PM SVANidhi Yojana 2023: Prime Minister Swanidhi Scheme

PM Svanidhi Yojana | Pradhan Mantri Swanidhi Yojana Online Registration | Street vendor, self-reliant Svanidhi Yojana Loan | Online Application Process | Benefits & Features

Our Prime Minister, Mr Narendra Modi, launched the Swanidhi scheme in the Union Cabinet meeting on June 1st. The central government would grant a loan of up to Rs 10,000 under the PM SVANidhi Yojana to the country’s street vendors and small street vendors to help them restart their businesses.

This Swanidhi scheme is also known as the Pradhan Mantri Street Vendors Atma Nirbhar Nidhi. This initiative will benefit all of the country’s minor street sellers. In this article, we will tell you all the information about the SVANidhi Yojana, including the application process, eligibility, required docs, and so on. So, read till the conclusion.

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PM SVANidhi Yojana 2023

Under the SVANidhi Yojana, street vendors who sell fruits and vegetables or establish up small shops on country roads can apply for a loan of Rs 10,000 from the government. Individuals will have to return in instalments over the course of a year. The government will send a 7% yearly interest subsidy to street vendors who repay this loan on time. Interested beneficiaries can apply for getting an advantage of this scheme.

The Central Government has extended the PM SVANidhi Yojana until December 2024. According to the ministry, the prime minister swanidhi scheme will assist 42 lakh street vendors by December 2024. According to statistics, 31.73 lakh street sellers have already received a Rs 10,000 loan as of November 30th. 5.81 lakh street sellers have received a loan of Rs 20 lakh.

Overview of the PM Swanidhi Scheme

Scheme Name	PM SVANidhi Yojana
Initiated by	Prime Minister Narendra Modi
Launch Date	1st June
Beneficiary	street vendors
Objective	Providing loans to the country’s minor street vendors
Official Website	https://pmsvanidhi.mohua.gov.in/

Objectives of the Scheme

Due to the COVID lockdown, street vendors and those selling items on handcarts are unable to operate. As a result of these issues, the federal government has announced the launch of this scheme. The government should grant loans to street sellers in order for them to resume their job through the Street Vendor Self-Reliant Fund. This plan aims to empower street merchants and enhance the lives of the impoverished.

Benefits of PM Swanidhi Scheme

The COVID pandemic has harmed the livelihoods of the country’s street vendors. So, the government introduced the SVANidhi Yojana with the purpose of providing a loan of Rs. 10,000/- to help them. The plan went live in 125 cities on January 4.

This scheme benefited over 35 lakh street vendors and their families in the first phase. The second part of this strategy went into effect in the financial year 2022-23. As a result, 28 lakh street merchants have benefited.
In the second phase of the SVANidhi Yojana, 126 cities were chosen. The scheme’s primary goal is to supply street sellers with an affordable working capital loan.
Aside from that, beneficiaries of this scheme are linked to other Government of India assistance schemes.
The roadside street merchants will benefit from this arrangement.
Vendors selling goods on the road around urban/rural areas have been designated as beneficiaries under the Swanidhi initiative.
Around the country, street vendors can apply for a direct working capital loan of up to Rs 10,000 in three instalments. Which they can repay in a year in monthly instalments.
This scheme will help around 50 lakh people.
The government will send a 7% yearly interest subsidy to the street vendors who repay this loan on time.
There are no penalties under the SVANidhi Yojana.
It will work to improve people’s capabilities through technology and re-establishes the business in Corona time to make the Atmanirbhar Bharat Abhiyan a success.

PM SVANidhi Yojana Statistics

No. of Terms	Eligible Applicants	Sanctioned	Disbursed	Returned by Banks	Ineligible Applications	Loan Repayment
1st Term	47,42,593	37,21,897	34,10,516	8,30,221	12,45,647	16,69,194
2nd Term	16,08,170	10,33,982	7,61,521	4,33,898	61,024	45,650
3rd Term	44,865	33,326	23,980	2,717	733	0

Eligibility Criteria for Applying the Scheme

This plan is open to street vendors who hold a vending certificate or an identity card.
Vendors were recognised in the survey but not granted proof of vending or identification.
An ID-based platform would be used to generate the Final Vending Certificate for all such vendors.
The government also encourages ULBs to give Permanent Certificates of Vending and Identification Cards to such vendors within one month.
Street sellers who were excluded from the ULB identification survey or who began vending after the survey was completed and a recommendation letter was issued by the ULB or Town Vending Committee.
Sellers who sell within the Urban Local Body’s geographical boundaries. And the ULB or TVC has issued them a recommendation letter to that effect.

How to Apply for the PM SVANidhi Yojana?

The country’s interested street sellers and street vendors desire to benefit from the Swanidhi Yojana. Banks can be approached offline to obtain an initial working capital loan. So, follow the steps outlined below.

Visit the scheme’s official website.

On this home page, you will notice the option to “Plan to Apply for Loan”. Carefully read all three stages in the “Planning to Apply for a Loan” section before proceeding.
Clicking the “View More” option, and select “View / Download Form”. The PDF of the Swanidhi Yojana form will appear in front of you.
Download the application form in PDF format for download. Then, you must fill out all of the information requested.
After that, attach all of the required documents to the application.
And submit your application form by visiting any one of the listed institutes.

How to See the List of the Loan Giving Institutes?

Visit the official site.
On the homepage, you will see the “Scheme Instruction” option at the top.
Click on it, and a drop-down menu will open.
Select “Lenders List” from them.
A new page will open, scroll down and you will get the list of the institutes.

Required Documents

Aadhaar Card of the applicant
Voter ID Card
Bank Account Passbook
Mobile Number
Passport-size Photo

How to Check the Application Status of PM SVANidhi Yojana?

Visit the Swanidhi Yojana’s official website.
After that, you must select the Know Your Application Status option.
This page will require you to provide your application number, mobile number, and OTP.
After that, you must select the search choice.
The status of your application will appear on your computer screen.

Login Process

Visit the official site.

On the homepage, click on the “Login” tab.
A drop-down menu will open, choose anyone “Applicant”, “Lender”, “Ministry/Status/ULB”, “City Nodal Officer”, and “Socio-Economic Profiling”
A new page will appear where you have to enter your username and password.
Then, click on the “log in” button to log in to your page.

PM SVANidhi Yojana Key Facts

Only speed merchants from those states and union territories are eligible to participate in the Swanidhi Yojana, which is governed under the Street Vendor Act of 2014.
Any street sellers who are currently vending before March 24 will be considered eligible under this scheme.
For one year, all street vendors would be given a loan of around $10,000.
This loan will not require any security.
This loan must be returned in monthly payments over a one-year term.
If the beneficiary repays the entire amount before or on time, he or she may be eligible for a loan of more than Rs. 10,000/- next year.
This scheme will also offer the beneficiary an interest subsidy. This interest rebate will be 7%. Which will be deposited into the beneficiary’s bank account every four months. This funding will be available till March 31st.

PM Swanidhi Mobile App

The MoHUA has released the PM Svanidhi Mobile App. The country’s street sellers and small street vendors can now download and install the PM Svanidhi Mobile App on their devices.

Features

Vendor discovery in survey data
e-KYC of applicants
Processing of Loan Applications
Real-time monitoring

Download the SVANidhi App on your Mobile

Visit the Google Play Store on your Android.
Search for the “PM Swanidhi app” in the search bar.
Then, click the “Install” button.
After installation, you can effortlessly apply online to take benefit of this scheme.

Apply for a Letter of Recommendation (LoR)

Visit the PM Swanidhi Yojana’s official webpage
On the home page, click on Apply for L.O.R.

A new page will appear, prompting you to input your mobile number.
After that, you must click the Request OTP link.
You will now receive an OTP on your mobile phone, which you must enter into the OTP box.
After that, you must press the submit button.
Now a form will appear in front of you, and you must carefully fill out all of the information requested.
Following that, you must submit all pertinent documents.
You must now press the submit button.

How to Apply for a 20K Loan?

Visit the official website of PM Swanidhi Yojana.
On the home page, select the Application Loan 20k option.

A new page will now appear in front of you.
You must log in on this website by entering your mobile number or Aadhar number.
The application form will now be displayed in front of you.
You must fill out the application form completely.
After that, you must upload all relevant documents.
Now you must select the submit option.

How to Apply for Loan in Assam & Meghalaya?

Go to PM Swanidhi Yojana’s official website.
After that, select Apply Loan (Assam Meghalaya).

Following that, you must log in by entering your mobile number.
The application form should now appear in front of you.
You must fill out all of the required information in the application form, such as your name, phone number, and email address.
You must now upload all of the necessary paperwork.
After that, you must click the “Submit” button to apply.

View the List of the Notified State and Union Territory, Urban Local Bodies, Disbursement Target of State and UT, and Special Drives

Visit the official website.
On the homepage, you can see the “Scheme Instruction” tab.

Click on it, and a dropdown menu will open.
There you will get all the options like “Notified State and Union Territory”, “Urban Local Bodies”, “Disbursement Target of State and UT”, “Special Drives”

Click on the option you need to see the respective list.
And, the list will appear on your screen.

Contact Information

Go to the official website.
On the homepage, you will see the “Contact us” option.

Click on it to get the state-wise contact details for your doubts, and queries.

Toll-Free Number	1800 11 1979 (9.30 am to 6 pm)
CGTMSE Help Desk Number	93217 02101
Scheme Reality Queries	querysvs@cgtmse.in
Technical Queries	itsupportsvs@cgtmse.in

Frequently Asked Questions

1) What exactly is the PM SVANidhi Yojana?

To assist street vendors, the Ministry of Housing and Urban Affairs (MoHUA) introduced PM SVANidhi, a micro-credit initiative that provides a working capital collateral-free loan of 10,000, followed by loans of 20,000 and 50,000 with a 7% interest subsidy.

2) Who is eligible for taking the advantage of the scheme?

The scheme is available for Barbershops, Shoe cobblers, Betel Shops (Panwadi), Laundry Shops (Dhobis), Vegetable sellers, Fruit sellers, Ready-to-Eat Street Food, Tea stands, Sellers of bread, Dumplings and eggs, Peddlers who sell clothes, Books/stationery holders, Artisan products, and so on.

3) How much money is available through the PM SVANidhi Yojana?

In addition to the first and second loans of Rs 10,000 and Rs 20,000, the government has established a third credit of up to Rs 50,000.

4) What is the last date of PM Swanidhi Yojana?

The Government of India has extended PM Swanidhi till December 2024.