The PM SVANidhi scheme, officially named Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi, is a financial initiative launched by the indian government on june 1, 2020, aimed at supporting street vendors affected by the COVID-19 pandemic. This scheme provides collateral-free working capital loans of up to ₹10,000 to eligible vendors, helping them restart and expand their businesses.
Eligibility for the PM SVANidhi scheme includes a diverse range of individuals operating in urban areas, such as street vendors, hawkers, small traders, and service providers like cobblers and barbers. It specifically targets those whose livelihoods were disrupted due to pandemic-related restrictions or who had to relocate.
Key features of the PM SVANidhi scheme include:
1. Collateral-free Loans: The initial loan of up to ₹10,000 is available without collateral.
2. Subsequent Loans: After timely repayment of the first loan, vendors can apply for a second loan of up to ₹20,000 and a third loan of up to ₹50,000 to further grow their businesses.
3. Interest Subsidy: Vendors receive a 7% annual interest subsidy credited quarterly to their bank accounts.
4. Flexible Repayment: Loans have a tenure of 12 months with adaptable repayment options.
5. No Processing Fee: The scheme does not charge any processing fees, enhancing accessibility for financially vulnerable vendors.
To apply for the PM SVANidhi scheme, applicants can follow these steps:
1. Visit the official portal at pmsvanidhi.mohua.gov.in.
2. Fill out the online application with basic personal details.
3. Submit the necessary documents, including Aadhaar, bank account information, and vendor certificate.
4. Choose a preferred lender from the available options.
5. Await approval and loan disbursal, typically processed within 7-10 working days, with funds transferred directly to the applicant's bank account.
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