PM Svanidhi Yojana 2024: The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was introduced by the Ministry of Housing and Urban Affairs on June 1, 2020, with the aim of providing affordable working capital loans to street vendors to help them resume their livelihoods, which had been adversely affected by the Covid-19 lockdown.
Originally set to conclude in March 2022, the scheme has now been extended until December 2024. The extension places emphasis on expanding the collateral-free affordable loan fund, promoting increased adoption of digital transactions, and fostering comprehensive socio-economic development for street vendors and their families.
Contents
PM Svanidhi Yojana 2024
Street vendors play a pivotal role in the informal urban economy, serving as crucial providers of affordable goods and services directly to city residents. Known by various names such as vendors, hawkers, thelewala, rehriwala, theliphadwala, and more, they offer a diverse array of products, including vegetables, fruits, ready-to-eat street food, tea, pakodas, bread, eggs, textiles, apparel, footwear, artisan products, books, and stationery.
In addition to products, they also provide essential services such as barber shops, cobblers, pan shops, and laundry services. The COVID-19 pandemic and subsequent lockdowns have had a severe impact on the livelihoods of these street vendors. Operating with limited capital, many may have depleted their resources during the lockdown. Hence, there is an urgent need to provide working capital credit to enable street vendors to resume their businesses.
Pradhan Mantri Ujjwala Yojana (PMUY) 2024: Clean Fuel Better Life
PM Svanidhi Yojana 2024 Details
| Scheme | PM Svanidhi Yojana 2024 |
| Location | All India |
| Year | 2024 |
| Category | Yojana |
| Mode | Online |
Objectives
- Loan amount: Up to $10,000 for street vendors
- Repayment terms: Monthly installments over a 1-year tenure
- Interest subsidy: 7% discount on timely or early repayments
- Digital transaction incentives: Monthly cash-back rewards for street vendors engaging in digital transactions.
Benefits
Here, we would like to inform you about the benefits of the PM Svanidhi Yojana 2024 with the help of some points, which are as follows:
- 1. Every citizen engaged in various types of work on the streets can avail the benefits of PM Svanidhi Yojana 2024.
- 2. Under this scheme, all our laborers and workers can easily obtain a loan of up to ₹50,000.
- 3. It is important to note that a subsidy of 7% will be provided to all workers and laborers under this scheme.
- 4. Moreover, street vendors who repay their loans on time will be eligible for a subsequent loan of ₹20,000 initially, followed by a loan of ₹50,000.
- 5. Digital transactions made by our street vendors will be rewarded with an annual cashback of ₹1,200.
After understanding the benefits mentioned above, you can also apply for this scheme and reap its rewards.
Intercaste Marriage Scheme 2024: Eligibility, Details, Apply Online
Eligibility Criteria
To qualify for the loan, street vendors operating in urban areas on or before March 24, 2020, must meet the following criteria based on specific categories:
- Possession of Certificate of Vending/Identity Card:
- Street vendors who possess a valid certificate of vending or identity card issued by Urban Local Bodies (ULBs).
- Survey-Identified Vendors without Certification:
- Individuals identified in surveys but not yet issued a Certificate of Vending or Identity Card.
- Post-Survey Street Vendors with Letter of Recommendation (LoR):
- Street vendors who either have not been identified during the survey or commenced vending after the survey’s completion. They should have obtained a Letter of Recommendation (LoR) from the ULB/Town Vending Committee (TVC). (Note: Service yet to be launched)
- Vendors in Developing Cities or on Urban-Rural Boundaries with LoR:
- Vendors operating in proximity to developing cities or on the boundaries of rural-urban areas, working within ULB limits. They must possess a Letter of Recommendation (LoR) issued by the ULB/TVC.
Requirements for Application
To apply for the scheme, a vendor needs:
- Proof of vending (Vendor ID card, Certificate of vending, or TVC Letter of recommendation)
- KYC documents
- Aadhaar-linked bank account
- Linked mobile number with Aadhaar
PM Surya Ghar Muft Bijli Yojana 2024: Eligibility, Details, Apply Online
Implementation Partner
SIDBI will serve as the implementation partner for the Ministry of Housing and Urban Affairs, collaborating with lending institutions such as SCBs, RRBs, SFBs, Cooperative Banks, NBFCs, and MFIs for efficient scheme administration.
Required Documents
You may carry any one of the following documents for KYC purposes:
- i. Aadhaar Card
- ii. Voter’s Identity Card
- iii. Driving Licence
- iv. MNREGA Card
- v. PAN Card
One Student One Laptop Scheme 2024
How to apply for PM Svanidhi Yojana 2024?
To apply for the PM Svanidhi Yojana in 2024, follow these steps:
1. Visit the official PM Svanidhi Yojana website.
2. Click on the “Apply Loan” option.
3. A new tab will open, choose the “Other States” option.
4. Enter your Aadhaar Number, Mobile Number, and Captcha.
5. Choose either the “Verify With OTP” or “Verify with Biometric” option.
6. Click on “Register.”
7. Complete the application form with accurate personal details.
8. Upload all the necessary documents as per the specified requirements.
9. Review the provided information to ensure accuracy.
10. Submit the application.
11. After submission, you may receive a confirmation or reference number for future communication.
Important Links
Apply Link: Click Here
Application Form: Download
Official Website: Link
