PM SVANidhi, Apply for Loan at pmsvanidhi.mohua.gov.in

The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs on June 01, 2020 for providing affordable Working Capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown. The duration of the scheme is until March 2022.

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 door-step 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, breads, eggs, textile, apparel, footwear, artisan products, books/ stationary etc. The services include barber shops, cobblers, pan shops, laundry services etc. The COVID-19 pandemic and consequent lockdowns have adversely impacted the livelihoods of street vendors. They usually work with a small capital base and might have consumed the same during the lockdown. Therefore, there is an urgent need to provide credit for working capital to street vendors to resume their business.

PM SVANidhi, Apply for Loan
Name of the SchemePM SVANidhi
TitleCheck the PM Street Vendor’s AtmaNirbhar Nidhi Details
SubjectGovt Of India launched the PM Street Vendor’s AtmaNirbhar Nidhi Scheme
CategoryScheme
Implementation agencySmall Industries Development Bank of India (SIDBI)
Websitehttps://pmsvanidhi.mohua.gov.in/
Apply for Loanhttps://pmsvanidhi.mohua.gov.in/Login
Loan Application FormDownload Loan Application Form
Details of PM SVANidhi

Objectives

The scheme is a Central Sector Scheme i.e. fully funded by Ministry of Housing and Urban Affairs with the following objectives. The scheme will help formalize the street vendors with below objectives and will open up new opportunities to this sector to move up the economic ladder.

  • To facilitate working capital loan up to Rs. 10,000;
  • To incentivize regular repayment; and
  • To reward digital transactions;

Eligibility

  • Should be an Indian Citizen
  • Street vendors in possession of Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs);
  • The vendors, who have been identified in the survey but have not been issued Certificate of Vending / Identity Card

Benefits

  • To facilitate Working capital loan up to Rs.10,000.
  • To Incentivise regular repayment.

Eligibility of States/UTs

The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. Beneficiaries from Meghalaya, which has its own State Street Vendors Act may, however, participate.

Target beneficiaries

This scheme targets to benefit over 50 lakh Street Vendors. A vendor, according to the scheme guidelines is any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built up structure or by moving from place to place. The goods supplied by
them include vegetables, fruits, ready-to-eat street food, tea, pakodas, breads, eggs, textile, apparel, artisan products, books/ stationary etc. and the services include barber shops, cobblers, pan shops, laundry services etc. 

To avail the loan, a vendor should

  • Possess Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs);
  • The vendors, who have been identified in the survey of street vendors but have not been issued Certificate of Vending / Identity Card;
  • In case a vendor is left out of the survey, he/she need to produce one of the following documents to obtain the Letter of Recommendation (LoR) from Urban Local Bodies /TVC:
    • Documents of past loan taken from a bank/ NBFC/ MFI for the purpose of vending; or
    • Membership details, If member of street vendors’ association like NASVI, NHF, SEWA etc.; or
    • Any other documents to prove that s/he is a vendor;
    • The vendor can also request ULB through a simple application on white paper to conduct local enquiry to ascertain the genuineness of his/her  claim for receipt of LoR.
  • KYC document needed : Aadhaar Card / Voter’s Identity Card / Driving Licence / MNREGA Card / PAN Card.  

How can avail benefits of the Scheme?

The Scheme is available to vendors of surrounding development/ peri-urban/ rural areas vending in the geographical limits of the cities/ towns and those left out of the survey. If you belong to this category you have to produce one of the following documents to obtain the Letter of Recommendation from ULB/TVC:

  • Proof of availing one -time assistance, provided by certain States /UTs, during the period of lockdown; or
  • Documents of past loan taken from a bank/ NBFC/ MFI for the purpose of vending; or
  • The membership details with the vendors associations; or
  • Any other documents to prove that you are a vendor; You can also request ULB through a simple application on white paper to conduct local enquiry to ascertain the genuineness of your claim. After receipt of LoR, you may approach BC/ Agent to apply for the loan.

Apply for Loan under PM SVANidhi Schme?

Follow 3 STEPs before starting the online Application Process:

  1. Understand the Loan Application requirements: Properly understand the information & documents required to fill the Loan application form (LAF) for the Scheme. Keep all the information ready before you start the application process.
  2. Make sure your mobile no is linked to your Aadhaar: You are requested to make sure that your mobile phone is linked to your aadhaar number.This will be required for your e KYC/Aadhaar validation during online application process. It will also help you to get letter of Recommendation from ULB (in case required). It will also help you avail future benefits under Government welfare schemes.
  3. It is understood from UIDAI officials that for updating mobile numbers, only a form has to be filled and no additional document is required. A link to UIDAI portal where you can find details of the nearest Aadhaar centre is provided below.
  4. Check your eligibility status as per scheme Rules: You will fall in one of the following 4 categories of Street vendors. Check your status and the documents/ information which you need to keep ready
  1. What is the Scheme?

    PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a Central Sector Scheme to facilitate street vendors to access affordable working capital loan for resuming their livelihoods activities, after easing of lockdown.

  2. What is the rationale of the Scheme?

    The COVID-19 pandemic and consequent lockdowns have adversely impacted the livelihoods of street vendors. They usually work with a small capital base, which they might have consumed during the lockdown. Therefore, credit for working capital to street vendors will be helpful to resume their livelihoods.

  3. What are the objectives of the Scheme?

    The PM Street Vendor’s AtmaNirbhar Nidhi scheme is a Central Sector Scheme i.e. fully funded by Ministry of Housing and Urban Affairs with the following objectives. (i) To facilitate working capital loan up to Rs. 10,000 at subsidized rate of interest; (ii) To incentivize regular repayment of loan; and (iii) To reward digital transactions.

  4. What are the salient features of the Scheme?

    PM Street Vendor’s AtmaNirbhar Nidhi Scheme features a follows (i) Initial working capital of up to `10,000/- (ii) Interest subsidy on timely/ early repayment @ 7% (iii) Monthly cash-back incentive on digital transactions (iv) Higher loan eligibility on timely repayment of the first loan.

  5. Who is the target beneficiary for the Scheme?

    Street vendors/ hawkers vending in urban areas, as on or before March 24, 2020, including the vendors of surrounding peri-urban and rural areas.

  6. Who is a Street Vendor/hawker?

    Any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built up structure or by moving from place to place. The goods supplied by them include vegetables, fruits, ready-to-eat street food, tea, pakodas, breads, eggs, textile, apparel, artisan products, books/ stationary etc. and the services include barber shops, cobblers, pan shops, laundry services etc.

  7. Which lending institutions will provide credit?

    Scheduled Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Non-Banking Financial Companies, Micro-Finance Institutions and SHG Banks.

  8. What is the tenure of the Scheme?

    The Scheme shall be implemented up to March, 2022.

  9. What is the amount of initial working capital loan?

    The Initial working capital loan is up to Rs. 10,000/- for a tenure of one year.

  10. I have an Identity Card /Certificate of Vending. How can I apply for the loan?

    You can approach a Banking Correspondent (BC)/ Agent of Micro Finance Institution (MFI) in your area (ULBs will have the list of these persons). They will help you in filling up the application and upload the documents in a Mobile App/ Portal.

  11. How will I know that I am in the surveyed list?

    You can access this information on the website of PMSVANidhi (pmsvanidhi.mohua.gov.in)

  12. My name is in the list of surveyed vendors, Can I avail the loan facility?

    Yes, you can still avail the Scheme benefits. A Provisional Certificate of Vending would be issued to vendors through an IT based Platform. The BC/ Agent will help you in filling up the application and upload the documents in a mobile App/ Portal.

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

    Aadhaar Card, Voter Identity Card, Driving License, MNREGA Card, PAN Card are the KVC Documents required in addition to CoV/ ID /LoR.

  14. What is the rate and amount of interest subsidy?

    The rate of interest subsidy 7%. The interest subsidy amount will be credited directly in your account on quarterly basis. In case of early payment, the admissible amount of subsidy will be credited in one go. For a loan of Rs. 10,000, if you pay all the 12 EMIs in time, you will get approximately Rs. 400 as interest subsidy amount.

*Disclaimer: We have published the above information for reference Purpose only, For any changes on the content we refer to visit the Official website to get the latest & Official details, and we are not responsible for anything

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