PM SVANidhi Yojana 10000 loan apply | PM Narendra Modi whereas chairs the first cabinet meeting of their second year in the workplace on 1st June announce a new special micro-credit facility scheme generally known as “SVANidhi” Pradhan Mantri Street Vendor Aatmanirbhar Svanidhi Scheme. Through PM SVANidhi Yojana they are going to provide the affordable loan as much as Rs. 10,000 to the city and rural street vendors. SVA Nidhi scheme will assist them to restart or revive their business aftermath lockdown and can earn their livelihoods. In an estimate, around 50 lakh street vendors are going to be benefitted from this scheme. Under the PM SVA Nidhi Yojana, the street vendor can avail of a facility of loan amounting Rs 10000/- in a year, and for the loan, they don’t have to submit any type of security whereas the rate of interest will be as considering to different loans. To know more in regards to the PM SVANidhi –PM street vendors Atma Nirbhar Nidhi scheme read the article given below.
| Scheme Name | PM SVANidhi Yojana |
| The beneficiary of the scheme | Street vendors |
| Scheme benefit | Collateral free loan of Rs 10000/- |
| Duration of the loan | One year |
| SVANidhi Scheme announced by | PM Narendra Modi |
| Budget allocated | 5000 crore |
| Category | Provide affordable loan |
| Number of beneficiary benefit | Govt Schemes |
| Application commences from | July 2020 |
Objectives of PM SVANidhi Yojana 2020
As we said through the scheme vendor can avail loan of up to Rs. 10000/- and this amount can be re-payed in monthly instalment whose tenure will be one year.
- If anyone of the vendors who avails the facility of the SVANidhi scheme and repay the loan amount on time or before the due date then the government will provide them with an interest subsidy which will be 7% per annum and this amount will be credited to their account.
- There will be no penalty if any beneficiaries early repay their loan.
- And on timely repay loan their credit limit will increase their credit score and it will make them eligible for the higher amount of loan up to Rs 20000.
PM SVANidhi Yojana 2020 Loan
Now, most of the vendors must be thinking that are they eligible for the scheme or not. So below we have given the list of vendors who can apply for the loan.
- Fruit and vegetable seller
- Barber and pan shop
- Laundry
- Rehriwala
- Hawkers
- Thelewalas
- Phadwala
PM SVANidhi Yojana Important points
Below we have given some important points of the PM SVANidhi Yojana
- All street vendor can apply for a loan up to Rs 10000/-
- The loan will be collateral-free means no guarantee will be required from the beneficiary.
- It is the first time in Indian History that the street vendor now becomes beneficiary.
- Those who pay their loan on time or early to their due date will get an interest subsidy whose rate will be 7%.
- PM SVANidhi Yojana benefit will be credit directly into their account on a six-month basis.
- For effective transparency and delivery of the scheme, a digital platform along with the web portal and a mobile app will be launched for the scheme.
- For monthly incentives, they will encourage vendors to do the digital payment.
- Only such street vendor can apply for the scheme who are vending on or before 24th March 2020
How to apply for the PM SVANidhi Yojana 2020?
Those street vendors who want to apply for the scheme need to follow the procedure that we have given below
- To apply for the SVANidhi scheme you need to visit the web portal of the scheme which will be released soon by the government and also a mobile app will be available for the same.
- On the home page of the portal, you may find the PM SVANidhi Yojana link to the application to apply for a loan.
- Now the form will appear to you, provide the details in the required fields, and upload necessary documents that may require.
- After filling the form submit the application form.
- Once you submit the form your PM SVANidhi application will be verified and if everything will be fine then you will be revert back and the loan will be granted to you.
Note: As we said that the portal is yet to be launched for the scheme and once it was launched we will provide you with a direct link for the same on this page, so that you can apply for the scheme easily and if any new information provided we will update the same here so stay tuned for more updates.
The scheme launched for street vendors is named as PM SVANidhi –PM street vendors Atma Nirbhar Nidhi scheme.
With the PM SVANidhi scheme, the street vendor of a rural and urban area can avail a loan of up to Rs 10000/-
Street vendors, hawkers, thelewalas, phadwala, rehriwala are the beneficiary of this scheme.
To apply for this scheme you need to head towards the web portal or the mobile app which will be launched soon by the government.
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