PM Swanidhi Yojana was launched by the Ministry of Housing and Urban Affairs. Through this scheme, the government will provide loans to street vendors as capital to start a business. Under the scheme, first a loan of Rs 10,000 will be provided to street vendors to start their business, after that a loan of Rs 20,000 will be provided in the second installment and in the third installment the loan will be increased to Rs 50,000. A subsidy of 7% on the loan given under this scheme will also be encouraged by the government.
Objective of the scheme
The main objective of this scheme is to make small businessmen financially self-reliant so that they can expand their business. This scheme has been made for street vendors – such as those who sell vegetables, fruits, or other things on carts, hawkers, etc. The loan given under this scheme can be used to expand the business.
PM SVANidhi Yojana Overview
| Name of the scheme | PM SVANidhi Yojana |
| started | by the central government |
| Beneficiary | Lower and middle class merchants |
| Objective | Encouraging small traders |
| How much loan will you get | Rs.10,000 to Rs.50,000 |
| Application Process | Online / Offline |
| official website | pmsvanidhi.mohua.gov.in |
Benefits of the scheme
- Under this scheme, the government will provide loan without any collateral to the street vendors to start their business.
- If the customer repays the loan on time, he will be given an additional discount of 7%.
- If you deposit the first loan installment under this scheme, then the loan for the second installment will be made available to you.
- There will be no penalty on loans under this scheme.
- Under the scheme, loans will be made available to all small street vendors across the country.
- According to the information given under the scheme, first the customer will have to pay the loan installment for 12 months.
- On the other hand, the EMI loan can be paid over 18 months.
- Also, if a businessman has taken a loan for the third installment, then it can be paid for up to 36 months.
Eligibility for the scheme
- The applicant must be an Indian citizen.
- The age of the applicant should be between 18 to 60 years.
- The applicant must have a valid residence proof like Voter ID card, Aadhaar card or Ration card.
- The applicant must have valid proof of selling activity, such as a certificate or trade license from local authorities.
- The applicant must have a bank account.
- The annual income of the applicant should be less than Rs 1.2 lakh.
Lending Institutions
- Scheduled Commercial Banks
- Regional Rural Banks
- Co-operative Banks
- Non-Banking Financial Companies
- Microfinance Institutions
- Self Help Group (SHG) Banks
Planning documents
- Aadhar card,
- PAN card,
- Bank passbook,
- Identity card issued by Urban Local Body (ULB),
- Income proof,
- Address proof,
- Passport size photo etc.
Application process for the scheme
- To apply for this scheme, first of all you have to visit the official website of Swanidhi Nidhi Yojana pmsvanidhi.mohua.gov.in .
- After this, you will have to go to the home page, after that you will get the option of Apply Loan 50K, on which you will have to click.
- After this a new page will open, you will have to enter your mobile number in it. And you will have to click on GET OTP cubicle.
- After that after OTPD you have to click on the login button. After that your form will open
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- After proper approval of the application form, you have to upload all the required documents.
- Finally you have to click on the submit button below.
- After that the form is printed out.
- After taking the print out, compile all the required documents and submit the items to any of your Microscope Banks.
- The loan will be given to you after an interest by the bank.
- In this way you can apply for this scheme.
status of the scheme
- To check the status of the scheme, you must first visit the official website pmsvanidhi.mohua.gov.in .
- You will then be asked for your application number and mobile number.
- After this you will have to click on asking for OTP.
- Again you need OTP.
- After searching for OTP, you have to click on the button below.
- After this your status will open in front of you.