PM SVANidhi Scheme 2024, Loan Approval, Portal Link, Application Form & Eligibility Criteria: The Government of India launched the PM SVANidhi Yojana in 2020 to help street vendors who were struggling because of the lockdowns. The Ministry of Housing & Urban Affairs introduced this scheme to provide financial support to the many small businesses that were facing closure or severe financial problems. The main purpose of the scheme is to provide financial assistance to vendors across India so that they can continue their businesses and help the economy recover. This special micro-credit facility provides short-term loans to street vendors so that they can restart their businesses with essential working capital.
The PM SVANidhi Scheme offers street vendors a loan of Rs 10,000 for one year without requiring any collateral. This helps them start their businesses again. If they pay back the loan on time, they can borrow more money, up to Rs 50,000. The government helps them by paying part of the interest on the loan. The scheme has been extended until December 2024, and vendors can apply online through the PM SVANidhi Scheme Portal. This makes it easy for them to get the loan and recover from the financial impact of the pandemic.
PM Street Vendor’s AtmaNirbhar Nidhi Yojana Overview
| Nodal Agency | Ministry of Housing and Urban Affairs, Govt of India |
| Scheme Name | Prime Minister Street Vendor’s AtmaNirbhar Nidhi |
| Loan Amount | Up to Rs 50000 |
| Subsidy Rate | Interest subsidy of 7% |
| Cashback Facility | Available on Digital Transactions |
| Official Website | pmsvanidhi.mohua.gov.in |
Prime Minister SVANidhi Scheme Benefits & Eligibility
Benefits
The scheme helps street vendors by giving them financial support. It offers loans of up to Rs 50,000 without asking for anything in return. Vendors also get a discount on interest if they pay back their loans on time. If vendors use digital payments, they get money back every month. This encourages them to use digital payments.
Eligibility Criteria
To qualify for this program, the applicant must be a street vendor who has a certificate, ID card, or recommendation letter from a local government. This program includes more people, so that many street vendors can get financial help and incentives to improve their businesses and lives.
Documents Required for Pradhanmantri SVANidhi
To complete the necessary paperwork, people must provide their Survey Reference Number and one document that proves they are a street vendor. This could be a Vendor ID, Vending Certificate, or a letter of recommendation from the Town Vending Committee. They must also have a valid Aadhar card and a mobile number linked to it. For identification purposes, applicants must submit one of the following: an Aadhar Card, Voter ID, Driver’s License, MNREGA Card, or PAN Card.
How to Apply for SVANidhi Loan Scheme?
- To apply, visit the PM SVANidhi Portal online.
- Authenticate using your mobile number, which will be confirmed via an OTP.
- Once logged in, select your qualification criteria via (a) Vendor Identity Card, or (b) Certificate for Vending, or (c) Recommendation Letter from TVC
- Complete the PM SVANidhi Scheme application form and attach all necessary KYC documents.
- Finalize by submitting your application.
- Subsequently, the lending institutions will reach out to you.
- After verifying your documents, the loan amount will be deposited into the street vendor’s bank account within 30 days of application.
Direct Links
