PM SVANidhi Credit Card: Millions of street vendors and hawkers all over the country are now getting direct access to the banking system. This is mainly thanks to the Pradhan Mantri SVANidhi Credit Card (PM SVANidhi). PM Modi introduced this card in Kerala on Friday. It’s part of the central government’s Pradhan Mantri Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme, aimed at providing easy loans and digital payment options for small shopkeepers and street vendors.
What is PM Swanidhi Credit Card?
This digital credit card lets street vendors secure loans at low interest rates without needing any collateral. It works like a standard credit card but is tailored for the underprivileged and small businesses. This scheme is open to those who sell goods from carts or handcarts, run roadside shops, or operate small daily businesses, as long as they are registered with local or municipal authorities.
How much loan is available?
Under the PM SVANidhi scheme:
• The initial loan can be up to Rs 10,000
• If the loan is paid back on time, the next loan can range from Rs 20,000 to Rs 50,000
• No guarantees are needed
• The interest rate is kept low as well.
What are the benefits of PM Swanidhi Credit Card?
• No need to go to the bank
• Digital payment options are available via mobile
• Making timely payments boosts your credit score
• It helps in getting larger loans in the future
• No need to rely on moneylenders with high interest rates.
What is the government’s goal?
The government states that in the past, credit cards and bank loans were mostly for the wealthy. However, the PM Svanidhi Credit Card is designed to financially empower the poor and working class. This initiative will help street vendors become self-sufficient and expand their businesses.
How do you apply?
You can apply for the PM SVANidhi Credit Card by going to your nearest bank, visiting a CSC (Central Service Center), or applying online via the PM SVANidhi portal. You’ll need your Aadhaar card and some form of identity proof. The PM SVANidhi Credit Card acts as a financial safety net for street vendors. This initiative not only offers loans but also links the underprivileged to the banking system, helping them become self-sufficient.