PM SVANidhi: How to apply for govt-backed micro-credit scheme for street vendors? Check step-by-step guide here

The central government's PM Street Vendor’s AtmaNirbhar Nidhi, also known as the PM SVANidhi scheme, is a Ministry of Housing and Urban Affairs (MoHUA)-backed micro-credit scheme that aims to provide loan facilities to street vendors.

The PM SVANidhi scheme enables street vendors to take a collateral-free loan of up to ₹10,000, as well as loans of ₹20,000 and ₹50,000, with an interest rate of 7%.

Through these loan initiatives, the central government aims to promote the use of digital transactions among the street vendors. They aim to incentivise the adoption of digital transactions and provide a cashback of up to ₹100 per month to the street vendors.

How to apply to PM SVANidhi?

In order to apply ‘Online’ to the PM SVANidhi scheme, the street vendors will have to follow the steps mentioned below —

Step 1: You have to visit the official website of PM SVANidhi and click on the ‘Log In’ option on the home screen.

Website direct link here: https://pmsvanidhi.mohua.gov.in/

Step 2: Enter your mobile number and complete the security verification ‘captcha’ as instructed, and submit.

Step 3: After logging into the portal successfully, you have to select a valid ‘vendor category’ among the options.

Step 4: Enter the ‘Survey Reference Number’ (SRN), which is mandatory.

Step 5: After entering all the details, you must fill out the online application form, upload your relevant documents, and submit the form on the PM SVANidhi website.

How to apply offline?

In order to apply to the PM SVANidhi scheme ‘Offline’, you have to follow the steps below —

Step 1: Keep a note of the information documents required to fill the Loan Application Form (LAF) for the scheme.

Step 2: Ensure you have the necessary documents ready before starting the application process.

Step 3: Make sure your mobile phone is linked to your Aadhaar number, required for e-KYC/Aadhaar validation during the online application process.

Step 4: Check your eligibility status as per the scheme rules.

Step 5: Check your status and ensure you have the necessary documents and information ready.

After following all these steps, you can apply to the PM SVANidhi scheme offline.

Benefits of PM SVANidhi scheme

Street vendors applying for the central government-backed PM SVANidhi scheme will be eligible to receive financial assistance of up to ₹10,000 to help them restart and expand their businesses.

The loan will be provided at an interest rate of 7%, making it easier for the vendors to repay the government.

To avail of this ₹10,000 loan, street vendors will not be required to provide any collateral to the government. They will also not be required to pay any processing fee for the loan facility.

However, the loan facility has a repayment tenure of ‘one year,’ and people from all states and union territories can apply for this loan facility.

Who is eligible for PM SVANidhi?

1. Street vendors who hold a Certificate of Vending or their Identity Card issued by Urban Local Bodies (ULBs).

2. Vendors who have been identified in the survey but have not been issued a Certificate of Vending or an Identity Card.

3. Street Vendors left out of the ULB-led identification survey or who have started vending after completion of the survey and have been issued a letter of recommendation (LOR) by the ULB or Town Vending Committee.

4. Vendors of surrounding development, peri-urban, rural areas, vending in the geographical limits of the ULBs, who have been issued an LOR.

The above-mentioned categories of street vendors are eligible to avail the PM SVANidhi loan scheme.