Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana 2022 (PM SVANidhi Yojana): Apply Online

Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana | PM SVANidhi | pm svanidhi loan apply online

As we all know the street vendors are very badly hit during the Covid 19 pandemic lockdown. To help and encourage them the Central government started Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana. Under this scheme, the state government will grant working capital loans. Today in this article we will provide the complete details about the PM SVANidhi Yojana such as eligibility, documents required, objectives, benefits, how to apply for it, etc so that it will be easier for you guys to understand and apply for the scheme so be with us till the end of the article.
PM SVANidhi Yojana
PM SVANidhi Yojana

PM SVANidhi Yojana

To help the street vendors the Ministry of Housing and Urban Affairs has launched the Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana in June 2020. This is a micro-finance scheme, under this scheme the government will grant the loan upto Rs 10,000 at an interest subsidy of 7 percent at early or timely repayment of loans. On timely and early repayment of the loan, the vendor will be eligible to take the next loan upto Rs 50,000. The amount of interest subsidy will be transferred quarterly to the borrower’s account.  The lender can claim interest subsidies for the quarter ending June 30, September 30, December 31, and March 31 during each financial year. Initially, the tenure of this scheme is upto 2022 but the government has extended into till 2024.
Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana Highlights
About PM SVANidhi Scheme
Started By Ministry of Housing and Urban Affairs
Started On 1st June 2020
Objective To provide the working capital loans to the street vendors
Beneficiary Street Vendors
Official Website Click Here

Objective Of PM SVANidhi Yojana

  • To provide affordable work loans to street vendors so that they can resume their livelihood.
  • To promote digitalization(online payment) by giving them cashback offers.
  • To encourage regular repayment of loans by offering an interest subsidy of 7% p.a.

Beneficiary List

Under the PM SVANidhi, over 50 lakhs vendors will be benefited. Target vendors are like goods supplied by them include vegetables, fruits, ready-to-eat street food, tea, pakodas, bread, eggs, textile, apparel, footwear, artisan products, books/ stationary, barber shops, cobblers, pan shops, laundry services, etc.

Important Features Of PM SVANidhi Yojana

  • Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana is a central government scheme, which means every street vendor in our country can get the benefits of this scheme.
  • This is a micro financial scheme to help the street vendor to grow their business by proving affordable loans.
  • A street vendor can avail of a loan of upto Rs 10,000 and on timely and early repayment a vendor will be eligible for the next cycle of the working capital loan with an enhanced limit of Rs 50,000.
  • Lendor will get a benefit of interest subsidy of 7% on early repayment of Loan.
  • The subsidy amount will be directly transferred into a beneficiary bank account.
  • They do not have to provide any kind of collateral security to get a loan.

Lending Institutes Under Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana

The loan proving institute under Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana are:
  • Scheduled Commercial Banks.
  • Regional Rural Banks.
  • Cooperative Banks.
  • Non-Banking Financial Companies.
  • Micro-Finance Institutions.
  • Self Help Groups (SHG) Banks.

Eligibility Criteria Of PM SVANidhi Yojana

The eligibility criteria to apply for Prime Minister Street Vendor AtmaNirbhar Nidhi Yojana are:
  • Vendors from those Union Territories/States which have notified the rules and scheme under the Street Vendors (Protection of Livelihoods and Regulation of Street Vending) Act, 2014 can avail the benefit of this scheme.
  • Vendors from Assam, Meghalaya, which has its own State Street Vendors Act can apply for this scheme.
  • Street vendors must have Vending Certificate / Identity Card issued by Urban.
  • The vendors have been identified in the survey but vending Certificate / Identity Card has not been issued.
    1. For such vendors through an IT-based platform a provisional certificate if vending would be generated.
    2. Such vendors can go to ULBs they issued a permanent certificate of vending and identification card immediately, which will you get within 1 month.
  • If a vendor is left out of the survey, or if he/she started vending after completion of the survey and has a letter of recommendation issued by the ULB / Town Vending Committee (TVC).

Pre-Application Steps Of PM SVANidhi Scheme

  • Venod must the loan application requirement.
  • Venod should ensure that their mobile number is linked to the aadhar card.
  • Venod has to check their eligibility to get the loan.

How To Apply For PM SVANidhi Yojana?

  • First of all, you have to visit the official website of the PM SVANidhi.
  • On the home page, you have to click on the Apply Loan 10K.
  • Now enter your mobile number and click on request OTP.
  • Then enter the OTP received on your mobile number and click on verify OTP.
  • Now select the Vendor Category.
    1. Category A vendors have to provide their SRN and have to upload the vending certificate/identity proof.
    2. Category-C and Category-D vendors are required to upload their LoR (Letter of Recommendation).
  • After uploading the documents, enter your aadhar card number and verify by entering the OTP received, and then click on Submit.
  • Now an application form will open on your screen, fill in all the details carefully like name, address, vending activity, etc.
  • After filling out the form, tick the box and click on submit.
  • Now you have successfully applied for the PM SVANidhi Scheme and you will get the application number for future use.

How To Check Application Status Of PM SVANidhi Scheme?

  • First of all, you have to visit the official website of the PM SVANidhi Yojana.
  • On the home page, you have to click on the Know your application status.
  • Now a form will open on your screen, you have to enter the Application number, mobile number, and OTP and click on search.
  • Now the status of your application will be displayed on your screen.

Contact Details

You can visit your nearest Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Bank,  Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs), and SHG Banks. To know more in English Click Here. To know more in Hindi Click Here NOTE:- Stay connected to our website Yojanapm for information about any scheme related to Central Government and State Government.

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