Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme (PM SVANidhi)
A Special Micro-credit facility for street vendors
Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi Scheme (PM SVANidhi) was launched on 1st June, 2020, by the Ministry of Housing and Urban Affairs to facilitate street vendors to access affordable working capital loan for resuming their livelihoods activities, after easing of lockdown.
- To facilitate working capital loan up to Rs.10,000;
- To incentivize regular repayment; and
- To reward digital transactions
The scheme will help formalize the street vendors with above objectives and will open up new opportunities to this sector to move up the economic ladder.
The Scheme is available to all street vendors engaged in vending in urban areas as on or before March 24, 2020. Those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. The eligible vendors will be identified as per following criteria:
- 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 ULB-led 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); and
- 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.
Brief Details of the Product
Urban street vendors will be eligible to avail a Working Capital (WC) loan of up to Rs.10,000 with tenure of 1 year and repaid in monthly instalments. For this loan, no collateral will be taken by the lending institutions. On time or early repayment, the vendors will be eligible for the next cycle of working capital loan with an enhanced limit. No prepayment penalty will be charged from the vendors for repayment before the scheduled date.
Rate of Interest
In case of Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Banks & SHG Banks, the rates will be as per their prevailing rates of interest. In case of NBFC, NBFC-MFIs etc., interest rates will be as per RBI guidelines for respective lender category. In respect of MFIs (non NBFC) & other lender categories not covered under the RBI guidelines, interest rates under the scheme would be applicable as per the extent RBI guidelines for NBFC-MFIs.
The vendors, availing loan under the scheme, are eligible to get an interest subsidy @ 7%. The interest subsidy amount will be credited into the borrower’s account quarterly. Lenders will submit quarterly claims for interest subsidy for quarters ending as on June 30, September 30, December 31 and March 31 during each financial year. Subsidy will only be considered in respect of accounts of borrowers, which are Standard (non-NPA as per extant RBI guidelines) on respective claim dates and only for those months during which the account has remained Standard in the concerned quarter. The interest subsidy is available up to March 31, 2022. The subsidy will be available on first and subsequent enhanced loans up to that date.
For more details click on this link: Guidelines - PM-SVANidhi
How to apply and avail PM SVANidhi Loan Benefits
Necessary documents for online application:
- Aadhar Number
- Aadhar linked Mobile Number
- Aadhar linked Bank Account with IFSC
Loan application filling process
- Interested applicants start registration through the link:
- Application Filling process mannual
- User manual for applying Letter of Recommendation (LoR) by Street Vendors
New Initatives Under PMSVANidhi
|S.No.||Circulars of different banks||Details|
|1||Circular issued by UCO Bank regarding 'Mai Bhi Digital Campaign'.||View|
|2||Circular issued by Canara Bank regarding 'Mai Bhi Digital Campaign'.||View|
|3||Circular issued by Baroda Rajasthan Kshetriya Gramin Bank regarding 'Mai Bhi Digital Campaign'||View|
|4||Circular issued by Baroda UP Bank regarding 'Mai Bhi Digital Campaign'.||View|
|5||Circular issued by Bank of India regarding 'Mai Bhi Digital Campaign'.||View|
|6||Circular issued by Indian Overseas Bank regarding 'Mai Bhi Digital Campaign'||View|
|7||Circular issued by State Bank of India regarding 'Mai Bhi Digital Campaign'.||View|
|8||Circular issued by Punjab National Bank regarding 'Mai Bhi Digital Campaign'.||View|
|9||Circular issued by Union Bank regarding 'Mai Bhi Digital Campaign'.||View|
|10||Circular issued by Central Bank of India regarding 'Mai Bhi Digital Campaign||View|
|11||Circular issued by IDBI Bank regarding 'Mai Bhi Digital Campaign'.||View|
|12||Circular issued by Nainital Bank regarding 'Mai Bhi Digital Campaign||View|
|S.No.||Public Sector Bank||Details|
|1||Bank of Baroda||View|
|2||Bank of India||View|
|3||Bank of Maharashtra||View|
|4||Central Bank of India||View|
|6||Indian Overseas Bank||View|
|8||Punjab National Bank||View|
|9||Punjab & Sind Bank||View|
|10||State Bank of India||View|
|12||Union bank of India||View|