The Prime Minister’s Street Vendor AtmaNirbhar Nidhi (PM SVANidhi) Scheme is a revolutionary scheme launched by the Government of India in June 2020. The scheme aims to provide financial assistance to street vendors who were adversely affected due to the COVID-19 pandemic. The scheme is designed to empower street vendors, who often operate without formal licenses, and help them become self-reliant. In this article, we will take a closer look at the PM SVANidhi Scheme and how to apply online for this scheme.
Understanding the PM SVANidhi Scheme
The PM SVANidhi Scheme provides working capital loans of up to Rs. 10,000 to street vendors. The loan is repayable in monthly installments within a period of one year. The scheme also provides incentives to vendors for early repayment of loans. The scheme covers all street vendors, including hawkers, vendors, and other self-employed persons. The scheme aims to provide financial assistance to around 50 lakh street vendors across India.
Eligibility Criteria
To be eligible for the PM SVANidhi Scheme, the applicant must fulfill the following criteria:
- The applicant must be a street vendor who is in possession of a valid identity card issued by the Municipal Corporation or Town Vending Committee.
- The applicant must have been in the vending business on or before March 24, 2020.
- The vendor should not have availed of any other government loan or scheme.
Documents Required
The following documents are required to apply for the PM SVANidhi Scheme:
- A valid identity card issued by the Municipal Corporation or Town Vending Committee
- A photograph of the applicant
- A bank account passbook
- Aadhar card
How to Apply Online for the PM SVANidhi Scheme
The PM SVANidhi Scheme can be applied for online through the official website. The steps for applying online are as follows:
- Visit the official website of the PM SVANidhi Scheme at https://pmsvanidhi.mohua.gov.in/.
- Click on the “New Loan Application” button.
- Enter the required details, including personal and bank account information.
- Upload the required documents, including a photograph, Aadhar card, and bank account passbook.
- Click on the “Submit” button to complete the application process.
Benefits of the PM SVANidhi Scheme
The PM SVANidhi Scheme provides several benefits to street vendors, including:
- Access to working capital loans of up to Rs. 10,000.
- Incentives for early repayment of loans.
- Increased financial stability and self-reliance for street vendors.
- Formalization of the street vending sector.
- Improved access to credit in the future.
Conclusion
The PM SVANidhi Scheme is a game-changer for street vendors across India. The scheme aims to provide financial assistance and empowerment to street vendors who have been adversely affected by the COVID-19 pandemic. By formalizing the street vending sector and providing access to credit, the scheme is helping to create a more inclusive and self-reliant economy. If you are a street vendor who fulfills the eligibility criteria, we urge you to apply for the PM SVANidhi Scheme and take the first step towards financial empowerment.
FAQs
What is the PM SVANidhi Scheme?
The PM SVANidhi Scheme is a scheme launched by the Government of India to provide financial assistance to street vendors who were adversely affected by the COVID-19 pandemic.
Who is eligible for the PM SVANidhi Scheme?
Street vendors who have a valid identity card issued by the Municipal Corporation or Town Vending Committee and who were in the vending business on or before March 24, 2020, are eligible for the PM SVANidhi Scheme.
What is the loan amount provided under the PM SVANidhi Scheme?
The PM SVANidhi Scheme provides working capital loans of up to Rs. 10,000 to street vendors.
What is the repayment period for the loan provided under the PM SVANidhi Scheme?
The loan provided under the PM SVANidhi Scheme is repayable in monthly installments within a period of one year.
How can I apply for the PM SVANidhi Scheme?
You can apply for the PM SVANidhi Scheme online through the official website. You need to provide personal and bank account information and upload the required documents, including a photograph, Aadhar card, and bank account passbook.
Is there any incentive for early repayment of loans under the PM SVANidhi Scheme?
Yes, the PM SVANidhi Scheme provides incentives for early repayment of loans. Vendors who repay their loans early will be eligible for a 7% interest rebate.
In conclusion, the PM SVANidhi Scheme is a great initiative by the Government of India to provide financial assistance to street vendors who have been adversely affected by the COVID-19 pandemic. The scheme aims to formalize the street vending sector and provide access to credit to empower street vendors and create a more inclusive and self-reliant economy. If you are a street vendor who fulfills the eligibility criteria, we urge you to apply for the PM SVANidhi Scheme and take the first step towards financial empowerment.