|PM Street Vendor’s AtmaNirbhar Nidhi [PM SVANidhi]
|Ministry of Housing and Urban Affairs [MOHUA]
PM SVANidhi Street Vendors Scheme
The scheme is a Central Sector Scheme i.e. fully funded by Ministry of Housing and Urban Affairs with the following objectives: To facilitate working capital loan up to `10,000; (ii) To incentivize regular repayment; and (iii) To reward digital transactions. The scheme will help formalize the street vendors with above objectives and will open up new opportunities to this sector to move up the economic ladder.”
Eligibility Criteria of PM SVANidhi Scheme
The Scheme is available to all street vendors engaged in vending in urban areas *.
The eligible vendors will be identified as per following criteria:
• Street vendors in possession of Certificate of Vending / 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 / Identity Card; Provisional Certificate of Vending would be generated for such vendors through an IT based Platform. ULBs are encouraged to issue such vendors the permanent Certificate of Vending and Identification Card immediately and positively within a period of one month.
• Street Vendors, left out of the ULBled 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 / Town Vending Committee (TVC); and
• The vendors of surrounding development/ peri-urban / rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB / TVC.
The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. Beneficiaries from Meghalaya, which has its own State Street Vendors Act may, however, participate.
How To Apply For PM SVANidhi Scheme?
Follow 3 STEPs before starting the online Application Process:
1. Understand the loan application requirements:
Properly understand the information documents required to fill the Loan application form (LAF) for the Scheme. Keep all the information ready before you start the application process.
2. Make sure your mobile number is linked to your Aadhaar:
You are requested to make sure that your mobile phone is linked to your aadhaar number.This will be required for your e KYC/Aadhaar validation during online application process. It will also help you to get letter of Recommendation from ULB (in case required). It will also help you avail future benefits under Government welfare schemes.
It is understood from UIDAI officials that for updating mobile numbers, only a form has to be filled and no additional document is required. A link to UIDAI portal where you can find details of the nearest Aadhaar centre is provided below.
3. Check your eligibility status as per scheme Rules ion to be kept ready:
You will fall in one of the following 4 categories of Street vendors. Check your status and the documents/ information which you need to keep ready
PM SVANidhi Rate of Interest
In case of Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks SHG Banks, the rates will be as per their prevailing rates of interest. In case of NBFC, NBFC-MFIs etc., interest rates will be as per RBI guidelines for respective lender category. In respect of MFIs (non NBFC) other lender categories not covered under the RBI guidelines, interest rates under the scheme would be applicable as per the extant RBI guidelines for NBFC-MFIs.
PM SVANidhi Interest Subsidy
The vendors, availing loan under the scheme, are eligible to get an interest subsidy @@ 7%. The interest subsidy amount will be credited into the borrower’s account quarterly. Lenders will submit quarterly claims for interest subsidy for quarters ending as on June 30, September 30, December 31 and March 31 during each financial year.
Subsidy will only be considered in respect of accounts of borrowers, which are Standard (non-NPA as per extant RBI guidelines) on respective claim dates and only for those months during which the account has remained Standard in the concerned quarter. The interest subsidy is available up to March 31, 2022. The subsidy will be available on first and subsequent enhanced loans up to that date. In case of early payment, the admissible amount of subsidy will be credited in one go.’
PM SVANidhi Toll Free Number
For any query you may call toll free number 1800 11 1979
Have a question? Please feel free to reach out by leaving a comment below