PM SVANidhi Scheme: PM SVANidhi scheme was started to bring the business back on track when it went bad during the Corona period. Under this scheme, a loan of Rs 80,000 is available without any guarantee. This scheme was started on 1 June 2020. So far more than 68 lakh people have taken advantage of this scheme.
PM SVANidhi Scheme: Street vendors or small shop owners in the country get a loan without guarantee under the Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi) scheme. So far, more than 68 lakh street vendors, fruit and vegetable, laundry, salon and paan shop owners have received loans under the scheme. These include both men and women. This is a micro credit scheme. Under this scheme, a loan of Rs 80,000 is provided by the central government in three installments. Its specialty is that this loan is available without any guarantee.
PM SVANidhi scheme is a government loan support scheme, which has been started to make street vendors of urban areas self-reliant. For eligibility, it is necessary for the vendor to do business on the streets before 24 March 2020 and be certified by the municipal body. Its purpose is to bring stability in the life and business of street vendors by connecting them with institutional finance. According to the government dashboard, till now an amount of more than Rs 13,790 crore has been given in the form of loans to eligible people.
Loan is available without guarantee
This scheme was started during the Corona period. Many major changes have been made in it over time. A credit card linked to PI is also given under this scheme. Under this scheme, first a loan of Rs 10,000 is available. Whose duration is one year. If the vendor repays this loan on time, then a loan of Rs 20,000 is available. After this, a loan of Rs 50,000 is available. In total, a loan of Rs 80,000 is available in three installments. On repaying the loan on time, 7% interest subsidy and cashback up to ₹ 1200 on digital transactions is also available. All this is so that vendors not only take loans, but also adopt digital payments. To take full advantage of this government scheme, it is necessary to build credibility.
Where will you get the loan?
Under the scheme, scheduled commercial banks, regional rural banks, small finance banks, cooperative banks, non-banking finance companies, micro finance institutions and SHG banks will provide loans. The implementation partner for the scheme is Small Industries Development Bank of India (SIDBI). The mandatory KYC documents for the beneficiary are Aadhaar card and voter ID card. Apart from this, driving license, MNREGA card, PAN card are also included in the KYC documents. This loan can also be taken through Common Service Centers (CSC) spread across the country.
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