What is PM Modi's SVANidhi scheme for street vendors? See details

What is PM Modi's SVANidhi scheme for street vendors? See details

The PM SVANidhi scheme, launched in June 2020 to provide collateral-free microloans to street vendors, was initially valid until March 2022. However, it was extended till December 2024 to continue supporting street vendors affected by the COVID-19 pandemic.

The PM SVANidhi scheme, launched in June 2020 to provide collateral-free microloans to street vendors, was initially valid until March 2022. However, it was extended till December 2024 to continue supporting street vendors affected by the COVID-19 pandemic.

As of March 23, 2023, a total of 64.13 lakh loan applications were received under the scheme. Out of these, 48.13 lakh applications were sanctioned, and 42.20 lakh loans were disbursed, totalling Rs 5,081 crore.

As of March 23, 2023, a total of 64.13 lakh loan applications were received under the scheme. Out of these, 48.13 lakh applications were sanctioned, and 42.20 lakh loans were disbursed, totalling Rs 5,081 crore.

The scheme's loan limit was increased to Rs 50,000 in the third tranche for vendors who timely repaid up to Rs 20,000 in the second tranche. Eligibility for the second tranche is based on the timely repayment of up to Rs 10,000 in the first tranche.

The scheme's loan limit was increased to Rs 50,000 in the third tranche for vendors who timely repaid up to Rs 20,000 in the second tranche. Eligibility for the second tranche is based on the timely repayment of up to Rs 10,000 in the first tranche.

The first tranche is repayable in 12 monthly instalments. For the second tranche, the minimum repayment period is six months, with a maximum of 18 months to be eligible for the third tranche. Early repayment requires the vendor to wait for the minimum repayment period before applying for the next tranche.

The first tranche is repayable in 12 monthly instalments. For the second tranche, the minimum repayment period is six months, with a maximum of 18 months to be eligible for the third tranche. Early repayment requires the vendor to wait for the minimum repayment period before applying for the next tranche.

Street vendors with a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs) are eligible. Those not covered in the ULB survey need a Letter of Recommendation (LoR) from their ULB. Vendors must also have a bank account.

Street vendors with a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs) are eligible. Those not covered in the ULB survey need a Letter of Recommendation (LoR) from their ULB. Vendors must also have a bank account.

KYC can be done using documents such as Aadhaar, identity card, driving license, MNREGA card, and PAN.

KYC can be done using documents such as Aadhaar, identity card, driving license, MNREGA card, and PAN.

 Vendors conducting digital transactions receive monthly cashback ranging from Rs 50 to Rs 100 based on transaction counts. No cashback is provided for transactions above Rs 25.

 Vendors conducting digital transactions receive monthly cashback ranging from Rs 50 to Rs 100 based on transaction counts. No cashback is provided for transactions above Rs 25.

There is no penalty for pre-closure of the loan, allowing vendors to repay the loan before the scheduled date without incurring additional charges.

There is no penalty for pre-closure of the loan, allowing vendors to repay the loan before the scheduled date without incurring additional charges.

The loan approval process is automated through a mobile app and web portal, ensuring a quick turnaround time of less than 30 days for application approval.

The loan approval process is automated through a mobile app and web portal, ensuring a quick turnaround time of less than 30 days for application approval.

Vendors can apply for the loan through the scheme's portal or mobile app. Common Service Centres (CSCs) also facilitate the application process for those who prefer in-person assistance.

Vendors can apply for the loan through the scheme's portal or mobile app. Common Service Centres (CSCs) also facilitate the application process for those who prefer in-person assistance.

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