application.
Beneficiaries will be required to follow these steps to check the PM SVANidhi status -
PM Sannidhi Yojana application status will be displayed on the screen.
Further, one might also like to know the perks they can enjoy under the PM SVANidhi Scheme.
This central government-backed scheme comes with a host of benefits as follows -
A working capital loan of ₹10,000 is available under this scheme for 1 year that can be repaid in monthly instalments. Also, these loans come without any collateral, meaning you need not put your assets on a mortgage to secure this financial product. In case of early or timely repayment of a loan, beneficiaries can obtain an enhanced loan amount limit for the next cycle.
Street vendors availing of a working capital loan under the PM vendor scheme are eligible for an interest subsidy of 7%. Borrowers will receive this amount quarterly. This interest subsidy is available till 31 March 2022.
Individuals opting for digital transactions can avail of incentives in the form of cashback. With the help of a wide network of lending institutions and digital payment aggregators, vendors can get on board with digital processes.
Street vendors play a significant role in making goods and services available for city-dwellers at affordable rates, thereby becoming a vital constituent of the urban informal economy. As they work with a small capital base, it is only prudent that they require working capital to keep their businesses running, especially during unfortunate scenarios like pandemics etc.
Considering the ongoing COVID-19 situation, the Ministry of Housing and Urban Affairs launched the PM SVANidhi scheme to provide financial support to the street vendors in the form of working capital loans, interest subsidies, incentives and more.
Under the scheme guidelines, one can find the objectives, eligibility, product details and more.
To know more about these guidelines, click here.
By now, you must have understood that the PM SVANidhi scheme extends several benefits to vendors and hawkers in India. Therefore, a skim through the above-mentioned piece can be helpful for them as it covers essential details necessary for a successful application.
Please try one more time!
Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
Continue with {{bikeCtrl.lastVisitedData.lastVisitedUrl.indexOf('DigitPaymentGateway/payments')
!== -1 ? 'payment completion': 'previous choice'}}
