[10000/-] PM SVANidhi Scheme (Street Vendor’s Atmanirbhar Loan)

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PM Street Vendor’s Atmanirbhar SVANidhi Scheme 2020-21 [Loan, Registration, How to apply, Eligibility Criteria, Documents, Bank List, Portal, Full form.

As the Prime Minister of India talked about Atmanirvar Bharat, soon after that the central government came up with a scheme called Pradhan Mantri Street Vendor’s Atmanirbhar Nidhi Scheme. As the name suggests the scheme will help the street vendors by providing them financial help. The scheme as proposed by the union finance minister of India Nirmala Sitharaman while talking about 20 lakh crore rupees investment in Indian economy. The article is going talk about the scheme in detail.

Name of the schemePM Street Vendor’s Atmanirbhar SWANidhi Scheme
Launched date1st June, 2020
Launched byThe central government of India
Launched inIndia
Target peopleStreet Vendors

Key features of the scheme

Objective of the scheme- The scheme will make the street vendors who sell vegetable, fruits, etc. self-reliant by providing financial aid.

Amount of money- The scheme will provide short term financial assistance by providing 10,000 rupees to the vendors so that they can resume their business.

Total number of target people- According to the survey the scheme is going to help 50 lakh vendors in the country.

Total investment- In order make the scheme successful the central government made 5,000 crore rupees investment in the scheme.

Interest rate- There will be an interest rate on the given loan and it will be linked to the MCLR fund.

Speedy Disbursal- The loan will be provided fast on the behalf of the government so that vendors get the assistance.

Credit Guarantee- the loan will work under the Mudra scheme so it will be guaranteed for micro and small business.

Claim Settlement Criteria- There will be claim settlement criteria so that no financial institution faces any loss. A deadline will be set the financial institution and there will be a fixed interest rate on the amount.

Eligibility criteria

Vendors- The scheme was launched for the street vendors of the country.

Micro and small business- the loan scheme will be applicable for the micro and small business as well.

Resident of the country- In order to get the financial assistance you need to be permanent resident of India.

Bank account- In order to get the loan amount you need to have bank account.

Savings- In order to get the loan one needs to have a tendency to save money.

Documents required

Identification proof- You need to provide identification proof like Aadhar card.

Bank details- As the money will be directly credited to account of the beneficiary so you need to provide the account details.

Authorization certificate- You need to submit the authorization certificate of street vendor’s association.

Address proof- In order get the money you need to provide the address proof at the time of application.

Proof of savings- To become the beneficiary, the individual needs to provide proof of six months of savings at the time of application.

How to apply for the scheme?

In order to apply for the scheme one can go to the nearest bank and apply manually or one can opt for online application. The online form is available on PM SVANidhi website.

Therefore, it is clear that with the financial assistance the vendors from both rural and urban India will get a strong back. At the present time when lockdown is still there and economy is already suffering, then the financial assistance will help to improve the financial issue of the street vendors.

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