Pradhan Mantri SVANidhi Yojana 2022: The government launched the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme to offer loans to street vendors. The main objective of the scheme is to provide an economic boost to street vendors by offering them working capital loans so that they start their businesses again and bring it back to normalcy. This scheme was launched on 1st June 2020. Through this scheme, the vendors can apply for a loan of up to Rs 10,000 for a year. In addition, there is no need to pledge any collateral for it. This scheme will supposedly help over 50 lakh street vendors across the nation.
Pradhan Mantri SVANidhi Yojana – Advantages of PM SVANidhi Yojana
The scheme will help street vendors revive their businesses and make way for new opportunities in this sector to move up the economic ladder.
- Avail working capital loan up to Rs. 10,000/-
- Incentivization of regular loan repayment
- Cashback reward for digital transactions
कोरोना संकट के दौर में जब देशभर में लॉकडाउन लगाया गया, उस समय निम्न आय वर्ग के लोगों को राहत देने के लिए पीएम मोदी ने 1 जून 2020 को पीएम स्वनिधि योजना (PM Svanidhi Yojana) की शुरुआत की. भारत सरकार की इस योजना के तहत रेहड़ी-पटरी और खोमचे वाले को बिना किसी जमानत के बैंक से सस्ता कर्ज दिया जाता है, जिसके ब्याज पर सब्सिडी मिलती है.
Interest Rate applicable for Yojana:
In the case of Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Small Finance Banks (SFBs), SHGs (self-help groups) Banks, and Cooperative Banks, the applicable interest rate will be as per the rates at which they are offering similar loans.
In the case of Non-Banking Financial Company-Micro Finance Institution (NBFC-MFIs) and Non-Banking Financial Companies (NBFCs), among others, the rate of interest will be as per the guidelines of the RBI that they have set for the respective lender category.
In respect of the MFIs and other similar kinds of lenders which are not covered under the aforementioned guidelines, the cost of borrowing would be applicable as per the extent of the RBI guidelines for NBFCs and MFIs.
Interest Subsidy under Yojana:
Street vendors that avail of working capital as part of the scheme can get a subsidy at an effective rate of 7% per annum. The way this works is that the subsidy amount is typically credited to the borrower’s account on a quarterly basis. A PM SVANidhi Yojana beneficiary can avail of the interest rebate up to 31 March 2022.
Eligibility Criteria required for PM SVANidhi Yojana:
The target audience for this scheme is over 50 Lakh members of the Indian street vendor community.
According to the scheme guidelines, a vendor is defined as an individual who is involved in the process of vending of goods, articles, food items, wares, or other forms of merchandise or services that are used daily on streets, footpaths, pavement, and the likes through a temporary built-up structure which could also be mobile in nature. The kind of goods which could be supplied by the street vendors are the likes of fruits, vegetables, street food, tea, fried delicacies, eggs, bread, and textile items, among others.
Eligibility for States and Union Territories:
The PM SVANidhi Yojana is solely available for those beneficiaries who belong to the states of India or Union Territories that are listed under the Rules and Scheme of the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act of 2014. Beneficiaries of the Meghalaya state, however, are an exception, despite the state having its own State Street Vendors Act.
How to Login for PM SVAnidhi Yojana?
One can only initiate the PM SVANidhi login process if they have applied for the benefits of the PM SVANidhi scheme in the capacity of either a lender or a beneficiary. Once the individual has done so, they can adhere to the following steps in order to initiate a PM SVANidhi login process:
- Once you are on the PM SVANidhi official webpage, click on the “Login” button to initiate the PM SVANidhi login process.
- The next step of the PM SVANidhi login process will require you to furnish your credentials that were submitted at the time of application. You can initiate the process either as a lender or a beneficiary.
- Then, you will be required to generate a One-Time Password (OTP). Click on the button that allows you to do so.
- You should receive an OTP seconds later. Enter it in the empty boxes that you see on your computer screen in order to conclude the PM SVANidhi login process. Once you are past that, you should be able to see the options pertaining to your role in the scheme.
The below-mentioned steps will ensure you are ready to start the application process on the portal.
- Check your name in the vendor survey list and note your Survey Reference Number (SRN).
- Keep a copy of your coefficient of variation (COV) or ID card ready for uploading during the application process
- A Provisional COV shall be generated for you by the system while making an online application
- Keep a copy of the Letter of Recommendation (LOR) ready for uploading
- The Vendor needs to declare any one of the following:
- The vendor has received One Time assistance during the pandemic lockdown
- The vendor must be a member of any vending/ Hawkers association
How to Check the Survey Status?
To check your survey status, go through the following steps:
- Login in to the official PM SVANidhi website https://pmsvanidhi.mohua.gov.in/
- Click on the option ‘Street Vendor Survey Search’.
- Under this, you will have to fill in the requested fields like State, ULB Name, Vendor-Id Card Number, Certificate of Vending No., Name of Street Vendor, Father’s Name/Spouse Name, and Mobile Number.
- Once filled, you can click ‘Search’ to check your survey status.
Some Important Questions:
Which lending institution will provide credit for PM Scheme?
The following financial institutions offer credit for the PM SVANidhi scheme:
- Scheduled Commercial Banks
- Micro-Finance Institutions
- Regional Rural Banks
- SHG Banks
- Cooperative Banks
- Small Finance Banks
- Non-Banking Financial Companies
Who are the target beneficiaries of the Scheme?
Street vendors/hawkers in urban areas as well as vendors in the surrounding peri-urban and rural areas as on or before March 24, 2020, are the target beneficiaries of the scheme.
What are the documents required for PM SVANidhi Scheme?
The following KYC documents are required to apply for the PM SVANidhi scheme:
- Aadhaar Card
- Voter’s Identity Card
- Driving Licence
- MGNREGA Card
- PAN Card
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