PM SVANidhi Yojana

PM SVANidhi Yojana Scheme 2020: As we all know, due to  Covid-19, there are lots of street vendors who are suffering from financial crises. So, to provide financial help for their business, Prime Minister Modi launched a new scheme Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi (PM SVANidhi) Scheme. The scheme was launched on 1st June 2020. The street vendors (रेहड़ी पटरी वाले ठेले पे सामान बेचने वाले) can get a loan of Rs. 10,000 to restart their business without any financial problem. Read on to know complete details of how you can apply, eligibility, interest rate, repayment, etc.

Updated: Jun 09, 2020 10:56 IST

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Suganya Vedham

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PM SVANidhi Yojana

PM SVANidhi Scheme  2020

In order to provide an initial working capital loan of up to Rs. 10,000, the government has started PM Street Vendor Atmanirbhar Nidhi (PM SVANidhi) Scheme 2020. The online application process for street vendor self-reliant scheme has not been specified yet. It is expected that applicants will have to fill either PM SVANidhi online application form or take loans by applying offline for Pradhan Mantri Street Vendor Atmanirbhar Nidhi Scheme at banks. Here are the complete details about the PM SVANidhi Scheme launched by Prakash Javadekar on 1 June 2020.

Objectives of PM SVANidhi Yojana 2020

Vendors can avail loans of up to Rs. 10,000 and this amount can be re-paid in monthly installments whose tenure will be one year.

  • If any of the vendors who avail the facility of the SVANidhi scheme and repay the loan amount on time or before the due date, then the government will provide an interest subsidy which will be 7% per annum and this amount will be credited to their account.

  • There will be no penalty if any beneficiary repays the loan early

  • And on timely repayment of loans, their credit limit will increase their credit score and it will make them eligible for a higher loan amount of Rs. 20,000.

How to Apply for the PM SVANidhi Yojana 2020?

The street vendors who wish to avail the loan should follow the procedure given below:

  1. To apply for the SVANidhi scheme, you need to visit the official web portal of the scheme which will be released soon by the government along with a mobile app.

  2. On the homepage of the portal, you may find the link of the PM SVANidhi  Yojana application form which will allow you to apply for the loan.

  3. Once the form appears on the screen, provide the details in the respective fields, and upload necessary documents that may be required.

  4. Submit the application form after filling in the details.

  5. After you submit the form online, your application will be verified and your loan amount will be disbursed.

Note: As mentioned already, the portal is yet to be launched. The direct link will be provided in the same article once the portal has been launched officially by the government. Till then, stay tuned for more updates

Who is Eligible for the PM SVANidhi Yojana 2020?

Some vendors may be confused about whether they are eligible for this loan offered by the government. Do not fret. We’ve got the list of vendors who will be eligible for this loan. Vendors who have started their business before 24th March 2020 are eligible for the PM SVANidhi Yojana 2020. The following are included in the list of eligible vendors:

  • Fruits and Vegetable Vendor

  • Barber and Paan Shop

  • Laundry

  • Rehriwala

  • Hawkers

  • Thelewalas

  • Phadwala

PM SVANidhi Yojana 2020 Overview:

Name of the Scheme PM SVANidhi Yojana
Beneficiary of the scheme Street Vendors
Scheme Benefit Collateral free loan of Rs.10,000/-
Duration of the loan One year
Scheme introduced by PM Narendra Modi
Budget allocated 5000 crores
PM SVANidhi Yojana To provide affordable loan
number of beneficiaries 50 lakhs
Appliaction starts from July 2020

 

PM SVANidhi Yojana 2020 - FAQs

1. Does the beneficiary need to submit any guarantee to avail this loan? 

No, the loan provided under PM SVANidhi Yojana is collateral-free and do not need any guarantee to be submitted

2. How many beneficiaries are expected to get benefit through this scheme?

According to the government's data, 50 lakh people are expected to be benefitted through PM SVANidhi Yojana Scheme.

3. Is there any benefit if the loan is repaid before the due date?

Yes, the government will provide them subsidy interest at the rate of 7% and the amount will be credited directly to their amount if the beneficiaries repay their loan before the due date.

4. What is the full name of the scheme offered to street vendors by PM Modi?

The scheme launched for street vendors is called as PM Street Vendor Atmanirbhar Nidhi (PM SVANidhi) Scheme 2020.