Learn about the PM SVANidhi Scheme, which provides up to ₹80,000 loan without collateral to street vendors. Find out eligibility, application process, benefits, and how to apply online or offline.

PM SVANidhi Scheme: Financial Support for Street Vendors

The Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) Scheme is a government initiative that offers collateral-free loans up to ₹80,000 to street vendors in three phases. This scheme provides 7% interest subsidy and offers cashback benefits on digital transactions, making it an attractive financing option for small businesses.

As of now, the scheme has disbursed loans worth ₹13,772 crore to 95.99 lakh applicants.

Loan Structure: Three Phases of PM SVANidhi Scheme

The PM SVANidhi Scheme allows street vendors to access loans in three progressive stages:

1st Phase: ₹10,000 Loan

Initial loan of up to ₹10,000.

Repayment period: 12 months.

On-time repayment qualifies the applicant for the second phase.

2nd Phase: ₹20,000 Loan

After repaying the first loan, the vendor can apply for ₹20,000 loan.

Repayment period: 18 months.

Timely repayment qualifies the applicant for the final loan phase.

3rd Phase: ₹50,000 Loan

After repaying the second loan, vendors can apply for ₹50,000 loan.

Repayment period: 36 months.

Additional Benefits:

7% interest subsidy, reducing the overall loan burden.

₹1 cashback per digital transaction to encourage digital payments.

Eligibility Criteria for PM SVANidhi Scheme

To apply for the PM SVANidhi loan, applicants must meet the following conditions:

The applicant must be an Indian citizen aged 18 years or above.

The applicant must be a street vendor operating in urban areas.

A Vending Certificate issued by the local authority is required.

If a Vending Certificate is unavailable, vendors identified in surveys can apply for a Provisional Identification Certificate.

How to Apply for PM SVANidhi Loan?

Online Application Process:

Visit the official PM SVANidhi portal: pmsvanidhi.mohua.gov.in.

Follow the instructions and submit the application.

Offline Application Process:

Visit the nearest government bank.

Request the PM SVANidhi application form and fill it out.

Attach the required documents and submit the form.

Required Documents for PM SVANidhi Loan Application

To apply for a PM SVANidhi loan, you need the following documents:

Aadhar Card (linked with mobile number)

PAN Card (if available)

Vending Certificate or Provisional Identification Certificate

Bank account details

Loan Approval Process

The bank verifies the application and submitted documents.

If approved, the loan amount is directly transferred to the applicant's bank account.

Current Status of PM SVANidhi Loan Disbursement

₹13,772 crore worth of loans have been disbursed.

95.99 lakh street vendors have benefited from the scheme.

Conclusion: PM SVANidhi – A Boon for Street Vendors

The PM SVANidhi Scheme has emerged as a lifeline for small vendors, providing them easy access to credit without collateral. With affordable interest rates, cashback incentives, and progressive loan stages, this initiative is helping small businesses grow and thrive.

For more updates on government schemes, financial aid, and business growth strategies, visit Atharva Examwise.

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By Team Atharva Examwise #atharvaexamwise