PM SVANidhi

The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), a Central Sector Scheme, was launched by the Ministry of Housing and Urban Affairs on June 01, 2020 for providing affordable Working Capital loan to street vendors to resume their livelihoods which have been adversely affected due to Covid-19 lockdown. The duration of the scheme is until March 2022.

Objectives

• To facilitate working capital loan up to `10,000
• To incentivize regular repayment
• To reward digital transactions

Implementing Agency: Small Industries Development Bank of India (SIDBI)

Eligibility of States/UTs

• The Scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and Scheme under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014. Beneficiaries from Meghalaya, which has its own State Street Vendors Act, may participate.

Target Beneficiaries

• This scheme targets to benefit over 50 lakh Street Vendors.
• A vendor, according to the scheme guidelines is any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built up structure or by moving from place to place.

Features of the Scheme

• Vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
• On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis.
• There will be no penalty on early repayment of loan.
• The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
• The vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan.