Pradhan Mantri SVANidhi Scheme | प्रधानमंत्री स्वानिधि योजना | PM SVANidhi Portal | PM Street Vendor Loan | Online Application for PM SVANidhi | PM SVANidhi Yojana Registration | Street Vendor’s AtmaNirbhar Nidhi
PM SVANidhiScheme stands for Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme. This scheme will provide credit for working capital loan up to Rs. 10,000 to the street vendors who are affected by the Covid-19 pandemic. Here, in this article, all the information related with PM SVANidhi Scheme like benefits, eligibility criteria, interest rate, application procedure etc will be provided.
Pradhan Mantri SVANidhi Yojana 2023
Due to Covid-19 pandemic and consequent lockdowns, the livelihoods of street vendors have adversely affected. All their savings might have consumed during the lockdowns. Therefore, there is an urgent need to provide working capital loan to street vendors to resume their business. As such, Pradhan Mantri SVANidhi Yojana was launched by Prime Minister Narendra Modi on 1stJune 2020. Under this scheme, the street vendors will be provided initial working capital loan up to Rs. 10,000 with tenure of 1 year. No collateral will be taken by the lending institutions. The street vendors will be eligible for higher loan facility on timely repayment of the first loan. More than 50 lakh street vendors will be benefited by this scheme.
Important facts of Pradhan Mantri SVANidhi Scheme
|Name of the Scheme||Pradhan Mantri SVANidhi Scheme|
|Full form of the Scheme||Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi|
|Government Ministry||Ministry of Housing and Urban Affairs (MoHUA)|
|Beneficiary||Street vendors of rural and urban areas.|
|Loan Amount||Rs. 10,000|
|Tenure of the loan repayment||1 year|
Features/benefits of PM SVANidhi
- It is central sector scheme for the street vendors across India.
- An initial working capital loan up to Rs. 10,000 will be provided to street vendors who are affected by the Covid-19 pandemic.
- An interest subsidy at 7% on early or timely repayment of loans.
- No collateral will be taken by the lending institutions.
- No prepayment penalty will be charged for repayment before the scheduled date.
- Higher loan eligibility on timely repayment of the first loan.
- Monthly cash-back incentive on digital transaction in the range of Rs. 50 – Rs. 100.
- The scheme will be implemented till March 2022.
Objectives of PM SVANidhi
- To provide street vendors a working capital loan up to Rs. 10,000 to resume their business.
- To incentivize regular repayment of loan.
- To reward digital transactions.
Eligibility of States/UTs for PM SVANidhi
- The scheme is available for beneficiaries to only those States/UTs which have notified Rules and Schemes under Street Vendors (Protection of Livelihood and Regulation of Street vending) Act, 2014.
- Beneficiaries from Meghalaya which has its own State Street Vendors Act, may participate.
Eligibility criteria of Beneficiaries of PM SVANidhi
The street vendors of both the rural and urban areas are eligible for PM SVANidhi. However, the eligible vendors are identified as per following criteria:
- Street vendors who possess Certificate of Vending/Identity card issued by Urban Local Bodies (ULBs).
- The vendors who have been identified in the survey but have not been issued Certificate of Vending/Identity Card.
- Street vendors, left out of the ULB-led identification survey or who have started vending after completion of the survey and have been issued Letter by ULB/Town Vending Committee (TVC).
- 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 the effect by the ULB/TVC.
How to identify the beneficiaries left out of the survey or belonging to the surrounding Rural Areas?
The ULB/TVC will consider any of the following documents to issue letters of recommendation while identifying the street vendors belonging to category 3 & 4 of the eligibility criteria of beneficiaries:
- The list of vendors, prepared by certain States/UTs for providing one-time assistance during the period of lockdown, OR
- A system generated request sent to ULBs/TVCs for issue of LoR based on the recommendation of the Lender after verifying the credentials of the applicant; OR
- The membership details with the vendors associations; OR
- The documents in possession of the vendor buttressing his claim of vending; OR
- Report of local enquiry conducted by UL/TVC involving Self-Help Groups (SHGs), Community Based Organizations (CBOs) etc.
Further, ULBs may adopt any other alternate way to identify such vendors with a view to ensure that all the eligible vendors are positively covered.
Interest rate for PM SVANidhi
- For Scheduled Commercial banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks & SHG Banks: Interest rate will be as per their prevailing rates of interest.
- For NBFC, NBFC-MFIs etc: Interest rates will be as per RBI guidelines for respective lender category.
- For MFIs (non NBFC) & other lender categories not covered under the RBI guidelines: Interest rates under the scheme would be applicable as per the extant RBI guidelines for NBFC-MFIs.
Subsidy under PM SVANidhi
The street vendors who avail loan under the scheme will get an interest subsidy @7%. The interest subsidy amount will be credited into the vendors’ bank account quarterly. This interest subsidy will be available up to 31st March 2022. The subsidy will be available on first and subsequent enhanced loans up to that date. In case of early payment, the admissible amount of subsidy will be credited in one go.
Promotion of Digital Transactions by Vendors
This scheme provides incentive for digital transactions to vendors through cash-back facility. Digital payment platforms like GooglePay, AmazonPay, BharatPay, PhonePe, PayTM etc will be used for digital transactions. A monthly cash-back in the range of Rs. 50 – Rs. 100 will be incentivized as per the following criteria:
- Rs 50 cash-back: 50 eligible transactions in a month.
- Rs. 25 cash-back: for the next 50 transactions in a month i.e. on reaching 100 eligible transactions. This means that Rs. 75 cash-back for making 100 eligible transactions in a month.
- Rs. 100 cash-back: For 200 eligible transactions in a month.
Here eligible transactions mean a digital payout or receipt with minimum value of Rs. 25.
Who can give loans under PM SVANidhi Yojana?
- Scheduled Commercial Banks
- Regional Rural Banks (RRBs)
- Small Finance Banks (SFBs)
- Cooperative Banks
- Non-Banking Finance Companies (NBFCs)
- Micro-Finance Institutions (MFIs)
- SHG Banks
Mandatory KYC documents required in addition to Cov/ID/LoR
- Aadhaar Card.
- Voter Identity Card
- Driving LicenseM
- MNREGA card
- PAN Card
What should be ready before applying application for PM SVANidhi?
- Mobile Number should be linked with Aadhaar.
- Name of the vendor should be checked in the survey list on the portal and Survey Reference Number (SRN) should be noted.
- If the Vendor has been covered in the survey of Urban Local Body (ULB) and have been issued Certificate of Vending (CoV) or Identity card (ID Card) by ULB or the Town Vending Committee, the vendor should have a copy of CoV or ID card.
- If the vendor who has been covered in the survey of Urban Local Body (ULB) and has not been issued Certificate of Vending or Identity card by the ULB or the Town Vending Committee, the vendor should have a provisional CoV.
- If the vendor has been left out of the ULB-led identification survey or who have started vending after completion of the survey and has been issued LoR by ULB/TVC, the vendor should have a copy of LoR.
- If the vendor has been left out of the ULB-led identification survey or who have started vending after completion of the survey and has not been issued LoR by ULB/TVC, the vendor should declare either one of the following: (a) Vendor has received One Time assistance during Covid lockdown or (b) Vendor is a member of the vending/Hawkers association.
How to Apply Loan of Rs. 10,000 or Rs. 20,000 Online for PM SVANidhi?
- First, visit the official website https://pmsvanidhi.mohua.gov.in/
- On Home Page, click Apply Loan 10K or Apply Loan 20K according to the choice.
- A new page will open. Then, provide Mobile Number and click on captcha.
- Click Request OTP. OTP is sent to the mobile number.
- Enter the OTP and Click Verify OTP.
- A new page will open. Provide Aadhaar Number.
- Now an application form will open.
- Fill up all the information asked in the application form and upload the required documents.
- Click Submit button.
Procedure to Apply for Letter of Recommendation
- First visit the official website https://pmsvanidhi.mohua.gov.in/
- From the Home Page, click Apply for LoR.
- A new page will open. Here, enter the Mobile Number and click Request OTP button.
- OTP will receive on the mobile number. Enter the OTP received and click Submit button.
- A form will open. Fill all the information details and upload the required documents.
- Click Submitbutton.
In this way, Letter of Recommendation can be applied online.
Process to change Mobile number linked with Aadhaar
- First visit the official website https://pmsvanidhi.mohua.gov.in/
- On the Home page, click on If you want to change your mobile number, please click here.
- On a new page, enter the Aadhaar number and click GET OTP.
- After receiving the OTP, enter the OTP and click Verify Aadhaar.
- A new page will open. Here, provide all the important information.
- Click Submitbutton.
7. In this way, the Aadhaar linked mobile number will be change.
Toll Free NUmber: 1800 11 1979 between 9:30 am to 6:00 pm on Monday to Saturday.
1. Who is the target beneficiary for PM SVANidhi?
Street vendors/hawkers vending in urban areas as on or before 24 March 2020, including the vendors of surrounding peri-urban and rural areas.
2. Who is Street vendor/hawker?
Ans. Any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built up structure or by moving from place to place.
3. What is the tenure of the scheme?
Ans: The scheme shall be implemented up to March 2022.