PM SVANidhi Yojana 10000 loan apply update: PM Narendra Modi while chairs the first cabinet meeting of their second year in office on 1st June announce a new special micro-credit facility scheme known as “SVANidhi” Pradhan Mantri Street Vendor Aatmanirbhar Svanidhi Scheme. Through PM SVANidhi Yojana they will provide the affordable loan up to Rs. 10,000 to urban and rural street vendors. SVA Nidhi scheme will help them to restart or revive their business aftermath lockdown and can earn their livelihoods. In an estimate, around 50 lakh street vendors are going to be benefitted from this scheme (प्रधानमंत्री स्वनिधि योजना).
Update: Since the inception of the scheme Modi government distributed 13.78 lakhs loans amounting 1373.33 cr across the states and UT’s.
Under the PM SVA Nidhi Yojana, the street vendor can avail of a facility of loan amounting Rs 10000/- in a year, and for the loan, they do not need to submit any kind of security whereas the rate of interest will be lower as considering to other loans. To know more about the PM SVANidhi –PM street vendors Atma Nirbhar Nidhi scheme read the article given below.
PM SVANidhi Yojana
During the lockdown, the lower middle-class people suffer a lot and among those, the people who are street vendors, hawkers, thelewalas, phadwala, rehriwala, etc. faces serious issues because they sell daily for their livelihood. And after the announcement of the relaxation in lockdown, they are unable to resume their services because they do not have money to buy things for their service and…
At this crunch moment, the government of India has announced a scheme for revival of their business, and for that, the scheme SVANidhi has been launched. With the help of this PM Modi SVANidhi, such vendors can apply for Rs 10000/- loan and this loan will not require any kind of guarantee and this affordable credit will give a boost to their business.
Objectives of PM SVA nidhi Yojana 2020
As we said through the scheme vendor can avail loan of up to Rs. 10000/- and this amount can be re-payed in monthly installment 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 them 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 beneficiaries early repay their loan.
- And on timely repay loan their credit limit will increase their credit score and it will make them eligible for the higher amount of loan up to Rs 20000.
PM SVANidhi Yojana online portal
The government is trying to indulge the technology for the implementation of any new scheme because it will ensure the effective delivery and transparency of the scheme and it will be encrypted end to end so that the scheme will be administered directly by the higher authorities.
The online portal for the scheme will be launched shortly by the officials and also a mobile app will be developed for the same.
प्रधानमंत्री स्वनिधि योजना loan
Now, most of the vendors must be thinking that are they eligible for the scheme or not. So below we have given the list of vendors who can apply for the loan.
- Fruit and vegetable seller
- Barber and pan shop
PM SVANidhi Yojana Important points
Below we have given some important points of the PM SVANidhi Yojana
- All street vendor can apply for a loan up to Rs 10000/-
- The loan will be collateral-free means no guarantee will be required from the beneficiary.
- It is the first time in Indian History that the street vendor now becomes beneficiary.
- Those who pay their loan on time or early to their due date will get an interest subsidy whose rate will be 7%.
- PM SVANidhi Yojana benefit will be credit directly into their account on a six month basis.
- For effective transparency and delivery of the scheme, a digital platform along with the web portal and a mobile app will be launched for the scheme.
- For monthly incentives, they will encourage vendors to do the digital payment.
- Only such street vendor can apply for the scheme who are vending on or before 24th March 2020
PM SVANidhi Scheme 2020: Overview
|Name of the scheme||PM SVANidhi Yojana|
|The beneficiary of the scheme||Street vendors|
|Scheme benefit||Collateral free loan of Rs 10000/-|
|Duration of the loan||One year|
|SVANidhi Scheme announced by||PM Narendra Modi|
|Budget allocated||5000 crore|
|PM SVANidhi Yojana objective||Provide affordable loan|
|Number of beneficiary benefit||50 lakh|
|Application commences from||July 2020|
How to apply for the PM SVANidhi Yojana 2020?
Those street vendors who wanted to apply for the scheme need to follow the procedure that we have given below
- To apply for the svanidhi scheme you need to visit the web portal of the scheme which is now available by the government and a mobile app for the same is also available now on google play store.
- On the home page of the portal, you may find the PM SVANidhi Yojana link to the application to apply for a loan.
- After this you need to submit your mobile number and need to request for OTP after receiving the same submit it in the space provided.
- Now follow the process accordingly.
- After filling the form submit the application form.
- Once you submit the form your PM SVANidhi application will be verified and if everything will be fine then you will be revert back and the loan will be granted to you.
Note: As we said that the portal is yet to be launched for the scheme and once it was launched we will provide you a direct link for the same on this page, so that you can apply for the scheme easily and if any new information provided we will update the same here so stay tuned for more updates.
Frequently asked Question
The scheme launched for street vendors is known as PM SVANidhi –PM street vendors Atma Nirbhar Nidhi scheme.
With the PM SVANidhi scheme, the street vendor of a rural and urban area can apply for a loan of up to Rs 10000/-
No, the loan provided under the PM SVANidhi scheme is collateral-free and they do not need to submit any guarantee.
Street vendors, hawkers, thelewalas, phadwala, rehriwala are the beneficiary of the scheme.
As per the government data, around 50 lakh beneficiaries will be benefitted from the scheme.
To apply for the scheme you need to head towards the web portal or the mobile app which will be soon launched by the government.
If any beneficiary submitted their loan amount before the due time then the government will provide them subsidy interest at the rate of 7% and the amount will be credited directly into their account.
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