PM SVANidhi Scheme Potential and Application form

The Ministry of Housing and Urban Affairs (MoHUA) launched the PM SVANidhi Scheme also known as PM Street Vendor’s AtmaNirbhar Nidhi. Under this scheme, street vendors are supported with affordable working capital loans. Here, we provide a detailed review of the Svanidhi scheme, analyzing its objectives, benefits, and challenges.

Review of the PM SVANidhi Scheme

The scheme is for all street vendors who were selling things on the street before the COVID-19 lockdown on March 24, 2020. Such vendors must hold a Certificate of Vending or an Identity Card given by the city government. Additionally, vendors who temporarily returned to their native places due to the lockdown are also eligible for the scheme.

What is the PM SVANidhi Scheme?

The Svanidhi scheme was launched to provide financial support to urban street vendors by giving them small amounts of loans to get back their livelihoods. The key objectives are:

• up to ₹10,000 working capital loan without any guarantee.
• timely repayment will give more credit limits.
• Encouraging vendors to use digital payment.

PM SVANidhi Scheme benefits

1. No interest is to be paid for one year on amounts up to ₹10,000.
2. Paying loan amounts on time will increase the credit limit.
3. subsidy of 7% is credited to vendors every quarter.
4. The use of digital payment will give incentives and rewards to such vendors as a cashback range from ₹50 to ₹100 per month.
5. Vendors can also repay their loans early without penalties.

If you are looking for the PM Svanidhi Application Form you can directly visit the official website at https://pmsvanidhi.mohua.gov.in/ or download it from the link.

As per sources, over 95 lakh loans have been granted to street vendors across the country post the COVID-19 pandemic.

Disclaimer: This review is based on available information from the SVANidhi scheme guidelines. Please note the Svanidhi Scheme is under restructuring and new applications will be accepted after the new scheme is approved. For more updates and in-depth reviews of government schemes, stay tuned to Reviewft!