PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)
This is a Central Sector Scheme to facilitate street vendors to access affordable working capital loan for resuming their livelihoods activities, after easing of lockdown.
The COVID-19 pandemic and consequent lockdowns have adversely impacted the livelihoods of street vendors. They usually work with a small capital base, which they might have consumed during the lockdown. Therefore, credit for working capital to street vendors will be helpful to resume their livelihoods.
Objectives of the PM SVANidhi Scheme
(i) To facilitate working capital loan up to `10,000 at subsidized rate of interest;(ii) To incentivize regular repayment of loan; and
(iii) To reward digital transactions.
What are the salient features of the PM SVANidhi Scheme?
(i) Initial working capital of up to `10,000/-
(ii) Interest subsidy on timely/ early repayment @ 7%
(iii) Monthly cash-back incentive on digital transactions
(iv) Higher loan eligibility on timely repayment of the first loan.
Who is the target beneficiary for the PM SVANidhi Scheme Scheme?
Eligibility for PM SVANidhi Scheme
Street vendors/ hawkers vending in urban areas, as on or before March 24, 2020, including the vendors of surrounding peri-urban and rural areas.
Who is a Street Vendor/hawker?
Any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built up structure or by moving from place to place. The goods supplied by them include vegetables, fruits, ready-to-eat street food, tea, pakodas, breads, eggs, textile, apparel, artisan products, books/ stationary etc. and the services include barber shops, cobblers, pan shops, laundry services etc.
Which lending institutions will provide credit for PM SVANidhi Scheme ?
Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies, Micro-Finance Institutions and SHG Banks.
PM SVANidhi Scheme: apply online
FAQs for Beneficiaries of PM SVANidhi Scheme
1. What is the amount of initial working capital loan?
The Initial working capital loan is upto `10,000/- for a tenure of one year.
2. I have an Identity Card /Certificate of Vending. How can I apply for the loan?
You can approach a Banking Correspondent (BC)/ Agent of Micro Finance Institution (MFI) in your area (ULBs will have the list of these persons). They will help you in filling up the application and upload the documents in a Mobile App/ Portal.
3. How will I know that I am in the surveyed list?
You can access this information on the website of PMSVANidhi (pmsvanidhi.mohua.gov.in)
4. My name is in the list of surveyed vendors, but I do not have either Identity Card or Certificate of Vending? Can I avail the loan facility? If yes, what is the process ?
Yes, you can still avail the Scheme benefits. A Provisional Certificate of Vending would be issued to vendors through an IT based Platform.
The BC/ Agent will help you in filling up the application and upload the documents in a mobile App/ Portal.
5. I stay in the surrounding rural area and vend in the city. Am I eligible for the Scheme? If yes, what is the process? or
6. I am a vendor from the city but not included in the survey. How can I avail benefits of the Scheme?
The Scheme is available to vendors of surrounding development/ peri-urban/ rural areas vending in the geographical limits of the cities/ towns and those left out of the survey. If you belong to this category you have to produce one of the following documents to obtain the Letter of Recommendation from ULB/TVC:
(i) Proof of availing one -time assistance, provided by certain States /UTs, during the period of lockdown; or
(ii) Documents of past loan taken from a bank/ NBFC/ MFI for the purpose of vending; or
(iii) The membership details with the vendors associations; or
(iv) Any other documents to prove that you are a vendor; You can also request ULB through a simple application on white paper to conduct local enquiry to ascertain the genuineness of your claim. After receipt of LoR, you may approach BC/ Agent to apply for the loan.
7. What are the KYC documents required in addition to CoV/ ID / LoR?
I. Aadhaar Card*
II. Voter Identity Card*
III. Driving License
IV. MNREGA Card
V. PAN Card.
PM SVANidhi Scheme: apply online
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