PM Svanidhi Loan is a micro-credit scheme launched on June 1, 2022. It was launched by the Ministry of Housing and Urban Affairs, also known as MoHUA. Furthermore, it was launched to provide handholding support to street vendors. In PM Svanidhi Loan scheme, the government gives a working loan without a collateral fee. Additionally, this working loan can range from Rs10,000 to Rs50,000. And you can expect a subsidy of 7% interest on this loan. Moreover, this scheme is more focused on promoting the use of digital transactions among street vendors.
What is the Aim of the PM Svanishi Loan Scheme?
The aim of PM Svanidhi Loan is to open new opportunities for street vendors. Moreover, the scheme promotes the use of digital transactions by providing a cashback of Rs 100 for all transactions. Furthermore, street vendors are a very important section of our society. They also play a very important role by providing doorstep goods and services at a very affordable rate.
The goods distributed by them are listed below
- Vegetables
- Fruits
- Ready-to-eat street food
- Tea
- Bread
- Egg
- Pakoda
- Textile
- Clothes
- Footwears
- Books
- Products
- Stationary
The services they provide are listed below:
- Barbershop
- Cobbler shop
- Laundry services
- Pan shops
- Local Grocery delivery shops
Some Important Updates about PM Svanidhi Loan
| Important Updates about PM SVANidhi for UPSC | |
| Full-Form of PM SVANidhi | Prime Minister Street Vendor’s Atmanirbhar Nidhi |
| Launch Date | 1st June 2020 |
| Under which government ministry? | Ministry of Housing and Urban Affairs (MoHUA) |
| Target Beneficiary | Street Vendors or hawkers in urban areas
Peri-urban area street vendors Street vendors from Rural areas (Those street vendors as on/before 24th March 2020) |
| Mandatory Documents to Access Benefits | Aadhar Card
Voter Identity Card |
| Tenure of the scheme | June 2020 – March 2022 |
| Direct Link to avail of the benefits under the PM SVANidhi | https://pmsvanidhi.mohua.gov.in/ |
What benefits are provided by thhttps://pmsvanidhi.mohua.gov.ine PM Svanidhi Loan Scheme?
This scheme provides many benefits, and all are listed below. Before applying for the scheme, don’t forget to check the benefits provided.
- Street vendors will get financial help of Rs 10,000. With this, they can restart or expand their local business.
- Further, under this scheme, the loan is provided at a low-interest rate of 7%.
- Moreover, there is no need for collateral to avail of this loan
- Additionally, it is cost-effective and you do not have to pay any processing fees
- Likewise you can use the loan amount for any purpose related to your business. This can include purchasing raw materials, paying rent, or any other purchase.
- Furthermore, street vendors can expect financial stability with this loan
- You have ample time for loan repayment. The repayment tenure is one year.
Who is Eligible to apply for PM Svanidhi Loan?
Are you trying to apply for the PM Svanidhi loan scheme but don’t know if you are eligible or not? Worry not, we will help you by providing a list of criteria that make you eligible to apply for this loan scheme.
- You should be a street vendor
- Moreover, the vendor should have a certificate of vending
- In addition, you should have an identity card, which is issued by urban local bodies.
- Furthermore, the vendor have a letter of recommendation but not identity card
- To clarify, you should be a vendor in development, peri urban or rural area.
- Additionally, the vendor should have taken part in the survey but do not have a certificate or ID card.
How do I apply for the PM Svanidhi Loan Scheme?
Now that you are eligible for this loan scheme. Further you have to apply to get this loan from the government. Additionally, to apply for the loan, you should know the estep by step procedure to fill out the form. Moreover, the step by step procedure is provided below. So, follow it and apply for the loan.
- Firstly, you have to visit the official website of PM Svanidhi Loan scheme
- Afterwards, you have to click on the log in button
- Thirdly, you have to fill your mobile number
- After that, you have to fill in the captcha
- Finally, you will receive an OTP on your mobile number
- Further, you have to select your vendor category
- Once you are done, now you have to enter the Survey Reference number, or SRN
- Once you have filled in your details, next you have to fill out the application form.
- In the last you have to upload all the required documents.
- And finally, click submit.