To support street vendors affected by the economic impact of lockdowns, the Government of India introduced the PM SVANidhi Yojana in 2020. This initiative, led by the Ministry of Housing & Urban Affairs, aims to provide micro-credit loans to help vendors revive their businesses and complete daily needs.
PM SVANidhi Yojana
Under the scheme, vendors can get of Rs 10,000 loan without collateral, repayable within one year. Successful repayment enables access to higher loans of Rs 20,000 and Rs 50,000. Additionally, a 7% interest subsidy is also given to reduce financial strain. This scheme has been extended until December 2024. Let’s see how you can apply and what are the eligibilities.
Eligibility Criteria for PM SVANidhi
Any street vendor can apply for this short term loan. He or she should have a vending certificate or ID Card issued by local urban authorities or a letter from the Town Vending Committee.
How to Apply?
If you want apply for PM SVANidhi loan then first you need to visit PM SWANidhi Portal.
Once you reach the portal then login with your mobile number and OTP.
After you log in choose your qualification and criteria using a Vendor ID Card, Certificate or Recommendation letter.
Now fill up the application form with all necessary information and complete KYC process.
After the form is filled up submit your application and wait for any bank or credit-providing authority to contact you. In most cases bank will contact you and after verifying all documents will issue a micro loan against your application.
Documents needed for Application
- Vendor ID / Vending Certificate / Recommendation letter from Town Vending Committee
- Aadhar Card
- Mobile Number linked to Aadhar Card
- Voter ID
- Drivers License
- MNREGA Card
