PM SVANidhi Scheme Eligibility And Key Features

The PM SVANidhi scheme, or Prime Minister Street Vendor's AtmaNirbhar Nidhi, is a micro-credit facility launched by the Ministry of Housing and Urban Affairs on June 1, 2020. Its purpose is to provide affordable, collateral-free working capital loans to street vendors to help them resume and grow their businesses, especially after the COVID-19 pandemic.

Key Features Of The Scheme

• Loan amount: Vendors can initially get a working capital loan of up to ₹10,000 for a one-year tenure. If they repay the loan on time, they become eligible for subsequent, higher tranches of loans of ₹20,000 and ₹50,000.
• Interest subsidy: A 7% per annum interest subsidy is credited directly to the borrower's bank account upon timely repayment of the loan.
• Digital incentives: The scheme promotes digital transactions and provides a cashback incentive of up to ₹1,200 annually for vendors who use prescribed digital payment methods.
• Holistic development: Beyond providing loans, the scheme focuses on the overall development and economic upliftment of street vendors by offering technology and training opportunities.
• Integrated welfare: The "SVANidhi Se Samridhi" initiative integrates eligible vendors and their families into various Central Government welfare schemes, such as the Pradhan Mantri Jan Dhan Yojana and the One Nation One Ration Card.

Eligibility Criteria

The scheme is available to all street vendors who were engaged in vending in urban areas on or before March 24, 2020. This includes vendors who operate within the geographical limits of Urban Local Bodies (ULBs), as well as those from surrounding peri-urban and rural areas.

Eligible vendors are identified based on the following:

• Urban Local Body (ULB) records: Vendors who have been issued an Identity Card or Certificate of Vending by the ULB.
• ULB surveys: Vendors who were identified in the ULB survey but have not yet received their ID or certificate. A Provisional Certificate of Vending can be generated for them.
• New or left-out vendors: Vendors who were left out of the ULB-led survey or started vending after its completion, but have a Letter of Recommendation (LoR) from the ULB or Town Vending Committee (TVC).

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How To Apply

The application process is automated through an online portal and a mobile app. Vendors can apply for the loan directly or through a Business Correspondent (BC) or agent.

Required documents include a valid photo ID such as an Aadhaar Card, Voter's Identity Card, or PAN Card.