PM SVANidhi Yojana: Street vendors…whether they’re selling veggies, running tea stalls, offering fruits, selling flowers, or managing small roadside shops—play a crucial role in our everyday lives. However, when they need funds to kickstart or rebuild their businesses, the biggest hurdle they face is a lack of money. During the COVID-19 pandemic, when everyone was struggling to make ends meet, these vendors were hit the hardest. The quiet streets during the pandemic really took a toll on these daily wage earners.
To help them get back on their feet and become self-sufficient, the central government introduced a scheme specifically for street vendors, which has been a major support for millions. Now, let’s dive into the details of the scheme that offers a credit card and Rs 50,000 without any collateral.
You can get loans up to Rs 50,000 through the PM Swanidhi Yojana
In response to the tough times faced by street vendors during the COVID-19 pandemic, the central government rolled out the Pradhan Mantri Svanidhi Yojana (PMSVANidhi Yojana) to assist these vendors in getting their lives back on track and achieving self-reliance. This scheme allows street vendors to access loans in various stages. Initially, they can get a loan of Rs 10,000. If they repay it on time, they can then qualify for a second loan of Rs 20,000 and a third loan of up to Rs 50,000.
All these loans come with no guarantees, meaning no collateral is needed. A standout feature of the PM SVANidhi Yojana is that it offers an interest subsidy of up to 7 percent for loan borrowers. This subsidy is directly credited to the beneficiary’s bank account, which helps lighten the loan load.
A UPI-linked credit card will soon be available
The government has enhanced this scheme by introducing the UPI-linked credit card option. Eligible street vendors can get a credit card with a limit of up to Rs 30,000. This offer is for vendors who have consistently repaid their previous loans. It will not only help them grow their businesses but also encourage digital transactions. Additionally, the PM SVANidhi scheme provides cashback to promote digital payments. Vendors can earn cashback ranging from Rs 50 to Rs 100 each month on their digital transactions.
How can you apply for the Pradhan Mantri Swanidhi Yojana?
You can apply for the Pradhan Mantri Swanidhi Yojana both online and offline.
To apply online, just fill out the form on the official website pmsvanidhi.mohua.gov.in.
For offline applications, you can reach out to the nearest bank, municipal corporation office, or common service center.
