PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) – What is it? How to apply?

PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a scheme launche by Ministry of Housing & Urban Affairs. The scheme was launcehd to empower Street Vendors by extending loans to them. The scheme aims a holistic development and economic upliftment of street Vendors.

The scheme intends to facilitate working capital loans of up to INR10,000/- of one-year tenure, to approximately 50 lakh street vendors. The loans were collateral free. These will help them to resume their businesses in the urban areas, including surrounding peri-urban or rural areas.

Objectives

The major objecctives of this Central Sector Scheme fully funded by Ministry of Housing and Urban Affairs are:

  • To facilitate working capital loan up to 10,000.
  • To incentivize regular repayment.
  • To reward digital transactions

Eligibility

The Scheme is available to all street vendors in urban areas as on or before March 24, 2020. The vendors as per following criteria are eligible:

  • Street vendors with Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs).
  • The vendors, who have been identified in the survey but have not been issued Certificate of Vending or Identity Card.
  • Street Vendors who were left out of the ULB led identification survey or who have started vending after completion of the survey and have been issued Letter of Recommendation (LoR) to that effect by the ULB or Town Vending Committee (TVC).
  • The vendors of surrounding development or peri-urban or rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB or TVC.

Benefits

  • Vendors get a working capital loan of up to Rs. 10,000. The amount is repayable in monthly instalments. The tenure will be of one year.
  • An interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries for on timely or early repayment of the loan.
  • There will be no penalty on early repayment of loan.
  • The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
  • The vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan.

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