The PM SVANidhi scheme, also known as the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme, is a central sector scheme that helps street vendors by giving them loans to resume their businesses in urban areas. The COVID-19 pandemic and the resulting lockdowns have negatively affected street vendors’ incomes.
These vendors typically operate with limited funds, which may have been depleted during the lockdown. As a result, it is crucial to promptly offer financial support in the form of credit for working capital to help street vendors restart their businesses.
Vendors applying for the PM SVANidhi scheme can visit the official website at https://pmsvanidhi.mohua.gov.in/. Login. You can apply for a loan at PM SVANidhi Scheme using your login credentials.
PM SVANidhi Login
This is the login website of the PM SVANidhi Scheme. The scheme is designed to provide working capital loans to street vendors in urban and nearby rural areas free of cost. Each vendor can apply for a loan of up to INR 10,000, which is valid for one year.
This support aims to help around 50 lakh street vendors restart their businesses. To apply for a loan at the PM SVANidhi Scheme, applicants can log in at https://pmsvanidhi.mohua.gov.in/Login. Simply enter your mobile number and captcha code and click on “Request OTP”. Enter the OTP, and you will see the application. Please fill out the application and submit it.
PM SVANidhi
The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme aims to support street vendors in India. The primary objectives of the PM SVANidhi Scheme include:
- Facilitate working capital loans up to INR 10,000
- Incentivize regular repayment
- Reward digital transactions
- Formalizing Street Vendors
- Opening Economic Opportunities
Eligibility
The Scheme is available to all street vendors in urban areas. Eligibility is based on the following criteria:
- We need a Certificate of Vending or Identity Card from ULBs.
- Survey-identified vendors without cards get a provisional certificate through IT.
- ULBs urged to issue permanent cards within a month.
- Street vendors left out in the survey or new ones need a Letter of Recommendation (LoR) from ULB/TVC.
- Vendors from peri-urban or rural areas within ULB limits with a LoR.
- Possession of a Certificate of Vending or Identity Card is needed for street vendors from ULBs.
- Survey-identified vendors without cards get a provisional certificate through IT.
Benefits
- 7% per year interest subsidy for timely loan repayments.
- Cashback up to INR 1200 per year for specified digital transactions.
- Eligibility for a higher loan amount in the next instalment.
Eligibility of States/UTs
- The scheme is for beneficiaries in states and UTs with notified rules and schemes under the Street Vendors Act, 2014.
- Meghalaya, with its own State Street Vendors Act, is an exception, and its beneficiaries can participate.
Target beneficiaries
The PM SVANidhi Scheme is for small-scale vendors working informally in cities. This includes street vendors selling things like food, fruits, clothes, and crafts on carts or stalls. It also includes service providers like barbers, cobblers, and pan shops who work informally in urban areas.
How can you Avail yourself of the benefits of the Scheme?
The scheme is for vendors in nearby rural areas within city limits or those not included in the survey. To obtain a Letter of Recommendation (LoR) from ULB/TVC, you need to provide one of the following documents:
- Proof of receiving one-time assistance during the lockdown from certain states or UTs.
- Documents of past loans taken for vending from a bank, NBFC, or MFI.
- Membership details with vendors’ associations.
- Any other documents proving you’re a vendor?
- You can also request the ULB through a simple application for a local inquiry to confirm the genuineness of your claim.
- Once you have the LoR, you can approach a BC/Agent to apply for the loan.
How to Apply for a Loan under the PM SVANidhi Scheme
Applying for a loan under the PM SVANidhi Scheme is a straightforward process designed to empower street vendors in India by providing financial assistance and support for their businesses.
- Visit the official PM SVANidhi website: https://pmsvanidhi.mohua.gov.in/.
- On the right side of the screen, find the login option. From the drop-down menu, select “Applicant.” Alternatively, use this direct link: https://pmsvanidhi.mohua.gov.in/Login.
- Type your mobile number and the captcha code.
- Click on “Request OTP.” Once you receive the OTP on your mobile, please enter it in the provided field.
- Click on the “Verify OTP” button. Complete the application form by Checking vendor eligibility, choosing your category, and clicking on the next button.
- Enter street vendor and family details. Provide vendor activity details and Aadhaar-linked bank account information.
- Specify the required loan amount (e.g., 10,000/-).
- Click on the “Save” button. Finally, click on the “Submit” button.
- Upload the necessary documents and submit your application.
What does PM SVANidhi stand for?
PM SVANidhi stands for Prime Minister Street Vendor’s AtmaNirbhar Nidhi Scheme, a central sector initiative providing loans to urban street vendors.
Where can I apply for the PM SVANidhi Scheme?
You can apply for the scheme by visiting the official website at https://pmsvanidhi.mohua.gov.in/ and logging in with your credentials.
What benefits does the PM SVANidhi scheme offer?
The scheme provides incentives like a 7% interest subsidy for timely loan repayments, cashback up to INR 1200 per year for specific digital transactions, and eligibility for a higher loan amount in the next instalment.
Who is eligible to apply for the scheme?
The scheme is available to all street vendors in urban areas. Eligibility criteria include possessing a Certificate of Vending/Identity Card or obtaining a Provisional Certificate through IT for those without cards.
How long does the loan last, and what is the repayment period?
Each vendor can receive a working capital loan of up to INR 10,000 for one year, with monthly instalments.
