The Modi Government is constantly promoting entrepreneurship spirit among people at every level across India. It has been running several schemes and programmes to build and encourage entrepreneurship spirit and offer necessary financial support as and when required. (Image: Canva)
To follow its mission and purpose of empowering and supporting street vendors, the Modi Government runs a micro-credit scheme for the street vendors, known as PM SVANidhi or PM Street Vendor’s Atmanirbhar Nidhi. (Image: File Pic)
Launched on June 1, 2020 during the COVID-19 pandemic by the Ministry of Housing & Urban Affairs, the scheme aims to provide financial support to street vendors at a subsidized rate. (Image: Instagram)
It provides collateral-free working capital loans of up to Rs 15,000, Rs 25,000 and Rs 50,000. The scheme offers an interest subsidy of 7 per cent per annum on regular repayment of loan and cashback up to Rs 1,600 per annum on undertaking prescribed digital transactions. Moreover, there is no pre-closure charges on loans. (Image: File Pic)
Street vendors in possession of Certificate of Vending/Identity Card issued by Urban Local Bodies (ULBs) can avail the loan. The vendors, who have been identified in the survey but have not been issued Certificate of Vending/Identity Card, a Provisional Certificate of Vending would be generated through an IT based Platform. Street vendors, left out of the ULB-led identification survey or who have started vending after completion of the survey and have been issued Letter of Recommendation (LoR) to that effect by the ULB/Town Vending Committee (TVC) can also avail. The vendors of surrounding development/peri-urban/rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB/TVC are also eligible. (Image: File Pic)
Street vendors can directly apply on the PM SVANidhi portal or through a Common Service Centre (CSC) nearby one’s locality. (Image: File Pic)
The loans are disbursed through scheduled commercial banks, regional rural banks, small finance banks, cooperative banks, NBFCs, microfinance institutions, and self-help group (SHG) banks. The Small Industries Development Bank of India (SIDBI) acts as the implementation partner. (Image: Moneycontrol)
Applicants are required to complete basic KYC formalities, including Aadhaar and voter ID, while other documents such as driving license, MGNREGA card, or PAN can also be used. Vendors can also apply through Common Service Centres (CSCs) across the country. (Image: File Pic)
