PM Svanidhi Scheme

PM Svanidhi Scheme: Empowering Street Vendors in India

Your comprehensive guide to understanding and applying for the PM Svanidhi Scheme.

• Introduction
• Key Features
• Benefits
• Eligibility Criteria
• How to Apply
• FAQs

Introduction

The Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM Svanidhi) Scheme was launched by the Government of India to provide financial support to street vendors affected by the COVID-19 pandemic. The scheme aims to empower street vendors by offering them access to affordable credit for resuming and expanding their businesses.

Key Features

• Collateral-free working capital loans up to Rs. 10,000.
• Flexible repayment tenure of one year.
• Interest subsidy of 7% per annum on timely repayment.
• Monthly cashback incentives for digital transactions.
• Integration with credit rating systems to enhance creditworthiness.

Benefits of the PM Svanidhi Scheme

The scheme provides significant benefits to street vendors, including:

• Access to affordable credit without collateral.
• Increased financial inclusion through digital transactions.
• Opportunity to expand businesses and improve livelihood.
• Support for repayment through interest subsidies.
• Enhanced credit score for future borrowing opportunities.

Eligibility Criteria

To qualify for the PM Svanidhi Scheme, applicants must meet the following criteria:

• Must be a street vendor operating in urban or peri-urban areas.
• Possess a valid vending certificate or identity card issued by the Urban Local Body (ULB).
• Vendors without identity cards can obtain a Letter of Recommendation from the ULB or Town Vending Committee.

How to Apply

1. Visit the official PM Svanidhi portal at pmsvanidhi.mohua.gov.in.
2. Register using your mobile number and Aadhaar details.
3. Fill out the application form with your personal and business details.
4. Upload the required documents, including ID proof and vending certificate.
5. Submit the application and track its status online.

Frequently Asked Questions (FAQs)

1. What is the loan amount provided under the scheme?

Street vendors can avail a working capital loan of up to Rs. 10,000 under the PM Svanidhi Scheme.

2. Is collateral required for the loan?

No, the loan is collateral-free, making it accessible to all eligible vendors.

3. What happens if I repay the loan on time?

Timely repayment makes you eligible for a 7% annual interest subsidy and a higher loan amount in subsequent cycles.

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