PM SVANidhi- Street Vendor Atmnirbhar Nidhi

PM SVANidhi Scheme, Eligibility, Apply Online, Official Website, How to get, Beneficiary, Documents, Helpline (पीएम स्वनिधि योजना, पात्रता, ऑनलाइन आवेदन, आधिकारिक वेबसाइट, कैसे प्राप्त करें, लाभार्थी, दस्तावेज, हेल्पलाइन)

Prime Minister SVANidhi Yojana often abbreviated as PM SVANidhi is a scheme for the street vendors to provide them with micro credit facility so that they can start afresh after the loss due to lock-down and tough period during co-vid. The PM Street Vendors Atmnirbhar Nidhi not only envisions loan but also includes holistic development and economic well being of street vendors hit by the pan-demic. In this post we have discussed many aspects of the PM SVANidhi Yojana.

PM SVANidhi Yojana 2023 Important Facts

Name of the Scheme	PM SVANidhi Scheme
Launched By Ministry	Ministry of Housing and Urban Affairs
Beneficiery	Street Vendors
Category	Scheme/ Yojana
Official Website	mohua.gov.in
Extended Upto	2024
Loan Upto	Rs. 10000/-
Tenure	1 Year
Repayment	Monthly Instalment
Purpose	Providing Micro Credit, Economic Well Being and Holistic Development of Street Vendors.
Slogan	Svanidhi Se Samriddhi

PM SVANidhi Scheme

Under the PM SVANidhi Scheme Street Vendors can apply a loan upto Rs. 10000 which have a tenure of 1 year. It can be repaid in monthly instalments or EMIs. The loan can be applied at various scheduled commercial banks. There is no need of collateral to avail the loan under this scheme. If the vendors repay the the loan in time there is a provision of better facility for the next time they want to take the loan.

Applicants can again apply for the loan in the next cycle. If the repayment by the vendors are timely then they will be eligible for a loan with an enhanced limit. Also, there is no prepayment penalty if the applicant wants to repay the loan before the loan term duration.

PM SVANidhi Scheme Interest Rate

There is an interest Rate applicable as per rules on the loan. The interest rate applicable will depend on the type of lending institution. It is described below.

• If the lending institution is a scheduled commercial bank regional rural bank (RRB), Small Finance Banks, Cooperative Banks and SHG Banks the interest rates is as per their prevailing rates.
• If the lending institution is a NBFC, NBFC-MFIs etc interest rate will be as per RBI guidelines for respective lender category.
• If the lending institution from where the applicant has applied for loan is non NBFC and other lending category not covered under the RBI Guidelines, in such cases the rates will be applicable as per extant RBI guidelines for NBFC-MFIs.

There is a provision of interest subsidy under the PM SVANidhi Scheme which are applicable on taking loan under the scheme.

PM SVANidhi Scheme Interest Subsidy

The eligible vendors who will apply for the PM SVANidhi Scheme will be provided interest subsidy at 7%. The subsidy in the interest will be credited in the applicants’ account on a quarterly basis. The quarterly claims for subsidy will be submitted by the lender for quarters ending as on June 30, September 30, December 31, March 31 of a financial year.

PM SVANidhi Scheme Eligibility

The PM SVANidhi scheme is for street vendors who are operating in any urban area. The eligibility as per scheme is given below:

• Street Vendors must have a certificate of vending or identity card issued by ULB (Urban Local Body).
• Those vendors who do not posses the above certificate but are identified in the survey. Provisional Vending Certificate may be issued for such vendors.
• Those Street Vendors who were left during the identification process but have been issued the LoR (Letter of Recommendation) by the ULBs or Town Vending Committee.
• Those Street Vendors who have started vending after the identification Survey by ULBs are over, but have been issued the LoR (Letter of Recommendation) by the ULBs or Town Vending Committee.
• The vendors of surrounding development/ peri-urban / rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB / TVC.

The Scheme is available for street vendors belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.

PM SVANidhi Scheme identification Process

Those street vendors who have been left out of the survey or belong to the surrounding rural areas can be identified for issuing the letter of recommendation by the Urban Local Bodies or Town Vending Committee by considering the following documents.

• List of documents prepared by certain states and Union Territories for providing one time assistance during the lockdown period.
• A request by the lender (System Generated) if sent to the ULBs or TVC for issue of LoR after verifying the credentials of the applicant.
• The membership of the applicant details available with the vendors association.
• That document which is with the vendor which claims his credentials of vending.
• A report of local enquiry conducted by ULBs or TVC which involves Self Help Groups, Community based organisations etc.

ULBs (Urban Local Bodies) have been directed to complete the verification and issuance of LoR within 15 days of submission of the application. Also, For helping more and more vendors ULBs may adopt some alternative way of identifying vendors.

Those vendors who went home/ native place during the pandemic but now want to return to the place where they were vending before the pandemic, can also apply for PM SVANidhi as per their eligibility criteria mentioned above.

PM SVANidhi Scheme from where to take Loan

The loan under the PM SVANidhi Scheme can be availed by the borrowers from Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks, Non-Banking Finance
Companies (NBFCs), Micro Finance Institutions (MFIs) & SHG Banks established in some States/UTs.

PM SVANidhi Incentives for Digital Transactions

Under the PM SVANidhi scheme there is also a provision of repayment of loan through digital transactions by the beneficiaries. If the beneficiary will re-pay through the digital transactions they will get incentive in the form of cash backs. Also, timely payment of the loan will enhance the borrower’s credit score which will help them in getting a loan effectively in the future.

The digital transactions can be done by PayTm, BHIM UPI, GooglePay, BharatPay, AmazonPay, PhonePe etc. The cash back that the beneficiaries can get may range from Rs. 50 to Rs. 100 based upon different amount of transactions done by the borrower to repay.

PM SVANidhi Latest Updates

PM SVANidhi scheme is designed to help the street vendors who are engaged in the work of vending of goods, wares, food items, everyday use articles which also includes hawkers, thelawala, rehriwala, theli phadwala, barber shops, cobblers, vegetable seller, laundry servers, pan shops etc.

The PM SVANidhi Scheme is extended till December 2024 by the Central Government. The third loan of Rs. 50,000 has also been introduced. Earlier, there was a provision of a first Loan of Rs.10000 and second loan of Rs. 20000 on an annual basis. Upto November 30, 2022 around 32 Lakh street vendors have been benefited from first loan, around 5.8 Lakh street vendors have been benefited from the second loan and around 7000 street vendors have been benefited from the third loan under the PM SVANidhi Scheme.

For any further information you must visit the official website at pmsvanidhi.mohua.gov.in.

In the unprecedented situation of Pandemic, our poor brothers and sisters, especially the laborers who sell goods like street vendors, have shown amazing fighting power and restraint despite all the difficulties. We are making continuous and holistic efforts to empower them for their economic interests ~ Prime Minister of India Stated.

PM SVANidhi FAQ