What is PM SVANidhi Scheme?

PM SVANidhi, or the Prime Minister Street Vendor’s AtmaNirbhar Nidhi, is a central government scheme that was launched in June 2020. The scheme aims to provide micro-credit facilities to street vendors that were affected because of the Coronavirus pandemic. The scheme provides collateral-free working capital loans to the beneficiaries. 

Objectives of the PM SVANidhi Scheme

The main objective of the PM SVANidhi scheme is to help 50 Lakh vendors across India. The economic condition of these vendors was affected due to the lockdown imposed during the Coronavirus pandemic. The scheme aims to achieve the following objectives:

Help the street vendors find economic stability by providing unsecured working capital loans of up to ₹10,000

To incentivise regular loan repayments as per the schedule

To reward vendors with cashback if they process the payments digitally

Features of the PM SVANidhi Yojana

Some of the salient features of the Pradhan Mantri SVANidhi Yojana are as follows: 

Loan Amount: This central government scheme provides handholding support to street vendors in the form of unsecured loans of up to ₹10,000. 

Repayment Tenure: The beneficiaries of the scheme can repay the loan amount over a period of 12 months.

Prepayment Benefit: The scheme also provides a subsidy of 7% on the interest amount if you repay the loan amount before the scheduled tenure. The subsidy is directly transferred to their bank account through Direct Benefit Transfer.

Collateral-Free Loan: These loans are unsecured, which means that the beneficiaries do not have to put up an asset as collateral.

Incentive for Digital Transactions: In order to promote digital transactions, the MoUHA (The Ministry of Urban and Housing Affairs) is providing cashback if you repay the loan digitally.

PM SVANidhi Loan Interest Rate

The PM SVANidhi interest rate remains similar to the interest rates of the loans provided by the following entities: 

Scheduled Commercial Banks (SCBs)

Regional Rural Banks (RRBs)

Small Finance Banks (SFBs)

SHGs (self-help groups)

Cooperative banks

On the other hand, the rate of interest will depend on the RBI guidelines if you avail of this loan from the following:

Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIs)

PM SVANidhi Yojana Eligibility Criteria

1. Eligibility Criteria of UT/States 

The following are the eligibility criteria for UTs/States where the PM SVANidhi Scheme can be implemented: 

The scheme can only be availed by you if your State/UT issues a certificate through Town Vending Committee (TVC). The TVC must conduct a survey under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act of 2014.

As Meghalaya has its own state-level legislation for street vendors, you can avail of this scheme if you are a resident of Meghalaya.

2. Eligibility Criteria for Beneficiaries 

The PM SVANidhi eligibility criteria for the beneficiaries are as follows:

You can avail of this scheme only if you have been a street vendor before the cut-off date of March 24, 2020.

To avail of this loan, you must have a vending certificate/identity card issued by the concerned Urban Local Body (ULB).

In case you do not possess such a certificate or identity card, you can avail of this scheme by presenting a provisional certificate. This provisional certificate has to be issued by the concerned ULB.

To get the benefit of PM SVANidhi Yojana, you must furnish a permanent certificate from the concerned ULB. The permanent certificate needs to be issued within 30 days of issuance of the provisional certificate.

If you started your business after the survey conducted by the TVC, you can obtain a Letter of Recommendation (LoR). The LoR will help you avail yourself of the benefits provided under this scheme.

PM SVANidhi Login Process

If you are a beneficiary under the PM SVANidhi scheme, you can initiate the login process. All you have to do is visit the official website of the PM SVANidhi scheme using your credentials. Follow these simple steps to log in to this scheme’s official webpage:

Step 1: Visit the official PM SVANidhi website and click on “Login”.

Step 2: Enter your username and password. Wait to receive an OTP.

Step 3: Now, enter the OTP received and click on “Submit”. You have successfully logged into your account on the PM SVANidhi website.

After you have logged in to the website, you can check the status of your loan application and other facilities available under the scheme. 

Pre-Application Steps of the PM SVANidhi Scheme

Before you apply for the Pradhan Mantri SVANidhi Yojana, you must follow these steps to complete the pre-application procedure: 

You must carefully evaluate your business expenses and understand loan requirements

Ensure that your mobile number is linked to your Aadhaar card. You will be required to authenticate your identity using the OTP received on the mobile number linked to the Aadhaar card. 

Before applying for the scheme, take a look at the eligibility criteria to make sure you fulfil them. In addition, ensure that you have all the required documents (vending certificate or LoR) to prove your eligibility.

How to Apply for a Loan Under PM SVANidhi Scheme?

To avail of benefits provided under the PM SVANidhi loan, apply online using the following easing steps: 

Step 1: Visit the official website of PM Street Vendor’s Atmanirbhar Nidhi

Step 2: Click on the ‘Apply Loan 10K’ button provided at the top of the home page

Step 3: Enter your mobile number and captcha

Step 4: Click on the ‘Request OTP’ button

Step 5: Enter the OTP received on your mobile number and hit the ‘Verify OTP’ button

Step 6: Choose your vendor category

Step 7: Upload the required documents (Survey Reference Number and vending certificate for Category-A and LoR for Category-C and Category-D)

Step 8: Enter your Aadhaar card number and verify it using the OTP 

Step 9: Click on the ‘Submit’ button to proceed ahead

Step 10: Agree to declaration and authorisation by ticking the checkbox

Step 11: Click on the ‘Submit’ button to complete the application process

Remember to note down your application number to check the status of the loan application and any other future references. 

How to Apply for a Letter of Recommendation (LoR) by Street Vendors Under PM SVANidhi?

If you do not possess a vending certificate issued by the TVC, you can also still avail yourself of the benefits of this scheme. All you need is a Letter of Recommendation (LoR) from your concerned Urban Local Body (ULB).

You can apply for a Letter of Recommendation (LoR) easily on PM SVANidhi Yojana website by following these simple steps:

Step 1: Visit the official website of the PM SVANidhi Scheme

Step 2: Click on the ‘Apply for LoR’ button provided at the top of the homepage

Step 3: Enter your mobile number and hit the ‘Request OTP’ button

Step 4: Enter the OTP received on your Aadhar-linked mobile number and click on ‘Verify’

Step 5: Fill in accurate details in the LoR application form

Step 6: Upload the required documents, which include: 

Proof of any loan taken in the past from a financial institution (bank/NBFC) for the purpose of vending

Proof of having availed of one-time assistance from the state/UT. Certain states/UTs were providing one-time assistance to vendors during the lockdown

Membership details of any of the vendor associations

Any other document that certifies that they are a legitimate street vendor

Step 7: Click on the ‘Submit’ button when you have submitted all the required documents

Remember to note down your LoR application number for future reference.

How to Check Your PM SVANidhi Loan Status Online?

To check your PM SVANidhi loan survey status, follow the steps mentioned below:

Step 1: Visit the official PM SVANidhi website

Step 2: Click on ‘Street Vendor Survey Search’

Step 3: Fill in the required details including: 

Your State and ULB name 

Vendor Certificate or ID card number

Your name

Your father’s or spouse’s name

Aadhar-linked mobile number

Step 4: Click on the ‘Search’ button to check your survey status

Impact of the PM SVANidhi Scheme

The Pradhan Mantri SVANidhi Yojana aims to provide support to more than 50 Lakh Street Vendors across the country. The businesses of these vendors were affected due to the lockdown imposed in the wake of the Coronavirus pandemic. 

The Scheme has been able to leave the following positive impacts: 

Approximately 47.56 Lakh loan applications have been received under the scheme in the first term. Of these, about 37.29 Lakh loans have been sanctioned, of which more than 34.34 Lakh loans have been successfully disbursed.

A total loan amount of ₹3,812 Crores has been sanctioned, of which ₹3,445 Crores has been successfully disbursed.

A total cashback of over ₹11.5 Crores has been disbursed, and a total interest subsidy of ₹51.78 Crores has been paid to the beneficiaries.

Top 5 Performing States of the PM SVANidhi Scheme

These five states have been top performers under the PM SVANidhi Scheme: 

Andhra Pradesh

Madhya Pradesh

Uttar Pradesh

Gujarat

Telangana 

Objectives of the Scheme During COVID

The objective of the scheme during the COVID pandemic was to provide street vendors with handholding support to the street vendors. Due to the restrictions imposed, this class of citizens were among the worst affected citizens. 

Implementation Partner for PM SVANidhi

The Ministry of Urban and Housing Affairs (MoUHA) is the nodal agency that is overseeing the implementation of the PM SVANidhi scheme. 

Moreover, the Small Industries Development Bank of India (SIDBI) has been appointed as the implementation partner to assist the Ministry. For its effective implementation, the SIDBI is working with the following entities:

Scheduled Commercial Banks (SCBs)

Regional Rural Banks (RRBs)

Small Finance Banks (SFBs)

Cooperative Banks

Non-Banking Finance Corporations (NBFCs)

Micro Finance Institutions (MFIs)

Lending Institutions under PM SVANidhi

The following are the lending institutions that are providing loans to the beneficiaries under the PM SVANidihi Yojana:

Scheduled Commercial Banks (SCBs)

Regional Rural Banks (RRBs)

Small Finance Banks (SFBs)

Cooperative Banks

Non-Banking Finance Corporations (NBFCs)

Micro Finance Institutions (MFIs)

Self-Help Groups (SHGs)

Non-Banking Financial Companies (NBFCs)

Read on to know more about the PM SVANidhi Yojana and who is eligible to avail of this facility

The central government has launched a scheme which is targeted at over 50 lakh street vendors. The Ministry of Housing and Urban Affairs launched the scheme. Street vendors in the vicinity of urban areas and peri-urban/rural areas will also be able to access the scheme. Since the initiation of the lending process under PM Svanidi on July 02, 2020, more than 1,54,000 street vendors have applied for work capital loans from across India. More than 48,000 have been approved.

Objective of the scheme

Street vendors who sell fruits, vegetables or set up small shops along rural and urban roads in the country can get a loan of Rs 10000 under this self-financing scheme by the government. will be

The street vendors who repay these loans on time will be transferred by the government to their accounts as seven percent annual interest subsidy. Interested beneficiaries of the country who want to avail this scheme, they have to apply under this scheme. Under the Street Vendor Self-Reliance Fund, more than 50 lakh people, vendors, hawkers, hawkers, street vendors, etc. will be benefited from this scheme.

PM Swanidhi Yojana 2023

PM Swanidhi Yojana useful document

  • Aadhaar Card of the applicant
  • Voter ID Card
  • Bank account passbook
  • mobile no
  • Passport size photograph

PM Swanidhi Yojana Important Information

First of all, the borrower’s mobile number must be linked with Aadhaar.

This loan will be available only to those who were engaged in such work on or before 24 March 2020.

The duration of this loan scheme is only till March 2022 so those who need it should complete the process soon.

Urban, semi-urban and rural sellers can avail this loan.

Subsidy available on interest on these loans is directly transferred to the account on a quarterly basis.

  • Who will get help?
  • Barber shops
  • shoe knot (cobbler)
  • Pan Shops (Panwari)
  • Laundry shops
  • Vegetable seller
  • fruit seller
  • Ready to eat street food
  • A tea shop
  • Bread, dumpling and egg sellers
  • Fairies who sell clothes
  • Book/Stationery Installer
  • Artisan products

Complete procedure to apply online

  • Visit the official website at pmsvanidhi.mohua.gov.in
  • On the homepage, click on the ‘Apply for Loan’ tab or ‘Login as Applicant’.
  • Check out the seller category. There are 4 options of vendor category.
  • Select and proceed to fill PM Swanidhi Yojana online application form.
  • Enroll using Aadhaar Verification by entering the Aadhaar number and clicking on the ‘Verify’ button, you will get an OTP on the mobile number that is registered in the Aadhaar card.
  • After verification of Aadhaar OTP, PM Swanidhi Online Application Form will appear.
  • Fill the application form and complete the online process.

By sam