- Pradhan Mantri Street Vendors AtmaNirbhar Nidhi scheme launched on 1 June 2020 by central government
- Eligible vendors receive working capital loans up to Rs 50,000 without any guarantee
- Loan repayments earn 7% interest subsidy and up to Rs 1,600 cashback on digital payments
The Pradhan Mantri Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme was launched by the central government on June 1, 2020. The aim of the scheme is to provide vital support to the street vendors and small businesses across the country, and promote entrepreneurship. Several schemes and programs are being implemented to ensure that those in need receive timely financial assistance to start or expand their businesses.
Key features of the scheme:
Under PM SVANidhi, eligible vendors will be provided with working capital loans of up to Rs 15,000, Rs 25,000, and Rs 50,000 without any guarantee.
Regular loan repayments will receive a 7% annual interest subsidy and up to Rs 1,600 cashback on digital payments. Additionally, no additional fees will be charged for prepayment of the loan.
Eligibility:
- Vendors who possess a Certificate of Vending or Identity Card issued by the Municipal Body (ULB) can avail this scheme.
- If a vendor has only been identified in the survey but has not been issued a certificate, a Provisional Certificate of Vending will be issued through the IT platform.
- Vendors who were left out of the ULB survey or started business after the survey will be eligible based on a Letter of Recommendation (LoR) issued by the ULB or Town Vending Committee (TVC).
- Additionally, vendors in rural or semi-urban areas adjacent to city limits are also included through LoR.
Application Process:
Vendors can apply directly through the PM SVANidhi portal or at the nearest Common Service Center (CSC).
Loans are disbursed through the following financial institutions:
- Scheduled Commercial Banks
- Regional Rural Banks
- Small Finance Banks
- Cooperative Banks
- NBFCs
- Microfinance Institutions
- Self-Help Group (SHG) Banks
Documents Required
- To apply, vendors must give basic KYC documents such as Aadhaar card, and voter ID.
- Other documents such as a driving license, MNREGA card, or PAN card are also valid.
