PM SVANidhi Yojna is Prime Minister Street Vendor's AtmaNirbhar Nidhi Scheme. The Ministry of Housing & Urban Affairs has recently launched PM SVANidhi that offers a working capital loan up to Rs 50,000 for one year to street vendors. It is estimated that the scheme will benefit almost 50 lakh people. It is a collateral free scheme and no asset is required to get the PM SVANidhi loan sanction. They get Graded Credit Guarantee through CGTMSE.
The objective of the scheme is to facilitate easy credit for street vendors engaged in vending business and help them expand their businesses in urban, peri-urban and rural areas. A wide base of lending institutions offer SVANidhi credit loan. , Hawkers and vendors are advised to contact Urban Local Body (ULB)/ Common Service Centre (CSC)/ Banking Correspondent (BC)/ Agent of Micro Finance Institution to get more information. This is an easy credit opportunity for recognized small hawkers and vendors to expand and grow their business.
Scheduled commercial banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non Banking Financial Companies, Micro Finance Institutions and SHGs.
Under PM SVANidhi, a vendor becomes eligible for a no collateral loan up to Rs 50,000. In the first tranche or phase, the borrower will get up to Rs 10,000 for 1 year, and on successful repayment, they will become eligible for addition loan amount of Rs 20,000. After successful repayment of second loan, the person will become eligible for the third tranche of Rs 50,000.
The vendor needs to provide Vendor Certificate/ letter of recommendation (LoR) along with Aadhaar (Except in Assam & Meghalaya), Voter ID (Except in Assam & Meghalaya), Driving License, MNREGA Card and PAN Card.
The government offers interest subsidy of 7% which is directly credited in the Savings Account on quarterly basis. In case of prepayment, the amount of subsidy is credited as lumpsum amount. For instance, for a loan of Rs 10000, on repayment of 12 EMIs, you get approximately Rs 400 as interest subsidy on your loan.
A vendor can apply for PM SVANidhi loan online or offline with the help of a Mitra/ Agent. To apply for PM SVANidhi loan, a vendor should contact ULB/ Common Service Centre (CSC) / Banking Correspondent (BC)/ Agent of Micro Finance Institution. They will assist with the entire process and you can upload the required documents in a mobile app/ portal.
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