The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Yojana is a flagship scheme launched by the Government of India to support street vendors. PM SVANidhi Yojana is a significant step toward the Atmanirbhar Bharat (self-reliant India) mission, empowering small businesses to thrive in challenging economic times.
The Objective of PM Svanidhi Yojana
- The scheme is a Central Sector Scheme i.e. fully funded by Ministry of Housing and Urban Affairs with the following objectives: (i) To facilitate working capital loan up to `10,000; (ii) To incentivize regular repayment; and (iii) To reward digital transactions
- The scheme will help formalize the street vendors with above objectives and will open up new opportunities to this sector to move up the economic ladder.
Key Summary of PM Svanidhi Yojana 2024
| Feature | Details |
|---|---|
| Objective | Provide working capital loans to street vendors to recover from economic losses due to COVID-19. |
| Loan Amount | Initial loan of ₹10,000; subsequent loans up to ₹20,000 and ₹50,000 based on repayment behavior. |
| Interest Subsidy | 7% annual interest subsidy on timely repayment of loans. |
| Loan Tenure | Loan repayment tenure is 12 months, with monthly installment payments. |
| Eligibility | Street vendors operating in urban or semi-urban areas before March 24, 2020. |
| Digital Payments Incentive | Cashback incentives of up to ₹1,200 per year for digital transactions. |
| Credit Rating | Vendors who repay loans on time can improve their credit score and avail higher loans. |
| Implementation Agencies | Urban Local Bodies (ULBs), Municipal Corporations, and lending institutions such as banks and Micro Finance Institutions (MFIs). |
| Number of Beneficiaries | Over 25 lakh loans sanctioned to date, helping street vendors resume their livelihoods. |
| Scheme Extension | The scheme extended until December 2024 to cover more vendors and enable easier access to credit. |
| Registration Process | Vendors can apply through the PM SVANidhi portal or Common Service Centres (CSCs), facilitated by urban local bodies. |
Eligibility
- Street vendors in possession of Certificate of Vending / Identity Card issued by Urban
- Local Bodies (ULBs): The vendors, who have been identified in the survey but have not been issued Certificate of Vending / Identity Card;
- Provisional Certificate of Vending would be generated for such vendors through an IT based Platform. ULBs are encouraged to issue such vendors the permanent Certificate of Vending and Identification Card immediately and positively within a period of one month.
- Street Vendors, left out of the ULBled identification survey or who have started vending after completion of the survey and have been issued Letter of Recommendation (LoR) to that effect by the ULB / Town Vending Committee (TVC); and
- The vendors of surrounding development/ peri-urban / rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB / TVC.
Benefits:
- Financial Inclusion: Enables vendors to access formal financial systems.
- Credit Score Improvement: Timely repayment helps build credit history, enabling higher loan amounts.
- Digital Empowerment: Encourages vendors to adopt digital transactions, improving their business management.
Achievements:
- Over 25 lakh loans were sanctioned to street vendors.
- Encouraging self-reliance among vendors and promoting digital literacy in the informal sector.
How to Check PM Svanidhi’s Loan Status Online?
- Visit the Official PM SVANidhi Portal:
Open the official website at pmsvanidhi.mohua.gov.in. - Login:
- Click on the “Login” option available on the homepage.
- Enter your registered mobile number and complete the OTP verification.
- Select the Loan Status Option:
- After logging in, navigate to the “Application Status” section.
- Enter your Loan Application ID or other relevant details as requested.
- View Status:
- Once you submit the required information, the current status of your loan application will be displayed. This may include details like approval, processing, or disbursement status.
PM Svanidhi Loan Interest Rate
When we talk about Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks, and SHG Banks, the interest rates will follow what they usually charge, which we call their prevailing rates of interest.
For NBFCs, which stands for Non-Banking Financial Companies, and NBFC-MFIs, the interest rates will be guided by the rules set by the RBI. This is important because RBI makes sure all lenders follow fair practices.