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Street vendors can directly apply on the PM SVANidhi portal or through a Common Service Centre (CSC) nearby one’s locality.
PM SVANidhi: Know eligibility, limit, availability and more.
PM SVANidhi Scheme: The Modi Government is constantly promoting entrepreneurship spirit among people at every level across India. It has been running several schemes and programs to build and encourage entrepreneurship spirit and offer necessary financial support as and when required.
To follow its mission and purpose of empowering and supporting street vendors, the Modi Government runs a micro-credit scheme for the street vendors, known as PM SVANidhi or PM Street Vendor’s Atmanirbhar Nidhi.
FM Nirmala Sitharaman in her Union Budget 2025 speech said that PM SVANidhi scheme has benefitted more than 68 lakh street vendors giving them respite from high-interest informal sector loans.
What Is PM SVANidhi?
Launched on June 1, 2020 during the Covid 19 pandemic by the Ministry of Housing & Urban Affairs, the scheme aims to provide financial support to street vendors at a subsidized rate.
It provides collateral-free working capital loans of up to Rs 10,000, Rs 20,000 and Rs 50,000. The scheme offers an interest subsidy of 7 per cent per annum on regular repayment of loan and cashback up to Rs 1200 per annum on undertaking prescribed digital transactions.
Moreover, there is no pre-closure charges on loans.
What Is The Eligibility Criteria For PM SVANidhi?
The PM SVANidhi scheme is available to all street vendors who are engaged in vending in urban areas as on or before March 24, 2020.
The criteria for the eligibility of the street vendors are:
Street vendors in possession of Certificate of Vending/Identity Card issued by Urban Local Bodies (ULBs)
The vendors, who have been identified in the survey but have not been issued Certificate of Vending/Identity Card; Provisional Certificate of Vending would be generated for such vendors through an IT based Platform. ULBs are encouraged to issue such vendors the permanent Certificate of Vending and Identification Card immediately and positively within a period of one month
Street Vendors, left out of the ULBled identification survey or who have started vending after completion of the survey and have been issued Letter of Recommendation (LoR) to that effect by the ULB/Town Vending Committee (TVC)
The vendors of surrounding development/peri-urban/rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB/TVC.
How To Apply For PM SVANidhi Scheme?
Street vendors can directly apply on the PM SVANidhi portal or through a Common Service Centre (CSC) nearby one’s locality.
Is PM SVANidhi Closed Now?
According to MoHUA directives, the lending period under the PM SVANidhi scheme concluded on December 31, 2024. No new applications for all loan tranches will be accepted from January 01, 2025.
However, FM Sitharaman in the budget speech said that the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit, and capacity-building support.
