PM SVANidhi Scheme

Introduction

• PM SVANidhi Scheme is the Central Sector Scheme.
• It was launched in the year 2020 by Ministry of Housing & Urban Affairs.
• PM SVANidhi stands for Prime Minister Street Vendor's AtmaNirbhar Nidhi Scheme.
• Lots of small businesses get affected or closed permanently due to covid lockdown.
• So the main objective behind launching PM SVANidhi Scheme is to empower Street Vendors across the nation.
• It is a special micro credit facility for the welfare of Street Vendors.
• Under PM SVANidhi Scheme, Government of India will provide small term loans to the Street Vendors of the Country.
• Loan will be provided as a working capital loan so that they can invest the amount in their businesses.
• Initial loan of Rs. 10,000/- will be given to the street vendors for the period of 1 year.
• If the street vendor returns the loan amount within one year, then his/her loan limit will be increased to Rs. 20,000 first and thereafter Rs. 50,000/.
• Government will also provide interest subsidy of 7 percent on the given loans.
• There is no collateral security is required to take loan under PM SVANidhi Scheme.
• Now the Government of India extended the time period of PM SVANidhi Scheme till December 2024.
• Eligible Street Vendors can apply for PM SVANidhi Loans through PMSVANidhi Scheme Portal.

Benefits of Scheme

• Short Term Working Capital Loan up to :-
  • Rs. 10,000/-.
  • Rs. 20,000/-.
  • Rs. 50,000/-.
• No Collateral Required.
• Interest Subsidy of @ 7% on Timely or Early Repayment.
• Monthly Cashback on Digital Transactions.

Eligibility Conditions

• Applicant should be a Street Vendor.
• Application should be a holder of any of the below mentioned card :-
  • Certificate of Vending.
  • Identity Card issued by Urban Local Bodies.
  • Letter of Recommendation from Town Vending Committee.

Documents Required

• Survey Reference Number.
• Any One of the Street Vending Proof :-
  • Vendor Identity Card.
  • Certificate of Vending.
  • Letter of Recommendation from TVC.
• Aadhar Card.
• Aadhar Linked Mobile Number.
• Any one of the document for KYC :-
  • Aadhar Card.
  • Voter Identity Card.
  • Driving Licence.
  • MNREGA Card.
  • PAN Card.

How to Apply

• Applicant has to visit PM SVANidhi Portal to apply Online.
• Login by providing your mobile number.
• Portal will verify the mobile number by sending OTP.
• After Login, Choose one of the eligibility category :-
  • Vendor Identity Card.
  • Certificate of Vending.
  • Letter of Recommendation from TVC.
• Fill the Application Form pf PM SVANidhi Scheme and Upload all the KYC Documents.
• Submit the Application Form.
• Now the lending financial institutions will contact the applicant.
• After verification of documents, the loan amount will be credited to the bank account of Street Vendor.

Features of the Scheme

• The vendor will be eligible for the second loan cycle only after the first loan is repaid.
• Interest subsidy will be directly credited into the borrower account.
• Monthly Cashback will be received by the vendor ranging from Rs. 50/- to Rs. 100/- as per following criteria :-

  Transactions (Per Month)	Monthly Cashback
  50	Rs. 50/-
  100	Rs. 75/-
  200	Rs. 100/-

• Loan will be approved within 30 days of application.
• Vendor can avail the benefit of PM SVANidhi Scheme from the following lending institutions :-
  • Schedule Commercial Banks.
  • Regional Rural Banks.
  • Small Finance Banks.
  • Cooperative Banks.
  • Non Banking Financial Companies.
  • Micro Finance Institutions.
  • Self Help Group Banks.
• Mobile Number linked with Aadhar Card and Aadhar Card is mandatory to apply.

Street Vendors Eligible Under PM SVANidhi Scheme

• The below mentioned Street Vendors are eligible to get short term loan under Pradhanmantri SVANidhi Scheme :-
  • Hawkers.
  • Rehriwala.
  • Thelewala.
  • Services like Barber Shops.
  • Theli Phadwala.
  • Pan Shops.
  • Cobblers.
  • Laundry Services.
  • Vegetable Sellers.
  • Person Working in Temporary Built up Structure etc.

Important links

• PM SVANidhi Scheme Online Apply.
• PM SVANidhi Scheme Application Status.
• PM SVANidhi Scheme Mobile Number Change.
• PM SVANidhi Scheme Vendor Survey List.
• PM SVANidhi Scheme Portal.
• PM SVANidhi Scheme Guidelines.
• PM SVANidhi Scheme FAQs.
• PM SVANidhi Scheme Mobile App.

Contact Details

• PM SVANidhi Scheme Helpline Number :- 1800111979.
• PMSVANidhi Scheme Grievance Helpline Number :- 011 23062850.
• PM SVANidhi Scheme Helpdesk Email :-
  • portal.pmsvanidhi@sidbi.in.
  • pmsvanidhi.support@sidbi.in.
• Ministry of Housing and Urban Affairs, Government of India,
  Nirman Bhawan, Maulana Azad Road,
  New Delhi - 110011.