The COVID-19 pandemic had serious repercussions on the livelihood of vendors across the country. To ease the pressure and aid these persons in such difficult times, the Government of India launched the PM SVANidhi scheme on 1 June 2020. The mission comes under the Atma Nirbhar initiative and is driven by the Ministry of Housing and Urban Affairs. As part of this scheme, beneficiaries can avail a working capital loan with affordable interest rates. Vendors are eligible for a total loan amount of ₹10,000. The loan is granted for a period of 1 year and the same must be repaid through monthly instalments.
The PM SVANidhi yojana is the latest scheme to be introduced by the Ministry of Housing and Urban Affairs. It is actively implemented across states and districts of the country. However, some districts have managed to disburse a considerably higher number of loans. One such district is the Kalaburagi district that has successfully bagged third place with a high loan disbursal number. As part of the scheme, the authorities have disbursed 90% of the total applications received. The other two districts that topped the list are Mysore and Dharwad. While Mysuru cleared a total of 8455 applications, Dharwad cleared nearly 4,823 applications.
The Kalaburagi City Corporation received a large number of 6030 applications. Of the given applications, a total of 5766 applications were approved. As per the data provided by the authorities, the value of the disbursed loans is ₹3.34 crore and covered 3342 applicants. This is out of the total number of 3695 applicants. The given numbers were recorded as of 19 May 2021.
Street vendors received their loan amounts through nationalized banks. Regional banks too contributed towards granting a large number of loans through this scheme.
As of 19 May 2021, 1388 applicants received a positive review on their loan applications in the Bidar district. 836 beneficiaries received their loan amount. 535 street vendors received loans against the total number of 601 sanctioned applications. In the Raichur district, a total of 3010 applications were sanctioned. 2040 vendors have already received their loan. 379 loans were disbursed through the AtmaNirbhar Nidhi Scheme in the Koppal district under the AtmaNirbhar Nidhi Scheme.
PM SVANidhi Yojana – Eligibility Criteria
The PM SVANidhi yojana can be availed by vendors who have been engaged in the street vending business across the country. The person should have been running the business before 24th March 2020. Additionally,
- The vendor must have a Certificate of vending or an ID card that is issued by the Urban Local Bodies (ULB).
- If the vendor does not have an ID card or Certificate of vending, then he/she must be identified through a survey conducted by the PM SVANidhi survey.
- If vendors were not included in the survey, they can use the Letter of Recommendation (LOR) that was issued by the Urban Local Body (ULB). The LOR is typically offered through the Urban Local Body.
Steps to Apply for the PM SVANidhi yojana
The PM street vendors scheme can be easily availed by following the below-mentioned steps:
Step 1: Visit the official PM SVANidhi website i.e www.PM SVANidhi.mohua.gov.in.
Step 2: On the menu, you can view the ‘Apply for Loan’ tab. Click on the tab.
Step 3: Now enter your mobile number. Do note that the mobile number must be linked to your Aadhar card.
Step 4: Enter the captcha code and click on the ‘Request OTP’ tab.
Step 5: Once you enter the mobile number, the system will authenticate the identity.
Step 6: The entry will be validated. If recognized as authentic, you can fill in the form and make your submission.
PM SVANidhi Mobile App
The PM SVANidhi mobile app was launched by the Government of India on 17 July 2020. You can use the mobile app to enjoy a better user interface (UI). Through the mobile app, you can enjoy several notable benefits such as easy portability, convenient processing, and real-time application monitoring.
The PM SVANidhi yojana is a viable government-driven scheme that aids vendors widen their business opportunities. Visit Finserv MARKETS to know more about the PM SVANidhi scheme and stay updated on all the recent inclusions.
