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Discover how the PM SVANidhi Yojana provides collateral-free loans and financial support to street vendors across India. Explore eligibility, benefits, and the latest updates on this transformative government initiative for self-reliance and business growth.
What is PM SVANidhi Yojana?
PM SVANidhi (Prime Minister Street Vendor’s AtmaNirbhar Nidhi) Yojana is a micro-credit scheme launched by the Government of India on June 1, 2020. Its main objective is to empower street vendors who faced economic distress due to the COVID-19 pandemic, enabling them to revive and expand their businesses with easy access to working capital loans.
Key Objectives of PM SVANidhi
- Provide easy collateral-free loans to street vendors.
- Promote digital transactions by offering cash-back incentives.
- Encourage timely repayment through interest subsidies.
- Support financial and digital literacy for vendors.
Latest Updates and Deadlines
The Government of India has extended the lending period for PM SVANidhi till March 31, 2030, allocating ₹7,332 crore for its continuation. The scheme aims to reach 1.15 crore beneficiaries, including 50 lakh new street vendors, strengthening their ability to become self-reliant and financially independent.
Loan Structure Explained
- First Tranche: Up to ₹15,000 (up from ₹10,000)
- Second Tranche: Up to ₹25,000 (up from ₹20,000)
- Third Tranche: Up to ₹50,000
Vendors who successfully repay loans are eligible for higher amounts in subsequent tranches. Additionally, those who repay the second loan on time can qualify for a UPI-linked RuPay credit card to meet their business and personal financial needs.
Main Benefits of the Scheme
- Collateral-free access to working capital.
- 7% annual interest subsidy with timely repayment.
- Cash-back incentives for digital payments.
- Enhanced digital and business skills through training programs.
- Coverage expanded to include urban, census towns, and peri-urban areas.
Eligibility Criteria
- Any street vendor operating before March 24, 2020.
- Certificate of Vending or Letter of Recommendation from local authorities.
- Coverage for vendors in both urban and adjacent rural areas.
How to Apply for PM SVANidhi Yojana
Street vendors interested in availing benefits under PM SVANidhi can apply online through the official portal of the Ministry of Housing and Urban Affairs or visit their local Urban Local Body (ULB) for assistance. Required documents include identity proof, vendor certification, and bank account details.
Apply Now : Click Here
Why PM SVANidhi Matters
This scheme stands as a significant support system for millions of Indian street vendors, enabling them to grow sustainably, embrace digital transformation, and contribute to economic development. Recognized for innovation and excellence, the PM SVANidhi scheme sets a benchmark in government-supported financial inclusion.