PM SVANidhi Scheme: Over 90% Loans Sanctioned by Public Sector Banks; Apply Now to Get Quick Loans

In order to help the poor street vendors badly affected by the COVID-19 pandemic, the union government had launched the PM Street Vendor's AatmaNirbhar Nidhi also known as PM SVANidhi) scheme on 1st June 2020.

The finance ministry on Friday said that the public sector banks (PSBs) have so far sanctioned over 90 percent loans under the PM SVANidhi scheme to help registered street vendors restart their business post the COVID-19 lockdown.

It is important to mention that the scheme was part of the Rs 20.97 lakh crore Aatmanirbhar Bharat Abhiyan package announced by the Finance Minister Nirmala Sitharaman in May. Under this government scheme, street vendors of urban areas get a collateral-free loan of up to Rs 10,000 for a period of one year.

PSBs at the forefront of #PMSVANidhi. Over 90% of loans under the scheme are sanctioned by PSBs. Committed to creating #AatmaNirbharVendors for an #AatmaNirbharBharat!,” the Department of Financial Services said in a tweet.

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.

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.