PM Svanidhi Yojana

PM Svanidhi Yojana 2024: Objectives, Eligibility, Application & Online Registration

PM Svanidhi Yojana: Prime Minister Swanidhi’s full name is PM Street Vendors Self-reliant Fund Scheme. Everyone’s way of life was negatively impacted by the COVID-19 pandemic-related lockdown, but street sellers were particularly hard hit. Most street sellers operate with modest financial resources. They might have lost all of their cash and capital during the nation’s lockdown. An essential component of the urban informal economy is the street vendor sector. They are crucial in making sure that city people can get goods and services at reasonable costs. Street sellers are known by a variety of names in different contexts, including vendors, thelewala, hawkers, thelipahadwala, rehriwala, etc. In addition to veggies, they also supply bread, tea, pakodas, fruits, vegetables, ready-to-eat street cuisine, shoes, clothing, artisan goods, stationery, and more. Among its offerings include barbershops,

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Objectives of PM Swanidhi Yojana

  • To offer and enable working capital loans at subsidized interest rates of up to Rs 10,000,
  • Encouraging regular repayment of loans, and
  • rewarding online purchases.

PM Swanidhi Yojana Eligibility Criteria

Every street seller working in metropolitan areas on or before March 24, 2020, is eligible for the PM Swanidhi Yojana. The following standards will be used to determine who is eligible for the scheme:

  • Identity cards or vending certificates issued by urban local bodies (ULBs) are mandatory for street vendors.
  • Even though the survey listed street vendors, they have not received identity cards or vending certificates. In some cases, the street vendors will receive a Provisional Certificate of Vending.
  • those street vendors who, although receiving a Letter of Recommendation (LOR) from the Urban Land Bureau (ULB) or the Town Vending Committee (TVC), either began selling after the TVC’s identity survey was finished or did not participate in it.
  • The ULB or TVC has granted a Letter of Recommendation (LoR) to street vendors who operate inside the ULB’s boundaries, whether they are from adjacent projects, rural areas, or suburban areas.
PM Svanidhi Yojana

Benefits under PM Swanidhi Yojana

The incentives offered to urban street vendors under the PM Swanidhi Scheme are as follows:

working capital loan

For a period of one year, working capital loans up to Rs 10,000 are available to urban street vendors, who must repay the loans in monthly installments. To apply for this loan, you don’t need any collateral. Street vendors will be eligible for the next cycle of WC loans with an increased ceiling if they return their loan on time and in full. Repayment of WC loans prior to the due date is not subject to a prepayment penalty.

Rate of Interest

The interest rate will be in line with the current interest rates for Scheduled Commercial institutions, Small Finance Banks (SFBs), Regional Rural Banks (RRBs), Co-operative Banks, and Self Help Group (SHG) institutions. The interest rates for non-banking financial companies (NBFCs), non-banking financial companies-micro finance institutions (NBFC-MFI), etc., would follow the standards set forth by the RBI for that particular lender category. Interest rates shall be in line with NBFC-MFI criteria for MFIs (non-NBFCs) and other lender categories not covered by the RBI guidelines.

Interest Subsidy

A 7% interest subsidy is available to street sellers who use the program to get WC loans. Credit to the borrower’s account of the interest subsidy amount, once a quarter. Interest-bearing subsidies are available through March 31, 2022. Both before and after that date, loans are eligible for interest subsidies.

Promoting digital transactions by street vendors

Through a cash-back feature, the program encourages street sellers to switch to digital transactions. The network of lending institutions and digital payment aggregators, such as Paytm, NPCI GooglePay, AmazonPay, BharatPe, PhonePe, etc., would make it easier to engage vendors for digital transactions. The monthly payback amounts for participating vendors would range from Rs 50 to Rs 100.

Application for loan under PM Swanidhi Yojana

Street sellers must get in touch with their local Banking Correspondent (BC) or Micro Finance Institution (MFI) agent in order to apply for a WC loan under the PM Swanidhi Yojana. These individuals will be on the ULB’s list. They will assist the street vendors in completing the application and uploading the necessary files to the relevant portal or mobile app.

The KYC documents required to apply for the loan are as follows:

vending certificate, ULB-issued ID card, or TVC or ULB endorsement letter.

  • Any one of the following-
  • Aadhar card .
  • Voter ID card.
  • driving license .
  • MNREGA card.
  • PAN card .

Also Read: Pradhan Mantri Suraksha Bima Yojana SBI के लिए कैसे Apply करे

Steps for Online Registration of PM SVANidhi Yojana

  • Step1: Go to PM SVANidhi’s official website and select the “Apply for a loan” link.
  • Step2: Give your captcha code and mobile number.
  • Step3: Choose your category and complete the necessary fields.
  • Step4: In the end, press “Submit.”

By carrying out these steps, you can effectively register for the PM SVA program.

PM Svanidhi Yojana

How to Check the Application Status of PM SVANidhi Yojana?

The following procedures must be followed by beneficiaries in order to verify their PM SVANidhi status:

  • Visit PM SVANidhi’s official website.
  • Put in your password and login ID.

PM The status of your Sannidhi Yojana application will appear on the screen.

It would also be interesting to learn about the benefits that come with the PM SVANidhi Scheme.

What Are the Guidelines to Follow Before PM SVANidhi Registration?

Street vendors are an essential part of the urban informal economy because they help make goods and services accessible to city dwellers at reasonable prices. It makes sense that they would need operating capital to maintain their operations given their modest capital base, particularly in the event of unfavorable events like pandemics, etc.

In light of the current COVID-19 crisis, the Ministry of Housing and Urban Affairs initiated the PM SVANidhi program to offer street vendors financial assistance in the form of working capital loans, interest subsidies, incentives, and other forms of support.
You must be aware by now that vendors and hawkers in India are eligible for a number of perks under the PM SVANidhi initiative. since a result, they may find it useful to quickly scan the aforementioned article since it contains crucial information required for a successful application.


Q: Who is the target beneficiary of the PM SVANidhi scheme?

Ans: The PM Street Vendor Yojana plan is intended to benefit street vendors working in metropolitan areas on or before March 24, 2020, as well as sellers in and around peri-urban and rural areas.

Q: Are there any penalties for prepayment of working capital loans under Prime Minister Street Vendor Atma Nirbhar Nidhi scheme?

Ans: No, under this agreement, there are no penalties for returning a loan early.

Q: What are the interest rates on my working capital loan if I borrow it from an NBFC under the PM SVANidhi Scheme?

Ans: For NBFCs, the interest rates will follow RBI rules according to the category of lender.

Q:How much loan is available under Pradhan Mantri Swanidhi Yojana?

Ans: You are eligible to apply for a first-time loan up to Rs 10,000 under the plan. This needs to be paid for over a full year. You are eligible to borrow up to Rs 20,000 for the second time and Rs 50,000 for the third time throughout this payment term.

Q: What is the last date of PM Swanidhi Loan?

Ans: PM SVANidhi Yojana: You can now apply for this plan till December 2024, and it provides loans without guarantees to low-income households so they can start businesses. Tell this tale: PM Sanvidhi Yojana: As of right now, the Pradhan Mantri SVANidhi Yojana is extended to December 2024. Its previous expiration date was March 31, 2023.

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