Central GovernmentVerified

PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)

Ministry: Ministry Of Housing & Urban Affairs

PM SVANidhi is a micro-credit scheme launched on 1st June 2020 by the MoHUA to provide handholding support to street vendors. The scheme facilitates a working capital collateral-free loan of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with a 7% interest subsidy.

Start date1 Jun 2020
Last verifiedToday

About This Scheme

The scheme "PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)" by the Ministry of Housing and Urban Affairs, Government of India aims to formalize street vendors and enhance their economic opportunities through providing collateral-free working capital loans, interest subsidy, and digital transaction incentives to street vendors. It was launched on 1st June 2020 as a central sector scheme. The scheme supports vendors in restarting and expanding their businesses. It also promotes digital payments to increase financial inclusion. Street vendors include hawkers, thelewala, rehriwala, and others engaged in small-scale vending activities. The scheme aims to formalize the street vendors and open up new opportunities for this sector to move up the economic ladder. Street vendors represent a very important constituent of the urban informal economy and play a significant role in ensuring availability of the goods and services at affordable rates at the doorstep of the city dwellers. They are known as vendors, hawkers, thelewala, rehriwala, theliphadwala, etc. in different areas/ contexts. The goods supplied by them include vegetables, fruits, ready-to-eat street food, tea, pakodas, bread, eggs, textile, apparel, footwear, artisan products, books/ stationary, etc. The services include barber shops, cobblers, pan shops, laundry services, etc.

Benefits

> Working Capital Loan:

₹15.0K

1st Tranche: Loan up to ₹15,000/-; repayment within 12 months. - 2nd Tranche: Loan up to ₹25,000/-; repayment within 18 months. - 3rd Tranche: Loan up to ₹50,000/-; repayment within 36 months. - Next tranche available on timely or early repayment.

No prepayment penalty on early repayment.

> Interest Subsidy:

Subsidy at 7% per annum on loan amount.

Credited quarterly to beneficiary’s bank account.

Applicable only for standard (non-NPA) accounts.

Valid up to 31st March 2033.

> Digital Transaction Cashback:

₹100 · monthly

Cashback up to ₹100/- per month for digital transactions.

> Credit Guarantee Support:

31.87% guarantee cover for 1st tranche loan.

8.25% guarantee cover for 2nd tranche loan.

6% guarantee cover for 3rd tranche loan.

No charges for lending institutions.

> UPI Linked RuPay Credit Card:

₹10.0K

Initial credit limit of ₹10,000/-; extendable up to ₹30,000/-.

Validity of 5 years.

Available after successful repayment of 2nd tranche loan.

Eligibility

Note: You may be eligible based on the information shown. Please verify the official eligibility requirements before applying.

Required Documents

  • > For 1st Loan :
  • For Category A and B vendors:
  • Certificate of Vending
  • Identity Card
  • For Category C and D vendors:
  • Letter of Recommendation
  • > KYC documents required in addition to CoV/ID/LoR :
  • Aadhaar Card
  • Voter Identity Card
  • Driving License
  • MNREGA Card
  • PAN Card
  • > For Letter of Recommendation :
  • Copy of Account Statement/Passbook
  • Copy of Membership Card/any other proof of membership
  • Any other document to substantiate the claim as a vendor
  • Request letter to ULB
  • > For Second Loan
  • Loan Closure Document

✦ Required ◦ Optional

How to Apply

OOnline

For any kind of clarification and access detailed stepwise process, refer User Manual . For any query one can call on the toll free number i.e 1800111979 between 9.30 AM to 6.00 PM on Monday to Saturday except national holidays. Contact Details: Click here .

Apply here ↗
IIn-person
GGovernment Portal

UMANG

Apply here ↗

Quick Info

Level
Central Government
Max benefit
₹15.0K
Launched
1 Jun 2020