PM SVANidhi – PM Street Vendor’s AtmaNirbhar Nidhi

The PM SVANidhi mobile phone application has been launched by the Government of India on 17 July 2020. The app offers a user-friendly user interface (UI) which makes the scheme easily accessible. The application offers the benefits of easy portability, e-KYC, easy application processing, and real-time monitoring.

PM SVANidhi Yojana Interest Rate

The rate of interest for the SVANidhi Yojana is offered as per the prevailing rate of interest through Scheduled Commercial Banks, Small Finance Banks (SFBs), Regional Rural Banks (RRBs), SHG Banks, and Cooperative Banks. NBFCs and NBFC-MFIs offer the same as per the guidelines of the Reserve Bank of India (RBI).

PM SVANidhi Interest Subsidy

If a street vendor avails a loan under the PM SVANidhi Yojana, he or she will be eligible for an interest subsidy. The subsidy is being offered at the rate of 7%. The amount which will be generated through the subsidy will be credited to the account of the borrower on a quarterly basis. As per the latest announcements, the subsidies will be extended to the borrowers till 31 March 2022.

The dates on which the interest subsidy will be credited are listed below:

Cash Back Incentives for Digital Transactions:

The scheme will also facilitate the provision of cash back facility to the borrowers when they make transactions through a digital media. The cash back benefit will be available on using the leading digital payment portals such as NPCI, Paytm, Google Pay, PhonePe, Amazon Pay, and so on.

The monthly cashback criteria can be summed up as follows:

Eligibility Criteria for PM SVANidhi Yojana

• Eligibility for States and UTsThe scheme will be available only for the borrowers who belong to the States and UTs which have Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. Borrowers from the state of Meghalaya can also participate in this scheme.
• Eligibility Criteria of BeneficiariesAll the vendors who have been engaged in vending business in urban areas across the country before 24 March 2020 will be eligible for the scheme. However, they will be required to fulfill certain eligibility criteria:
  • The vendor must possess a Certificate of Vending or ID card which has been issued by the Urban Local Bodies (ULBs).
  • A vendor who do not possess the above-mentioned documents but has been identified as one in the survey for PM SVANidhi.
• Eligibility Criteria for Beneficiaries left out of the surveyThe vendors who have been left out of the survey or have started vending after the survey was concluded have received a Letter of Recommendation (LoR) issued by the Urban Local Body (ULB). Their eligibility will be considered as per the recommendation.

How to Apply for PM street vendor loan?

You can apply for the PM Street Vendor Loan by following the steps mentioned below:

1. Visit the official website of PM SVANidhi at www.PM SVANidhi.mohua.gov.in.
2. At the top of the webpage, click on the 'Apply for Loan' button.
3. Enter your mobile phone number in the designated field. Your mobile number should be linked to your Aadhaar.
4. Click on the 'I'm not a robot' captcha to validate the authentication process.
5. Click on the 'Request OTP' button.
6. Enter the OTP that is sent to your mobile number and validate the same.
7. Upon successful validation, you can fill up the form and submit it.

(Download: PM SVANidhi Application Form)

How to Check Survey Status

The vendors who have gone through the survey conducted by the ULBs for the clarification of eligibility can check the status of the same through the official portal of PM SVANidhi. You can check the status by following the steps mentioned below:

1. Visit the official website of PM SVANidhi at www.PM SVANidhi.mohua.gov.in.
2. Navigate to the 'Vendor Survey List' option under 'Scheme'.
3. From the drop-down box, select your state and respective ULB.
4. Provide your Vendor ID card number, certificate of vending no., your name, and father's or spouse's name.
5. Enter your registered mobile phone number and click on the 'Search' button.
6. The status of the survey in relation to the details provided by you will be displayed on the screen.

List of Lenders to Apply for PM SVANidhi Loan

Documents required for the PM Street Vendor Loan

The following documents are required for the PM SVANidhi scheme application:

1. Copy of Certificate of Vending (CoV)
2. Vendor's ID card
3. Provisional CoV (if applicable)
4. Letter of Recommendation or LoR
5. Other KYC documents - Aadhaar Card, Voter's ID Card, MNREGA Card, PAN Card, Driving License, etc.