PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi)
Introduction:
- PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) by Ministry of Housing & Urban Affairs (MoHUA)
Objectives:
- Provide handholding support to street vendors
- Facilitate working capital collateral-free loans of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with a 7% interest subsidy
- Increase digital transactions among street vendors
- Formalize street vendors and open up new opportunities for them to move up the economic ladder
Benefits:
- Financial assistance of up to Rs. 10,000 with low-interest rate of 7%
- No collateral or processing fee required to apply for the loan
- Loan can be used for any purpose related to street vending business
- Provides financial stability, encourages entrepreneurship, and creates employment opportunities
- Loan repayment period is one year
- A cashback of up to ₹100 per month is given to incentivize the adoption of digital transactions
- Implemented at the national level and accessible to street vendors across the country
- Aimed at providing financial assistance to street vendors affected by the COVID-19 pandemic
Eligibility:
- Street vendors in possession of Certificate of Vending/Identity Card issued by Urban Local Bodies (ULBs)
- Vendors identified in the survey but not issued Certificate of Vending/Identity Card
- Street vendors left out of the ULB-led identification survey but issued a Letter of Recommendation (LoR) by the ULB/Town Vending Committee (TVC)
- Vendors of surrounding development/peri-urban/rural areas vending in the geographical limits of the ULBs but issued a Letter of Recommendation (LoR) by the ULB/TVC.
