Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi Scheme

What is PM SVANidhi Scheme?

PM SVANidhi or Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi scheme was launched on June 1, 2020, by the Central Government to help the street vendors resume their livelihood activities who were impacted by COVID-19. 

Aim of the Scheme

The scheme aims at facilitating working capital loan up to Rs. 10,000 at a subsidized rate of interest,  incentivizing regular repayment of the loan and to reward digital transactions. The scheme aims at providing benefits to street vendors or hawkers in urban, pre-urban and rural areas on March 24, 2020, or before. 

Features of the scheme

1- Initial working capital of up to Rs. 10,000. 

2- Interest subsidy on timely or early repayment at the rate of 7%. 

3- Monthly cash-back incentive on digital transactions. 

4- Higher loan eligibility on timely repayment of the first loan.

Tenure of the scheme

The tenure of the scheme is up to March 2022. 

Who will lend the credit to the vendors?

1- Scheduled Commercial Banks 
2- Regional Rural Banks
3- Small Finance Banks
4- Cooperative Banks
5- Non-Banking Financial Companies
6- Micro-Finance Institutions
7- SHG Banks.

How to apply for the loan?

1- To apply for the loan, you need to have an identity card or vending certificate. 

2- Visit a nearby Banking Correspondent (BC) or the Agent of Micro Finance Institution (MFI). 

3- Upload all the necessary documents on the Mobile App.

What are the KYC documents required in addition to CoV/ ID / LoR?

1- Aadhaar Card
2- Voter’s Identity Card
3- Driving Licence
4- MNREGA Card
5- PAN Card

What is the amount of incentive for digital transactions?

1- On executing 50 eligible transactions, Rs. 50 will be transferred. 
2- On executing the next 50 transactions, an additional Rs. 25 will be transferred. 
3- On executing the next 100 transactions, an additional Rs. 25 will be transferred. 

It is important to note that each transaction greater than Rs. 25 will be counted.