Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme 2023
The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme 2023 is a micro-credit scheme launched by the Government of India in June 2020 to provide affordable working capital loans to street vendors to help them formalize their businesses and improve their livelihoods.
The following street vendors are eligible for PM SVANidhi loans:
- Vendors who have been vending for at least 6 months
- Vendors who have vending certificates issued by urban local bodies (ULBs)
- Vendors who are within the age group of 18-65 years
- Vendors who have not availed any other micro-credit loan from any other institution
Loan Amount
The loan amount under PM SVANidhi scheme ranges from INR 10,000 to INR 50,000, depending on the vendor’s eligibility and the nature of their business.
Interest Rate
The interest rate on PM SVANidhi loans is 7% per annum.
Repayment Tenure
The repayment tenure for PM SVANidhi loans is 12 months. However, vendors who repay their loans on time are eligible for a cashback of up to 30% of the interest paid, effectively reducing the interest rate to 4.5% per annum.
How to Apply for PM SVANidhi Loan
Street vendors can apply for PM SVANidhi loans through any of the following channels:
- Online: Vendors can apply for PM SVANidhi loans online through the PM SVANidhi portal.
- Offline: Vendors can also apply for PM SVANidhi loans offline through their nearest ULB office.
The following documents are required to apply for a PM SVANidhi loan:
- Vending certificate issued by ULB
- Aadhaar card
- PAN card (if applicable)
- Bank account statement for the last 6 months
- Photographs
Benefits of PM SVANidhi Scheme
The PM SVANidhi scheme offers a number of benefits to street vendors, including:
- Access to affordable working capital loans
- Formalization of businesses
- Improved livelihoods
- Increased income
- Better social status
How to Improve Your Chances of Getting a PM SVANidhi Loan
Here are a few tips to improve your chances of getting a PM SVANidhi loan:
- Ensure that you have a valid vending certificate issued by your ULB.
- Maintain a good credit history.
- Provide complete and accurate information in your application form.
- Attach all the required documents with your application form.
PM SVANidhi Scheme Success Stories
The PM SVANidhi scheme has been a success since its launch in June 2020. Over 30 lakh street vendors have benefited from the scheme so far.
Here are a few success stories of street vendors who have benefited from the PM SVANidhi scheme:
- Sunita Devi, a street vendor from Delhi, used her PM SVANidhi loan to expand her business. She now has a small shop where she sells a variety of household items. Her income has increased by over 50% since she took the loan.
- Rajesh Kumar, a street vendor from Mumbai, used his PM SVANidhi loan to buy a new cart and vending equipment. He now has a well-organized vending stall where he sells a variety of snacks and beverages. His income has increased by over 25% since he took the loan.
- Sarojini Devi, a street vendor from Chennai, used her PM SVANidhi loan to pay off her debts and invest in her business. She now has a regular customer base and is earning a good income.
Conclusion
The PM SVANidhi scheme is a great initiative by the Government of India to support street vendors and help them formalize their businesses and improve their livelihoods. If you are a street vendor and are eligible for a PM SVANidhi loan, I encourage you to apply today.
