The PM SVANidhi Scheme, officially known as the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi, is a government initiative designed to provide financial assistance to street vendors in urban areas. Launched in June 2020 by the Ministry of Housing and Urban Affairs (MoHUA), the scheme has been extended until March 31, 2030, with a total financial outlay of ₹7,332 crore.
Key Features of the PM SVANidhi Scheme
Collateral-Free Working Capital Loans: Vendors can avail loans without the need for collateral, making it accessible to a wider range of street vendors.
Increased Loan Limits: The scheme offers loans in three tranches: ₹15,000 for the first loan, ₹25,000 for the second, and ₹50,000 for the third, based on timely repayment.
Interest Subsidy: Vendors are eligible for a 7% annual interest subsidy on timely or early repayment of loans.
Digital Transaction Incentives: Encourage vendors to adopt digital payment methods by providing cashback incentives for digital transactions.
UPI-Linked RuPay Credit Card: Vendors can obtain a UPI-linked RuPay credit card with a ₹30,000 limit after repaying the second loan, providing immediate credit for business needs.
Eligibility Criteria
To be eligible for the PM SVANidhi Scheme, applicants must:
Street Vendor: Engaged in vending activities in urban areas.
Possess Valid Identification: Hold a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs).
Letter of Recommendation (LoR): Vendors identified in ULB surveys but without a Certificate of Vending can apply with a LoR from the ULB or Town Vending Committee.
Peri-Urban or Rural Vendors: Vendors from surrounding development/peri-urban/rural areas vending within ULB limits, with an LoR from the ULB or TVC, are also eligible.
PM-SVANidhi Scheme: Required Documents
Applicants must provide the following documents:
Identity Proof: Aadhaar Card, Voter ID, Driving License, MGNREGA Card, or PAN Card.
Vending Proof: Certificate of Vending, Identity Card, or Letter of Recommendation from ULB/TVC.
Bank Details: Bank account details with IFSC code.
Photograph: Recent passport-size photograph.
Survey Reference Number (SRN): For vendors identified in ULB surveys.
PM-SVANidhi Scheme: How to Apply
Vendors can apply for the PM SVANidhi Scheme through the following steps:
Go to the PM SVANidhi website.
Enter mobile number and verify with OTP.
Choose the appropriate category based on your vending status.
Provide personal, bank, and vending details.
Attach the required documents.
Review and submit your application.
The application will be verified by the local urban body, and upon approval, the loan amount will be credited to your bank account.
Benefits of the Scheme
Financial Inclusion: Provides street vendors with access to formal financial services.
Business Growth: Enables vendors to expand their businesses with additional working capital.
Digital Empowerment: Promotes the adoption of digital payment methods among vendors.
Credit Building: Helps vendors build a credit history, facilitating future access to loans.
For more information and to apply, visit the official PM SVANidhi portal.
PM-SVANidhi Scheme: Important Dates
Scheme Launch Date: June 1, 2020
Application Deadline: Ongoing until March 31, 2030
Loan Disbursement Dates: Loans are disbursed as per the application approval and verification process.
