Launched on June 1, 2020, the Ministry of Housing and Urban Affairs introduced PM SVANidhi Yojana to assist street vendors with small amounts of financial assistance. Street vendors can receive up to ₹10,000 in financial assistance to help them relaunch and grow their businesses. At JLN Stadium, Prime Minister Narendra Modi spoke to recipients of the PM SVANidhi Yojana 2024. One lakh street vendors received loans from him, five thousand of whom were from Delhi. The Prime Minister’s goal of offering financial assistance to the underprivileged was the main reason behind this scheme. PM SVANidhi was introduced in 2020 during the pandemic. Keep reading this article for more information.
The objective of PM SVANidhi Yojana
The primary objective of PM SVANidhiYojana is to help the street vendors of India earn their bread by selling items on the street. This scheme provides small amounts of financial help to street vendors so they can expand their businesses. This scheme was launched in the year 2020 by the PM of India for the benefit and welfare of the poor street vendors who work very hard. The program seeks to make them legal street vendors and create fresh possibilities for them to grow economically. In addition to being an essential part of the economy, street vendors also contribute to society by selling cheap and affordable products.
PM Modi Distributed Loans to 1 lakh Street Vendors
At JLN Stadium in Delhi today, Prime Minister Shri Narendra Modi gave a speech to the recipients of the PM SVANidhiYojana. As part of the program, PM Modi Distributed Loans to 1 lakh street vendors, including 5,000 SVs from Delhi given in hand. He gave five recipients of PM SVANidhi loan cheques. During the meeting, the prime minister appreciated the presence of thousands of street vendors from all over the country who were present there. The Prime Minister showed the significance of street vendors in daily life. Also, he appreciated their hard work and dedication during the pandemic. According to the Prime Minister, funds have been directly deposited into the accounts of one lakh street vendors nationwide.
Also Read: PM Svanidhi Loan Apply Online
Key Highlights of PM SVANidhi Yojana
| Name of the scheme | PM SVANidhi Yojana |
| Launched by | PM of India |
| Objective | To provide financial assistance to the street vendors of India |
| Beneficiaries | Street vendors of India |
| Application mode | online/offline |
| Official website | PM Svanidhi Portal |
Eligibility Criteria
- Street sellers with an Identity Card or Certificate of Vending from an Urban Local Body (ULB).
- The vendors listed in the survey have not yet received an Identity Card or Certificate of Vending.
- Street vendors who were not included in the ULB-led identification survey or who began selling after the survey was finished and for which the ULB /
- The Town Vending Committee (TVC) has issued a Letter of Recommendation (LoR)
- The vendors from nearby development, peri-urban, and rural areas operate within the boundaries of the ULBs and have received a letter of recommendation (LoR) from the ULB and TVC to that effect.
Benefits of PM SVANidhi Yojana
- A Working Capital (WC) loan of up to Rs. 10,000 with a one-year repayment period in monthly installments is available to urban street vendors.
- You can use this loan without providing any collateral.
- The street vendors will be qualified for the next cycle of the WC loan with an increased limit if they return this loan on time or early.
- If the WC loan is repaid before the agreed-upon date, there is no prepayment penalty.
Required Documents
- Aadhaar card.
- Voter Identity card.
- Driving license.
- MGNREGA card.
- PAN card.
Also Read: PM SURAJ Portal
Type Loan Under PM SVANidhi
- 1st Loan Cycle Amount: Up to ₹ 10,000; Maximum Loan period: 12 months.
- 2nd Loan Cycle Amount: Up to ₹ 20,000; Maximum Loan period: 18 months.
- 3rd Loan Cycle Amount: Up to ₹ 50,000; Maximum Loan period: 36 months
PM SVANidhi Loan Application Process
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. Get all the information ready before you start the application process.
- 2. Make sure your mobile number 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 the online application process. It will also help you to get a letter of Recommendation from ULB (in case required). It will also help you avail yourself of future benefits under Government welfare schemes.
- 3. Check your eligibility status as per scheme Rules ion to be kept ready
- You will fall in one of the following 4 categories of Street vendors. Check your status and the documents/ information that you need to keep ready
How to Apply Online for Loan Upto Rs 50K Under PM SVANidhi 2024
- First Open Official PM Svanidhi Website in Step One.
- Step 2: Enter the street vendor’s “mobile number.” Click the “Request OTP” button after checking the “I am not a robot” box.
- Step 3: Click the “Verify OTP” button after entering the six-digit OTP that was sent to the street vendor’s mobile number. After the OTP has been verified, the user will be able to log in.
- CHOICE OF CATEGORY FOR TERM 1 LAON
- Step 4: Choose “Yes” or “No” depending on whether you have an Aadhaar card.
- Step 5: Choose the Street Vendor Category.
- ACTIONS FOR APPLICANTS IN CATEGORY “A”
- Step 6: The SRN number will be requested if the street vendor chooses category A.
- Step 7: Select the State, type in the street vendor’s mobile number, and press the “Search” button to locate the SRN. (The mobile number ought to match the information provided to GoI, that is, updated on the TMEPMA portal.)
- Step 8: A green-colored SRN number will be shown. A copy of the “SRN Number”
- Step 9: Click the “Search” button after entering the “SRN” number in the previous tab.
- Step 10: The Street Vendor details and SRN number will be shown. Click the check box to verify the SRN number.
- Step 11: Upload a certificate of vending, an ID card, or both. The loan application form will be displayed to the user after they click the “Next” button.
- Procedures for Class C and D
- Phase 12: Should the Street Vendor decide if the street vendor falls into categories C or D, they will be questioned about whether they have received a “Letter of Recommendation” (LoR).
- Step-13A (i): Choose the option “I have been issued a Letter of Recommendation (LoR) by ULB/TVC” if the street vendor has a LoR.
- Step-14A (i): After submitting the letter of recommendation, select “Next.” The Loan Application Form will be displayed to the user after they click the “Next” button.
- 14-B (ii): Choose the option “I have NOT been issued a Letter of Recommendation (LoR) by ULB/TVC” if the street vendor does not have a LoR.
- The message “You are requested to obtain LoR from concerned ULB/ Municipality and then apply for a loan” will appear in the message box.
- STEPS FOR FIRST-TERM LOAN APPLICATION FORM FILLING
- Step 15: Enter the street vendor’s Aadhaar number, select “I am not a robot,” and then select “Verify with OTP.”
- Step 16: The street vendor can use an OTP to confirm Aadhaar.
- Step 17: Enter your data and press the “Save” button.
- Step 18: Enter “Vendor ID Card No.” and “Certificate of Vending No.” issued by ULBs. Only fill out the family details if you are married.
Details to be Filled Under Application Form
- Email id
- Aadhar card
- Mobile number
- Vending ID
Contact Details
- For any query you may call toll free number 1800 11 1979 between 9.30 AM to 6.00 PM
FAQS
Launched on June 1, 2020, the Ministry of Housing and Urban Affairs introduced PM SVANidhi Yojana to assist street vendors with small amounts of financial assistance
Street vendors can receive up to ₹10,000 in financial assistance to help them relaunch and grow their businesses