New Delhi, Dec 27: The government’s scheme to bring relief for street vendors under the ambit of the Atma Nirbhar package has seen a response from over 1.5 lakh vendors. More than 1,54,000 street vendors have applied for loan across the country since the commencement of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme on July 02. Out of which over 48,000 have already been sanctioned by the government.
In a move to make this scheme more accessible, the Central Government have recently launched the mobile application of PM SVANidhi Scheme.
What is the PM SVANidhi scheme?
The PM SVANidhi scheme was launched by the Ministry of Housing and Urban Affairs. It aims to provide affordable working capital loans to street vendors to resume their livelihoods that have been affected due to the coronavirus lockdown.
It targets over 50 lakh street vendors who would be eligible to avail a working capital loan of up to ₹10,000. The street vendors will be allowed to repay the loan in monthly installments in one year. If someone can pay earlier than the tenure, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries every quarter. And, there will be no penalty on early repayment of the loan.
What is PM SVANidhi Mobile App?
The PM SVANidhi Mobile App provides a user-friendly digital interface for Lending Institutions (LIs) & their field functionaries for sourcing as well as processing loan applications.
The application, along with others has an added feature of easy portability. The features range from e-KYC to processing of applications and real-time monitoring to vendor search in the survey data. The application is easily available on Google play store for download.
The applicant Street Vendor can go the
website www.pmsvanidhi.mohua.gov.in
Click on apply for a loan.
Enter his/her registered mobile (Linked to Aaadhar) number and captcha
Select the category and fill the required details
Then Click on Submit button.
To get further information regarding this loan scheme, applicants can visit: pmsvanidhi.mohua.gov.in
The street vendors/hawkers or mobile hawkers, who are in these petty business on or before 24th March 2020, only are eligible for the PM SVANidhi Loan Scheme. The last date for the application formalities is March, 2022.
