• By Imran Zafar
  • Sat, 21 Dec 2024 01:28 PM (IST)
  • Source:JND

PM SVANidhi Scheme: The Union Housing and Urban Affairs Ministry disbursed 94.31 lakh loans amounting to Rs 13,422 crore under PM SVANidhi scheme as of December 8, 2024. Minister of State for Housing and Urban Affairs Tokhan Sahu, recently told in a written reply to the Rajya Sabha that 40.36 lakh loans have been repaid by beneficiaries, underscoring the program's success in aiding street vendors.

What Is PM SVANidhi Scheme?

Launched by the Ministry of Housing and Urban Affairs on June 1, 2020, the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme aims to empower street vendors by offering collateral-free loans and promoting their holistic development. The scheme was introduced during the COVID-19 pandemic to support vendors in urban and peri-urban areas.

Vendors can avail working capital loans up to Rs 10,000 for one year, with provisions for higher loan amounts of up to Rs 50,000 in subsequent cycles. Key benefits include a 7 per cent annual interest subsidy on timely repayment and a cashback incentive of up to Rs 1,200 per year for prescribed digital transactions.

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PM SVANidhi Scheme Loan And Incentive Details

PM SVANidhi loans range from Rs 10,000 to Rs 50,000 with repayment tenures between 18 and 36 months. Scheduled Commercial Banks, Regional Rural Banks, Cooperative Banks and other financial institutions facilitate these loans. Borrowers receive an interest subsidy and cashback incentives for digital transactions, fostering a transition toward formal financial practices.

PM SVANidhi Scheme Eligibility Criteria

To qualify, applicants must:

  • Be street vendors operating in urban areas as of March 24, 2020.

  • Possess a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs).

  • Hold a provisional certificate or Letter of Recommendation if not covered in ULB surveys.

  • Street vendors from surrounding peri-urban or rural areas vending within ULB limits are also eligible.

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PM SVANidhi Application Process

Eligible vendors can apply by checking their names on the PM SVANidhi portal and obtaining their Survey Reference Number (SRN). Applications require submission of necessary documents and can be monitored on the portal using an application ID and registered mobile number.