PM SVANidhi Yojana (Street Vendor Atmanirbhar Nidhi) 2023

The PM SVANidhi Yojana, also known as the Street Vendor Atmanirbhar Nidhi, is a special micro-credit facility launched by the Government of India in 2020. It aims to provide financial assistance to street vendors to help them recover from the economic impact of the COVID-19 pandemic and become self-reliant. This article provides an overview of the PM SVANidhi Yojana, its objectives, eligibility criteria, application process, benefits, and FAQs.

Objectives

The PM SVANidhi Yojana has the following objectives:

  1. Affordable Credit: To provide affordable credit to street vendors for their working capital requirements.
  2. Livelihood Enhancement: To enhance the livelihood opportunities of street vendors through financial assistance, skill development, and market exposure.
  3. Digital Integration: To promote the adoption of digital payment systems and enhance digital literacy among street vendors.
  4. Formalization of Street Vending Sector: To formalize the street vending sector by providing identification cards and promoting the registration of street vendors.

Eligibility Criteria

To be eligible for the PM SVANidhi Yojana, street vendors must meet the following criteria:

  1. Residency: The applicant should be a permanent resident of urban areas.
  2. Date of Commencement: Street vendors should have started their vending activities on or before March 24, 2020.
  3. Identity Document: The applicant should possess a valid identity document such as an Aadhaar card or any other government-issued ID.
  4. Other Government Schemes: Street vendors should not have availed any other central government scheme for street vendors.

Application Process

The application process for the PM SVANidhi Yojana is as follows:

  1. Registration: Street vendors need to register themselves on the PM SVANidhi portal by providing their personal details, business information, and identification documents.
  2. Verification: The submitted details will be verified by the authorities to ensure eligibility and authenticity.
  3. Loan Application: Once the registration is approved, street vendors can apply for a loan by filling out the loan application form, providing details about their business, financial requirements, and repayment capabilities.
  4. Loan Disbursement: If the loan application is approved, the loan amount will be disbursed directly to the bank account provided by the street vendor during the application process.

Benefits

The PM SVANidhi Yojana offers several benefits to street vendors, including:

BenefitsDescription
1. Affordable CreditStreet vendors can avail themselves of affordable credit to meet their working capital requirements.
2. Interest SubsidyThe scheme provides interest subsidy at a rate of 7% per annum, reducing the cost of credit for street vendors.
3. Skill DevelopmentStreet vendors have access to skill development programs to enhance their entrepreneurial abilities and improve their business practices.
4. Market ExposureThe scheme aims to provide market exposure to street vendors by connecting them to potential buyers and consumers through various platforms and initiatives.
5. Digital IntegrationStreet vendors are encouraged to adopt digital payment systems and receive training to enhance their digital literacy.
6. Formalization SupportThe PM SVANidhi Yojana helps in formalizing the street vending sector by providing identification cards and promoting the registration of street vendors.

FAQs

Q1. What is the PM SVANidhi Yojana? A1. The PM SVANidhi Yojana is a special micro-credit facility launched by the Government of India to provide financial assistance to street vendors.

Q2. What are the objectives of the PM SVANidhi Yojana? A2. The objectives of the PM SVANidhi Yojana include providing affordable credit, enhancing livelihood opportunities, promoting digital integration, and formalizing the street vending sector.

Q3. Who is eligible for the PM SVANidhi Yojana? A3. Street vendors who are permanent residents of urban areas and started their vending activities on or before March 24, 2020, are eligible for the PM SVANidhi Yojana.

Q4. How can street vendors apply for the PM SVANidhi Yojana? A4. Street vendors can apply for the PM SVANidhi Yojana by registering on the official PM SVANidhi portal and submitting the necessary documents.

Q5. What are the benefits of the PM SVANidhi Yojana? A5. The benefits of the PM SVANidhi Yojana include access to affordable credit, interest subsidies, skill development programs, market exposure

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