New Delhi: PM SVANidhi Scheme: Prime Minister’s Self-Reliant Street Vendors Fund Scheme (PM-SVANidhi) is an amazing government scheme to provide business loans to street vendors, which was started during the Corona period. Under this scheme, loans up to Rs 50,000 are provided to the beneficiaries. There are many other features of this scheme as well. In this article, we will tell you about it in full detail.
The loan starts from 10 thousand rupees.
Under this scheme, a working capital loan of up to Rs 10,000 is provided without any collateral for a period of one year. Upon timely repayment of this loan, a second loan of Rs 20,000 is provided and then a loan of Rs 50,000.
Always keep these things in mind
-The selection of the borrower is based on the eligibility criteria prescribed in the scheme.
-E-KYC has been made mandatory for all direct loan applicants.
– Credit information report to be verified. To ensure that the borrower’s existing loan account is not classified as NPA/Fraud/Wilful Default.
The scheme uses Aadhaar-based e-KYC. It uses an end-to-end IT platform and SMS-based notifications to provide updates on the status of the application.
All lending institutions in India including NBFCs/MFIs and DPAs have participated in it with the aim of reducing urban poverty in the country. States/ULBs are responsible for identifying eligible street vendors and collecting new applications under the scheme.
The interest bonus rate is 7%.
The interest subsidy rate under this scheme is 7 per cent. The subsidy amount will be directly deposited into your account on a quarterly basis. In case of prepayment, the admissible subsidy amount will be credited in one go. For a loan of Rs 10,000, if you pay all the 12 EMIs on time, you will get approximately Rs 400 as interest subsidy amount.
Follow 3 STEPS before starting the online application process
1. Understand the loan application requirements
Properly understand the information documents required to complete the scheme’s Loan Application Form (LAF). Have all the information ready before starting the application process.
2. Keep your mobile number linked to your Aadhaar
Make sure that your mobile phone is linked to your Aadhaar number. This will be required for your e-KYC/Aadhaar verification during the online application process. This will also help you in getting recommendation letters from ULB (if required). It will also help you in availing future benefits of government welfare schemes.
UIDAI officials understand that only one form needs to be filled to update the mobile number and no additional documents are required. The link to the UIDAI portal where you can find the details of the nearest Aadhaar centre is provided below.
3. Check your eligibility status.
You fall into one of the 4 categories of street vendors. Check your status and the documents/information you need to have ready.
Frequently Asked QuestionsHindi by Anil Shukla on Scribd
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