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PM SVANidhi Scheme: 19 lakh people have taken loan, subsidy on interest and will also get cashback, this is the whole process

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PM SVANidhi Scheme: Interest subsidy of 7 percent is available annually on timely repayment of loan. Also, if you pay it through digital transaction, then you also get a cashback of 100 rupees every month.

Easy to borrow

PM SVANidhi Scheme: In the present era, a lot of people want to start their employment. The biggest problem in this is that of capital. If you reach the bank to take a loan, then the interest rates are also expensive and are not easily available. In such a situation, a government scheme comes in handy. Actually, Pradhan Mantri Street Vendors Self-Reliant Fund Scheme or Pradhan Mantri Swanidhi Yojana (PM SVANidhi) will help you.

Under this scheme, till March 15, 2021, a total of 23.24 lakh loan examinations have been done and out of this, 18.54 lakh loans have been given to the beneficiaries. Under this scheme, launched on June 1, 2020, street vendors across the country are provided working capital up to Rs 10,000 for their work. The scheme was launched with the goal of providing financial assistance to street vendors amid the lockdown and corona crisis.

Recently, Minister of State for Finance Anurag Thakur had told in the Lok Sabha that so far more than 40 lakh applications have been received for the scheme. Under the Pradhan Mantri Swanidhi Yojana (PM SVANidhi), there is a target to provide loans for working capital to about 50 lakh street vendors.

What is PM SVANidhi scheme?

Under this scheme launched during lockdown and corona crisis, working capital of Rs 10,000 is given on loan for one year to provide financial assistance to street vendors. A total of 50 lakh street vendors are targeted to benefit, whose business was greatly affected during this epidemic. An interest subsidy of 7 per cent is received annually on timely repayment of the loan. Also, if you pay it through digital transaction, then you also get a cashback of 100 rupees every month.

Vendors get many more features in working capital loans for the next cycle, if they are paid ahead of time. Another attempt under the scheme is to connect these street vendors with food delivery through e-commerce to help their business.

How can you take advantage?

To take advantage of this scheme, your mobile number should be linked to your Aadhaar card. For the scheme, you have to fill the loan application form under which your name, address, vending in which area, how long you have been working, whether or not you are the beneficiary of any other scheme of the government, complete information like Aadhar card, Voter ID card Have to give. You can see the sample of the form here – https://pmsvanidhi.mohua.gov.in/Default/ViewFile/?id=PM+SVANidhi+LAF.pdf&path=MiscFiles

These documents are important

Street vendors should have an identity card issued from the vending or urban local body (ULB) to take advantage of this scheme. If there is no such identity card then you will need a letter of recognition which can issue authority in your area. In this, you can get this letter by being a member of organizations like National Association of Street Vendors of India (NASVI), National Hawkers Federation (NHF), Self-Employed Women’s Association (SEWA). Here you can https://pmsvanidhi.mohua.gov.in/Home/PreApplication check your eligibility.

Also read: Bank charges so much money for failing ATM transaction, you also know? Know what is the solution

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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