New Delhi: Launched in 2020, the PM SVANidhi Scheme is a government initiative designed to give street vendors a financial boost. Under this scheme, small vendors can get easy, collateral-free working capital loans starting from Rs 10,000, with the chance to avail higher amounts of Rs 20,000 and Rs 50,000 later. The scheme not only provides affordable credit with a 7 per cent interest subsidy but also encourages vendors to adopt digital transactions, helping them grow their businesses with greater stability.
When Was the PM SVANidhi Scheme Launched?
The PM SVANidhi Scheme was introduced on June 1, 2020, by the Ministry of Housing and Urban Affairs (MoHUA) to offer financial assistance to street vendors and help them sustain their livelihoods.
Benefits of the PM SVANidhi Scheme
– Get a 7 per cent annual interest subsidy on timely loan repayments.
– Earn up to Rs 1,200 cashback every year for using digital transactions.
– Increase your loan amount by repaying on time or ahead of schedule.
– No extra charges for paying off the loan early.
Who Can Apply for the PM SVANidhi Scheme?
To apply for the PM SVANidhi Scheme, street vendors must meet certain eligibility criteria:
– Vendors with a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs).
– Vendors identified in ULB surveys but without a Certificate of Vending or Identity Card.
– Vendors who started vending after the ULB survey or were left out of it, with a Letter of Recommendation (LoR) from the ULB or Town Vending Committee (TVC).
– Vendors from peri-urban or rural areas operating within ULB limits, who have an LoR issued by the ULB or TVC.
This ensures that all eligible street vendors, including new and previously unregistered ones, can benefit from the scheme.
Documents Needed for PM SVANidhi Scheme
To avail loans under the PM SVANidhi Scheme, street vendors need to submit certain documents, which vary based on their category:
For Category A & B Vendors
(Vendors with a Certificate of Vending or Identity Card issued by ULBs, or identified in ULB surveys)
– Certificate of Vending
– Identity Card
For Category C & D Vendors
(Vendors with a Letter of Recommendation from ULB/TVC or from peri-urban/rural areas operating within ULB limits)
– Letter of Recommendation (LoR)
KYC documents such as:
– Aadhaar Card
– Voter ID
– Driving License
– MNREGA Card
– PAN Card
Additional documents for LoR holders:
– Account Statement/Passbook
– Membership Card or other proof of association
– Any other proof to confirm vendor status
– Request letter to ULB
For Second Loan
– Loan closure document from the first loan
These documents ensure that vendors can easily access benefits while maintaining transparency and eligibility verification.
How to Apply for the PM SVANidhi Scheme
Applying for the PM SVANidhi Scheme is simple. Follow these steps:
1. Visit the official website: pmsvanidhi.mohua.gov.in
2. Login: Click on the “Login” button on the homepage and select Applicant.
3. Enter details: You’ll be redirected to the login portal—enter your mobile number and captcha, then generate an OTP.
4. Select Vendor Category: Choose your category and enter your Survey Reference Number (SRN).
5. Fill in the form: Complete all the required details accurately.
Once submitted, your application will be processed, making it easier for eligible vendors to access loans and benefits.