What is PM SVANidhi Yojana and How you can get Loan through this Scheme?

pm svanidhi
What is PM SVANidhi Yojana and How you

What is pm svanidhi Yojana

This is the Central Government’s plan, which after the relaxation of the lockdown, roadside street vendors are provided workable loans at affordable rates to resume their livelihood and employment.

Under the ambit of the ambitious AtmaNirbhar package, the central government had announced Prime Minister Street Vendor’s AtmaNibhar Nidhi (PM SVANidhi) scheme on July 02 which has got response from over 1.5 lakh vendors.




As per reports, more than 1,54,000 street vendors have applied for loan across the country since the commencement of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, out of which over 48,000 have already been sanctioned by the government.

Moreover, the Central Government has recently launched the mobile application of PM SVANidhi Scheme on July 17.

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What is PM SVANidhi scheme?

The PM SVANidhi scheme was launched by the Ministry of Housing and Urban Affairs, on June 01, 2020 which aims to provide affordable working capital loans to street vendors to continue their livelihoods that have been affected due to lockdown

How PM SVANidhi Mobile App help Farmers?

The PM SVANidhi Mobile App provides a user-friendly digital interface for Lending Institutions (LIs) & their field functionaries for sourcing as well as processing loan applications.




It aims to cover over 50 lakh street vendors who would be eligible to avail a working capital loan of up to ₹10,000. The street vendors will be allowed to repay the loan in monthly installments in one year. An interest subsidy of 7% per annum will be credited to the bank accounts if someone can pay earlier than the tenure.

What is the purpose of the pm savnidhi scheme?

  • To provide capital loan facility for doing work up to Rs 10,000 at low interest rate.
  • To encourage regular repayment of loans.
  • Honoring digital transactions.

How to Apply for PM SVANidhi Yojana Online?

First, visit the official website of PM SVANidhi Yojana.

Or Click the bellow link – https://www.pmsvanidhi.mohua.gov.in

Then you will get the option “Apply for Loan”, click there.



After that, they will ask for your mobile number and you need to submit the OTP.

Then, you need to fill up all the details what is required in the form.

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What is unique about PM Swanidhi Scheme?

  • The people who live in the street are given a loan of Rs 10,000 for a year.
  • If you pay the loan on time, then interest is subsidized at the rate of 7 percent.
  • Cashback facility on digital transactions.
  • Eligible for more loans if the first loan is given on time.

Who will get the benefit of the pm svanidhi scheme?

Those people who are vending in cities, street vendors and street vendors who are vending since March 24, 2020 or earlier.

Who are the roadside vendors?
  • A person who sells or provides services for everyday goods.
  • Those who provide their services from a temporary stall or roam the streets.
  • Vegetables, fruits, tea-dumplings, bread, eggs, clothes, book, stationery vendors.
  • Barber shop, cobbler, paan shop or laundry service provider.
Who gives loan to street vendors under pm svanidhi?
  • Commercial Bank, Grameen Bank, Small Finance Bank, Cooperative Bank, Non Banking Finance Company, SHG Bank.
How long is this scheme?
  • PM Swanidhi scheme is till March 2022.

How much loan is given in this pm svanidhi scheme?

A loan of 10,000 rupees is given for one year to start work.

I have a vending certificate, identity card. How to apply?

– You can contact any banking correspondent or agent of a micro finance institution in your area. These people have a survey list and they will help you to fill the application and upload your documents in the mobile app or web-portal.

pm svanidhi News Update

Government is providing loans without guarantee, so many millions have applied so far

The central government has launched this scheme under the self-sufficient India campaign. Under this, a target has been set to give loans to 50 lakh people.

New Delhi: The lockdown in the country due to Coronavirus has broken the back of the street vendors. To help such people, the Modi government has started the Swadnidhi scheme. Amidst the Corona crisis, people are taking advantage of this scheme in a big way.

PM Swanidhi Scheme

The PM Swanidhi scheme was launched on 2 July. The central government has launched this scheme under the self-sufficient India campaign. Under this, a target has been set to give loans to 50 lakh people. The most important thing is that under this scheme there is no need to give any guarantee for taking a loan.

Government gift to street vendors

More than 25 lakh applications have been received under the Swanidhi scheme. A statement issued by the Prime Minister’s Office said that 12 lakh applications have been approved and loans worth about 5.35 lakh have been disbursed.

Lakhs of people applied

More than 6 lakh applications have been received in Uttar Pradesh, out of which 3.27 lakh have been approved. In Uttar Pradesh, the stamp duty has been waived for the loan agreement of the Swadhini Yojana.

Getting loan without any guarantee

Under the PM Swanidhi scheme, street vendors get a loan of Rs 10,000. There is no need of any guarantee for the loan. PM Modi says that the purpose of this scheme is not just to give loans, but it should be seen in the context of overall development and economic uplift of the street vendors.

Return in instalments

The borrower will have to repay it in monthly instalments in a year. Interest subsidy of 7 percent per annum will also be given to those who repay the loan on time. There is also a cashback of up to Rs 1200.

How do I know that I am on the pm svanidhi list?

You can see this list on PM Swanidhi’s website pmsvanidhi.mohua.gov.in.

If I have neither an identity card nor a vending certificate. Can I get a loan?

Yes, you can avail this scheme. You can apply for the vending certificate by visiting the web-portal. Agents will help you in this work.

You too can start your work

In such a situation, if you or someone you know is not able to track down your street due to lack of capital, then without guarantee you can take a loan up to Rs 10,000 under PM Swanidhi scheme. You can start a business by taking a loan of 10 thousand rupees by going to your nearest bank.

 

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