Eligibility Criteria Street vendors in metropolitan areas who were operating on or before March 24, 2020, are eligible for the PM SVANidhi Yojana loan. This includes those with identity cards, provisional certificates, or letters of recommendation from urban local bodies.
Loan Amount Street vendors can borrow up to Rs 50,000 in three tranches- Rs 10,000 as the first tranche, Rs 20,000 as the second, and Rs 50,000 as the third, upon successful repayment.
Interest Rates and Subsidies Interest rates vary depending on the lending institution, ranging from prevailing rates for banks to RBI guidelines for non-banking financial institutions. The scheme also offers a 7% interest subsidy to encourage timely repayments.
Digital Payments Incentives Vendors who adopt digital payments through platforms like Paytm, GooglePay, and PhonePe are eligible for monthly cashback incentives ranging from Rs 50 to Rs 100.
No Collateral Required One of the key benefits of the PM SVANidhi Yojana is that it does not require any collateral, making it accessible to a wide range of street vendors. Application ProcessStreet vendors can apply for the loan through Banking Correspondents or Micro Finance Institution agents, with assistance from Urban Local Bodies. KYC documents such as Aadhaar card, PAN card, or voter ID are necessary for the application.
Loan Disbursement Milestones As of February 16, 2024, the PM SVANidhi initiative has disbursed over 2 lakh loans amounting to Rs 221 crores in Delhi alone, out of 3.05 lakh applications received. This reflects the scheme's significant impact in providing financial support to street vendors.
Scheme's Nationwide Impact Nationally, the PM SVANidhi Yojana has facilitated over 80.42 lakh loans to 60.94 lakh street vendors, totaling Rs 10,678 crores, aiding in their economic recovery post-pandemic.
Continued Support and Outreach The government continues to organise events like the PM SVANidhi mega camp to promote awareness and facilitate loan disbursements, emphasising its commitment to supporting the livelihoods of street vendors across India.
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