PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme

• 

PM SVANIDHI Scheme (Special Micro Credit facility for the vendors)

Recent the Indian Government launched a scheme called PM Street Vendor’s Atmanirbhar Nidhi Scheme (PM SVANIDHI Scheme) to give power to the local and street vendors by not only providing loans to them but to ensure their social upliftment and economic development.

The best part about the scheme is that the loan does not need any collateral for capital loan upto INR 10,000/- for a tenure of one year, to almost 50 lakh street vendors making sure they can resume their business in this pandemic.

The scheme Benefit of PM SVANidhi scheme

• Interest subsidy @7% annually when the repayment is on time.
• Cashback upto INR 1200/- for accepting digital payment
• Improve the loan eligibility for next time.

The Pre-application process for PM SVANidhi scheme:

The Government has listed 3 simple steps for the vendors to get the application processed. You can apply directly on the PM SVANIDHI portal or via CSC (a common service center) nearby.

To get the loan you will need to ensure few things like

• Why this loan is required.
• Is the mobile number linked to Aadhar?
• Keep checking the eligibility status as per rules of the scheme.  

The below example will help you in understanding the scheme benefits like cash back and interest subsidy

Month	Principal amount	Interest Amount @ 24%	EMI	Subsidy Amount	Cash Back	Overall benefit amount
1	761	200	946	58	100	158
2	776	185	946	54	100	154
3	791	170	946	50	100	150
4	807	154	945	46	100	146
5	823	139	946	42	100	142
6	823	122	946	36	100	136
7	840	106	946	32	100	132
8	856	89	945	27	100	127
9	874	72	946	22	100	122
10	891	55	946	17	100	117
11	909	37	946	12	100	112
12	927	19	946	6	100	102
Total	10,001	1348	11349	402	1200	1602
Interest %		100%		30% of interest Amount	88% of the interest Amount	Overall 118%

The eligibility requirement:

Although the scheme is available to all the street vendors and small businesses in the Urban area, here are few identification criteria for them:

• The vendors must have a certificate of vending or business by Urban local governing Body.
• If you have been identified in Survey by local governing but the certificate has not been issued, a provisional certificate will be issued for you using an IT based platform. Urban local bodies has already been requested to issue a permanent certificate and identification card within a month.
• Any vendor who has been missed in the survey or has started the business post survey is being given the letter of recommendation by Urban local governing Body and the vending committee of that town.
• Vendors of the surrounding development, semi urban and rural vendor in geographical limit of the Urban local governing Body is also being given the letter of recommendation by Urban local governing Body and the vending committee of that town.

Application process :

• Go to https://pmsvanidhi.mohua.gov.in/
• Click on Apply Loan 10K
• Enter the Phone number and request OTP.
• Click on Yes if you have Aadhar. There you can select if you have Certificate of Vending (CoV) or  Identity Card issued by Urban Local Bodies (ULBs)
• After that you can enter the Survey reference number and can proceed.

There are few points which we need to remember when applying for the loan such as the loans are available upto INR 10,000 for one year. You will need to check if you are on the survey list by visiting the link here.

You should have the below documents to avail of the loan:

• Aadhar card
• Voter Identity card.
• Bank account
• MNREGA Card
• PAN card

 In case you need to file a grievance, you can write the ministry at Director (NULM):

Room no.334-C, Ministry of Housing & Urban Affairs, Nirman Bhawan, Maulana Azad Road, New Delhi – 110011

You can also write the email to them at : neeraj.kumar3@gov.in Tel: 011-23062850

The below scheme from the government is for all the vendors who have suffered a lot in this pendamic and their efforts in uplifting them socially and economically and ensure they are able to be back on track as soon as possible.