PM SVANidhi Scheme: Government Sanctions Loans to over 48,000 Street Vendors; Direct Link to Apply Here

So far, around 1,54,000 street vendors have applied for loans across different States/ UTs, out of which more than 48,000 have already been sanctioned under Government’s recently launched PM SVANidhi Scheme.

Abha Toppo Updated 20 July, 2020 12:58 PM IST

What is PM SVANidhi Yojana?

The Ministry of Housing and Urban Affairs launched PM SVANidhi yojana on 1^st June 2020, with the aim to provide reasonable working capital loan to the street vendors to restart their livelihoods that have been adversely affected due to Coronavirus lockdown.

The launch event was held through a video conference wherein senior officials from the Ministry, Principal Secretaries dealing with Urban Development Department & many other officials from the States & UTs participated.

Benefit of PM SVANidhi Yojana

This scheme targets to benefit over 50 lakh street vendors who had been vending on or before 24 March, 2020, in urban areas including those from surrounding peri-urban/ rural areas.

Under this government scheme, the vendors can take a working capital loan of up to Rs. 10,000 that is repayable in monthly instalments in the tenure of 1 year. On timely or early repayment of loan, an interest subsidy @ 7 percent per annum would be credited to the bank accounts of beneficiaries via Direct Benefit Transfer on quarterly basis. In addition there will be no penalty on early repayment of the loan. PM SVANidhi promotes digital transactions via cash back incentives up to an amount of Rs. 100 / month.

PM SVANidhi Mobile App

The Modi Government also launched the mobile app of PM Street Vendor’s AtmaNirbhar Nidhi or PM SVANidhi Scheme on 17^th July 2020.

The mobile application aims to provide user friendly digital interface for Lending Institutions (LIs) & their field functionaries for sourcing as well as processing loan applications of street vendors under this Government Scheme.

Ministry of Housing and Urban Affairs had launched the website on 29^th June 2020. All the features in this app is similar to PM SVANidhi web portal along with an added feature of easy portability.

The features include e-KYC of applicants, processing of applications, real time monitoring and vendor search in the survey data. You can download the app from Google play store for use by the LIs & their field functionaries.