- 1 WHAT IS PRADHAN MANTRI SVANidhi YOJANA?
OVERVIEW OF PRADHAN MANTRI SVANidhi YOJANA
|Name||PRADHAN MANTRI SVANidhi YOJANA|
|Also known as||PMSVANidhi|
|Launched on||1 June 2020|
|Launched by||Prime Minister Narendra Modi|
|Ministry||Ministry of Housing and Urban Affairs|
|Launched Under||Atmnirbhar Bharat Abhiyaan|
|Official Website||pmsvanidhi.mohua.gov.inhttps://pmsvanidhi.mohua.gov.inPM SVANidhi|
WHAT IS PRADHAN MANTRI SVANidhi YOJANA?
The PM Street Vendor’s AtmaNirbhar Nidhi commonly known as PM SVANidhi was launched by PM Narendra Modi on 1 June 2020. Nodal ministry for this scheme is The Ministry of Housing and Urban Affairs. PM SVANidhi was launched during Covid-19’s first wave. Main objective was providing affordable Working Capital loans to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
Earlier duration was till March 2022 but now it’s extended to December 2024 with focus on enhanced collateral free affordable loan corpus, increased adoption of digital transactions and holistic socio-economic development of the Street Vendors and their families.
HOW TO APPLY FOR PM SVANidhi YOJANA?
If you want to apply for PM SVANidhi then click the following link:
Documents required for application is:
• Certificate of Vending or Identity Card issued by ULBs or LoR from TVC or ULBs.
• Vendors might also require to furnish any one of the following documents –
• Aadhaar card
• Voter ID card
• MNREGA card
• Driving licence
• PAN card
CONTACT DETAILS FOR PM SVANidhi YOJANA
If someone willing to apply to PM SVANidhi then visit Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Bank, Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs) and SHG Banks.
Toll free Number:-
Other contact details are mentioned in this link
FEATURE AND IMPLEMENTATION OF PM SVANidhi YOJANA
The Government of India has extended the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme beyond March, 2022 with the following provisions: Extension of lending period till December 2024; Introduction of 3rd loan of ₹50,000 in addition to 1st & 2nd loans of ₹10,000 and ₹20,000 respectively.
BENEFITS OF PM SVANIDHI YOJANA
• Vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
• On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis.
• There will be no penalty on early repayment of loan.
• The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
• The vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan.
ELIGIBILITY REQUIREMENTS FOR PM SVANidhi YOJANA
• The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
• Beneficiaries from Meghalaya, which has its own State Street Vendors Act, may, however, participate.
FAQ FREQUENTLY ASKED QUESTIONS
Question- Which Union Ministry has tied up with Zomato, to implement the PM- SVANidhi scheme?
Answer- As a part of Prime Minister Street Vendor’s AtmaNibhar Nidhi (PM SVANidhi) Scheme, the Ministry of Housing and Urban Affairs (MoHUA) entered into an agreement with Zomato.
Question- Which state tops in the implementation of the PM SVANidhi YOJANA?
Answer- Madhya Pradesh tops the list of implementing PM SVANidhi YOJANA.
Question- How much money is allocated to PM SVANidhi scheme?
Answer-To provide handholding support to street vendors, the Ministry of Housing and Urban Affairs (MoHUA) launched PM SVANidhi a micro credit scheme, facilitating a working capital collateral free loan of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with 7% interest subsidy.
OTHER INITIATIVE RELATED SCHEME
AtmaNirbhar Nidhi scheme
PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a Special Micro-Credit Facility launched by Ministry of Housing and Urban Affairs, for providing affordable loans to street vendors
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