PM Svanidhi Scheme:- Prime Minister Street Vendor’s AtmaNirbhar Nidhi Scheme is the full name of PM SVANidhi. The COVID-19 pandemic lockdowns had a detrimental effect on everyone’s livelihood, particularly on street vendors. Typically, street vendors operate with a modest initial investment. They would have lost all of their savings and capital base during the national lockdown. An essential component of the urban informal economy is the street vendors. They are crucial in making sure that city people can access goods and services at reasonable costs.
Street vendors are known by a variety of names in different contexts and places, including hawkers, thelewala, vendors, theliphadwala, and rehriwala. They provide a variety of products, such as bread, tea, pakodas, fruits, vegetables, ready-to-eat street food, textiles, shoes, clothing, artisan goods, stationery, etc. They offer cobblers, barbershops, pan shops, laundry services, and so forth. As a result, it became urgently necessary to give them credit so they could start up again with working capital. The government introduced the PM Street Vendor’s AtmaNirbhar Nidhi (PM Svanidhi) scheme in June 2020 to give street vendors credit for working capital. The street vendors are eligible to apply for low-interest, collateral-free loans under this program for a year.
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Contents
Full-Form of PM SVANidhi | Prime Minister Street Vendor’s Atmanirbhar Nidhi |
Launch Date | 1st June 2020 |
Under which government ministry? | Ministry of Housing and Urban Affairs (MoHUA) |
Target Beneficiary | Direct Link to avail of the benefits under the PM SVANidhi |
Mandatory Documents to Access Benefits | Aadhar Card Voter Identity Card |
Tenure of the scheme | June 2020 – March 2022 |
Direct Link to avail the benefits under the PM SVANidhi | https://pmsvanidhi.mohua.gov.in/ |
On or before March 24, 2020, all street vendors operating in urban areas are eligible to apply for the PM Svanidhi scheme. To ascertain who will profit from this plan, the following criteria will be applied:
The PM Svanidhi scheme offers the following advantages to urban street vendors:
Urban street vendors are eligible to apply for a Working Capital (WC) loan of up to Rs. 10,000 with a one-year repayment period and monthly installments. This loan can be used without collateral. The street vendors will be qualified for an increased loan limit in the following cycle of the WC loan upon prompt or early repayment of this loan. Prepayment penalties are not applied to WC loans that are paid back early.
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When street vendors use the WC loan program, they are eligible for a 7% interest subsidy. The borrower’s account is credited with the interest subsidy amount on a quarterly basis. The interest subsidy is offered until March 31, 2022. Up until that point, the interest subsidy is available on both the initial and subsequent enhanced loans.
With the cash-back feature, this program encourages street vendors to switch to digital transactions. Vendors for digital transactions will be onboarded with assistance from the network of lending institutions and digital payment aggregators like Paytm, NPCI (for BHIM), GooglePay, AmazonPay, BharatPay, PhonePe, etc. The incentives for the onboarded vendors will take the shape of a monthly cashback of between Rs. 50 and Rs. 100.
The street vendors must speak with a local Banking Correspondent (BC) or Agent of a Micro Finance Institution (MFI) in order to apply for WC loans under the PM Svanidhi scheme. These people are on a list that the ULBs will have. They will assist the street vendors with completing the application and uploading the necessary files to the relevant portals or mobile apps.
The following KYC documents are needed in order to apply for loans:
You can start the login process if you are a PM SVANidhi scheme beneficiary. All you need to do is use your login to access the PM SVANidhi scheme’s official website. To access the official webpage for this scheme, simply follow these steps:
Once you’ve signed in, you can check the status of your loan application as well as the other program amenities.
You must finish the pre-application process by following these steps prior to applying for the Pradhan Mantri SVANidhi Yojana:
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Use the procedures listed below to find out the status of your PM SVANidhi loan survey:
Q. What is the interest rate of the PM SVANidhi 50,000 loan?
Ans- 50 000/-. Tenure: 18 months (EMI) at minimum; 36 months (EMI) at maximum. The interest rate is EBLR + 3.25%, with an effective interest rate of 11.30% per annum at the moment, subject to change at any time by the bank.
Q. What is the maximum amount of the SVANidhi scheme?
Ans- The Ministry of Housing and Urban Affairs provides full funding for the Central Sector Scheme, which aims to achieve the following goals: (i) To make working capital loans available for between Rs 10,000 and Rs 50,000. (ii) To encourage consistent repayment.
Q. Is pan mandatory for the PM SVANidhi scheme?
Ans- Any of the following documents may be carried for KYC purposes: (i) Voter ID card, (ii) driver’s license, (iv) MNREGA card, (v) PAN card, and (i) Aadhaar card. 15. To use the facility, who can I contact? You can give a toll-free number or speak with a member of SHG, ALF, or CLF.
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