The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme is a flagship initiative by the Ministry of Housing and Urban Affairs aimed at empowering street vendors affected by the COVID-19 lockdown. Launched on June 1, 2024, the scheme provides collateral-free working capital loans to help vendors resume their businesses and achieve financial independence.
Key Data
| Scheme Name | PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) |
|---|---|
| Launch Date | June 1, 2024 |
| Launched By | Ministry of Housing and Urban Affairs |
| Objective | To provide affordable working capital loans to street vendors to resume their livelihoods |
| Target Beneficiaries | Street vendors affected by the COVID-19 lockdown |
| Loan Amount | Up to ₹10,000 for the first cycle (higher amounts for subsequent cycles upon timely repayment) |
| Interest Subsidy | 7% per annum (credited quarterly for timely repayment) |
| Digital Transaction | Cashback incentives for adopting digital payment methods |
| Official Website | pmsvanidhi.mohua.gov.in |
PM SVANidhi Scheme 2025 Eligibility Criteria
To qualify for the PM SVANidhi Scheme, applicants must meet the following criteria:
- Street Vending Before March 24, 2020: Applicants must have been engaged in vending activities before the mentioned date.
- Urban and Peri-Urban Vendors: Vendors operating in urban or peri-urban areas are eligible.
- Certificate of Vending: A certificate of vending or a letter of recommendation from the Urban Local Body (ULB) is mandatory for registration.
PM SVANidhi Scheme 2025 Benefits
The scheme offers significant advantages for street vendors:
- Economic Revival: Provides financial support to vendors to revive their businesses after COVID-19.
- Social Empowerment: Empowers vendors to improve their dignity and financial independence.
- Financial Inclusion: Encourages vendors to become part of the formal financial system, providing stability and growth opportunities.
Key Features of PM SVANidhi Scheme
- Collateral-Free Loans:
- Street vendors can avail working capital loans up to ₹10,000 with an initial tenure of one year.
- Subsequent loans with higher limits are offered upon timely repayment of previous loans.
- Interest Subsidy:
- A 7% annual subsidy is credited quarterly for vendors repaying loans on time.
- Digital Transactions:
- Vendors are incentivized to adopt digital payment systems through cashback rewards.
- Loan Extension:
- Successful repayment of the first loan cycle allows access to higher credit limits, enabling business expansion.
How to Apply Online for PM SVANidhi Scheme 2025
Follow these steps to apply for the PM SVANidhi Scheme:
- Visit the Official Website: Go to pmsvanidhi.mohua.gov.in.
- Register: Click on the “Apply for Loan” button and register using your mobile number and OTP.
- Fill Application Form: Provide personal, business, and Aadhaar details.
- Upload Documents:
- Certificate of Vending or a recommendation letter from the Urban Local Body (ULB).
- Aadhaar-linked mobile number.
- Select Lending Institution: Choose a lender (bank, NBFC, or microfinance institution).
- Submit the Form: Review the details, and submit the application form.
Track Application Status:
Use your registered credentials on the portal to track the status. Once approved, the loan amount will be credited directly to your bank account.
Documents Required for PM SVANidhi Scheme
- Aadhaar card linked with the mobile number
- Certificate of Vending or ULB recommendation letter
- Bank account details
- Recent passport-sized photographs
Frequently Asked Questions (FAQ)
Who is eligible for the PM SVANidhi Scheme?
Street vendors who were engaged in vending before March 24, 2020, and operate in urban or peri-urban areas are eligible.
How much loan can I avail under the PM SVANidhi Scheme?
You can avail up to ₹10,000 for the first cycle, with higher credit limits for subsequent cycles upon timely repayment.
What is the interest subsidy offered under the scheme?
The scheme provides an interest subsidy of 7% per annum, credited quarterly for timely repayment.
Are digital transactions incentivized under the scheme?
Yes, vendors adopting digital payment systems receive cashback rewards.
How do I apply for the PM SVANidhi Scheme?
You can apply online by visiting pmsvanidhi.mohua.gov.in, registering, and completing the application form.
What documents are required for application?
You will need:
- Aadhaar Card
- Certificate of Vending or ULB Recommendation Letter
- Bank Account Details
Can vendors get higher loans after repaying the first loan?
Yes, upon successful repayment, vendors are eligible for higher credit limits in subsequent cycles.
Is the loan collateral-free?
Yes, the loan under the PM SVANidhi Scheme is collateral-free, ensuring easy access to credit.
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