Get Affordable Working Capital Loan under PM SVANidhi Yojana

The Ministry of Housing & Urban Affairs had launched Pradhan Mantri Street Vendors’ Atma Nirbhar Nidhi Scheme, popularly known as PM SVANidhi Yojana in June 2020 to provide loan of upto Rs. 10,000 to Street Vendors. On repayment or prepayment, the vendors are eligible for an enhanced loan of upto Rs. 20,000 and Rs. 50,000 in the second & third tranches respectively.

22.7 Lakh Loans Disbursed to Street Vendors

As on 26 July 2021, 43.1 lakh loan applications have been received, out of which 25.2 lakh loans have been approved and 22.7 lakh loans worth Rs. 2,243 crore have been disbursed. Additionally, Socio-economic profiling of 5.1 lakh beneficiaries along with their family members have been completed & 1.5 lakh scheme benefits have been extended.

Street Vendors involved in vending in urban regions as on or before 24 March 2020 are eligible for benefit under PM SVANidhi Yojana.

If you planning to take loan then check out the latest interest rate offered by banks in India.

Eligible vendors are identified as per the following criteria;

• Street vendors in possession of Certificate of Vending / Identity Card issued by Urban Local Bodies or ULBs

• Vendors, who have been recognized in the survey but have not been issued Certificate of Vending or Identity Card

• Street Vendors, left out of the ULB led survey or who have started vending after completion of the survey & have been issued Letter of Recommendation to that effect by the ULB or Town Vending Committee (TVC)

• Vendors of surrounding development/ peri-urban or rural regions vending in geographical limits of the ULBs & have been issued Letter of Recommendation (LoR) to that effect by the ULB / TVC.

As on 26 July 2021, in Maharashtra, loans have been distributed to 1.6 lakh street vendors amounting to Rs.164 Crore.  In Mumbai & Pune, loans have been given to 6,395 & 6,169 Street Vendors respectively.

PM SVANidhi Yojana Application Process

If you want to apply for loans under PM Svanidhi scheme, then you need to approach a Banking Correspondent / Agent of Micro Finance Institution of your area. The ULBs usually have a list of these people. They will help you fill in the application form & upload all required documents in a Mobile app or the respective websites.

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Documents required to Apply for loans

Certificate of Vending or ID card issued by the ULBs / Letter of Recommendation from ULB / TVC.

Any one of the following-

• Aadhaar card

• PAN card

• Voter Identity card

• Driving license

• MNREGA card