Pradhan Mantri Swanidhi Yojana 2023: Street vendors will get loans to start their own business

October 7, 2023

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Pradhan Mantri Swanidhi Yojana:- Our country’s Prime Minister Shri Narendra Modi has decided to launch Swanidhi Yojana in the Union Cabinet meeting on June 1. Under SVANidhi Yojana, a loan of up to Rs 10,000 will be provided by the Central Government to the street vendors (small street vendors) of the country to start their own business afresh. This Swanidhi Yojana is also known as Pradhan Mantri Street Vendors Self-reliant Fund. The benefits of this scheme will be made available to all the small street vendors of the country. Dear friends, today through this article we are going to provide you all the information related to this Pradhan Mantri Swanidhi Yojana like application process, eligibility, documents etc., so read this article till the end.

SVANidhi Yojana 2023

Street vendors who sell fruits, vegetables or set up small shops on street vendors along rural and urban roads in the country can get a loan of Rs 10,000 from the government under this SVANidhi Yojana. This loan taken by the government is for the street vendors . People will have to return in installments within a year. Street vendors who repay this loan on time will be transferred by the government to their accounts as an annual interest subsidy of seven percent. The interested beneficiaries of the country who want to avail the benefits of this scheme will have to apply under this scheme. Under the Street Vendor Self-reliant Fund, more than 50 lakh people including vendors, hawkers, cart vendors, street vendors, fruit vendors etc. will be provided benefits from this scheme.

29th August Udpate:- PM Swanidhi Yojana will be expanded, beneficiaries can be more than 1 crore.

Through the Central Government’s PM Swanidhi Scheme, the scope of this scheme which provides loans from banks to street vendors for business can be expanded. Assessing the impact so far, the central government is preparing to expand it. Work will now be started to increase the number of beneficiaries of the ambitious scheme of the Ministry of Housing and Urban Affairs to 1 crore. At present this number is a little more than 50 lakhs. If this scheme is expanded then the number of beneficiaries will exceed one crore. The special thing about this scheme is that the number of women among the beneficiaries of Swanidhi Scheme is close to 50%. From which it is clear that PM Svanidhi Yojana can make an important contribution in giving institutional form to the business of street vendors on the basis of financial inclusion.

Latest Update :- PM Swanidhi Scheme extended till December 2024

The Central Government has extended the PM Street Vendors Self-Reliant Fund (PM SVANidhi) scheme till December 2024. On Thursday, the Union Ministry of Housing and Urban Affairs, in a written reply in the Lok Sabha, said the subject related to creation of vending zones falls within the scope of the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act 2014. Which is being implemented through the respective union territories and states. The ministry said that 42 lakh street vendors will be provided benefits under the PM Swanidhi scheme by December 2024. According to the report, 31.73 lakh street vendors have already availed the loan of Rs 10,000 till November 30. Out of which 5.81 lakh street vendors have availed the loan of Rs 20 lakh. Whereas 6926 street vendors have availed the benefit of Rs 50 thousand on the third day.

Details of Pradhanmantri SVANidhi Yojana

name of the scheme	Swanidhi Yojana
started by	By Prime Minister Narendra Modi
launch date	1 June
Beneficiary	street vendors
Objective	provide loan

Subsidy received under SVANidhi Yojana

Through SVANidhi Yojana, a loan of ₹ 10000 is provided to the street vendors of the country. This scheme has been started keeping in mind the coronavirus epidemic. All those citizens who want to start their own industry by selling small items on the streets will be provided the benefit of this scheme. Under this scheme, interest subsidy at the rate of 7% will be provided to the beneficiaries. The subsidy amount will be deposited into the account of the loan beneficiary every quarter. The subsidy has been deposited by the loan providers in the accounts of all the beneficiaries on June 30. Now the next subsidy will be deposited on 30th December.

Who can give loan under Pradhan Mantri Swanidhi Yojana

Scheduled Commercial Bank
Regional Rural Banks
Small Finance Bank
Cooperative Bank
Non Banking Finance Companies
Microfinance Institution
Self Help Group Banks
Women’s Fund, etc

SVANidhi Yojana Integrated IT Platform and Implementation

An integrated platform will be developed by the administration for successful implementation of SVANidhi Yojana. This integrated platform will provide one stop solution to administration. The scheme will be implemented through the Ministry of Housing and Urban Affairs and Urban Local Bodies. The verification of the beneficiary will be done under this scheme by the Urban Local Body only. For verification, an OTP will be sent to the beneficiary’s mobile, by providing which the beneficiaries will be able to get their verification done. This scheme. Small Industries Development Bank of India will be the implementation partner for the implementation of this scheme.

SVANidhi Yojana : Objective of Street Vendor Self-reliant Fund

As you all know that the Corona virus epidemic is going on in the entire country, to save people from this infection, the Prime Minister has locked down the entire country till 30th June, due to which the street vendors of the country, And those selling goods on carts are not able to work to earn their living. Due to which they are facing a lot of difficulties. In view of this problem, the Central Government has announced to start this scheme. Under the Street Vendor Self-reliant Fund, the government will provide loans to the street vendors to restart their work. Through this scheme, to make street vendors self-reliant and empowered and to improve the condition of poor people.

SVANidhi Yojana Statistics

Total applications	28,45,870
Sanctioned	15,26,313
Disbursed	10,07,536
Number of branches onboarded	1,46,966
Sanctioned amount	Rs 1,521.56 crore
Disbursed amount	Rs 989.37 crore
Number of SVs accepting digital payment	10,07,536
Total cashback paid to SVs	Rs 56,050
Total interest subsidy paid	Rs 0
Number of LoR application received	11,43,547
Number of LoR applications approved	8,42,107
Number of LoR applications rejected	34, 422
Average days to sanction	24
Average age of the applicant in years	40

SVANidhi Yojana Key Facts

Speed vendors can participate under Swanidhi Scheme only in those states and union territories where rules and schemes are notified under the Street Vendors Act 2014.
Under this scheme, all those street vendors who are in vending business before March 24 will be considered eligible.
Loan of approximately ₹ 10000 will be provided to all street vendors for 1 year.
No security will have to be given on this loan.
This loan will have to be repaid through monthly installments within a period of 1 year.
If the beneficiary pays the entire amount before the due date or on time, then a loan of more than ₹ 10000 can be provided to the beneficiary in the next year.
Under this scheme, interest subsidy will also be provided to the beneficiary. This interest subsidy will be of 7%. Which will be sent to the beneficiary’s account every 4 months. This grant will be provided till 31st March.

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Benefits of SVANidhi Yojana

The benefits of this scheme will be provided to roadside vendors.
Under Swanidhi Yojana, vendors selling goods on the streets around urban/rural areas have been made beneficiaries.
Street vendors in the country can avail direct working capital loan up to Rs 10,000. Which they can repay in monthly installments in a year.
More than 50 lakh people will be benefited under this scheme.
Street vendors who repay this loan on time will be transferred by the government to their accounts as an annual interest subsidy of seven percent.
There is no provision for penalty under SVANidhi Yojana.
It will work to enhance the capabilities of people using technology and make the Self-reliant India campaign successful by reviving businesses during the Corona crisis.
People have to apply online on the official website of PM Street Atmanirbhar Nidhi Yojana (to be launched) or can apply offline at banks to get initial working capital loan.
With this, these people will give impetus to the Self-reliant India campaign by re-establishing their business during the Corona crisis .
Under this scheme, you will get the entire money in your account in three installments i.e. you will get one installment every three months. You will get this loan at seven percent interest.

Who are the eligible beneficiaries of Swanidhi Scheme?

barber shops
shoemaker (cobbler)
Betel Shops (Panwadi)
Laundry Shops (Dhobi)
vegetable sellers
fruit sellers
Ready-to-eat street food
tea vendors
sellers of bread, pakodas and eggs
hawkers who sell clothes
books/stationery vendors
artisan products

PM Swanidhi Yojana Status

1st term loan

Total applications	4496849
Sanctioned	2690294
Disbursed	2442062
Returned by banks	736931
Ineligible	653534
Loans repaid	66666

2nd term loan

Total application	5474
Sanctioned	2711
Disbursed	1158

Who will give the loan?

Scheduled Commercial Bank
Regional Rural Bank
Small Finance Bank
Cooperative bank
Non Banking Finance Companies
Micro Finance Institutions and SHG Banks

Eligibility for SVANidhi Yojana

Those street vendors who have a vending certificate or identity card are eligible to avail the benefits of this scheme.
Vendors who have been identified in the survey but have not been issued proof of vending or identity.
Final vending certificate will be generated for all such vendors through an ID based platform.
ULBs are also encouraged by the Government to immediately and positively issue Permanent Certificate of Vending and Identity Card to such vendors within a period of one month.
Street vendors who have opted out of the ULB identification survey or have started vending after completion of the survey and a recommendation letter to this effect has been issued by the ULB or Town Vending Committee.
Vendors who sell within the geographical limits of the urban local body. And a recommendation letter to this effect has been issued to them by ULB or TVC.

Documents of Street Vendor Self-Employment Fund Scheme

applicant’s aadhar card
Voter ID Card
bank account passbook
mobile number
passport size photo

How to apply for Swanidhi Yojana ?

The interested street and street vendors of the country who want to avail benefits from the government under Swanidhi Scheme will have to apply under this scheme. Along with all these programs, financial literacy program will be implemented for capacity building of all the stakeholders and IEC activities. It will be launched across the country in June and loans will start being available in the month of July. One can apply offline in banks to get initial working capital loan. So he should follow the method given below.

First of all the applicant has to go to the official website of the scheme.
After visiting the official website, the home page will open in front of you on the computer screen.

On this home page you will see the option of Planning to Apply for Loan. After which you have to proceed carefully by reading all the 3 steps in the section Planning to Apply for Loan and click on the View More button.
After this the next page will open in front of you. On this page you have to click on the option of View / Download Form. After which the PDF of Swanidhi Yojana form will open in front of you.

You can download the PDF of this scheme. After downloading the application form, you will have to fill all the information asked in this form. After filling all the information, you will have to attach all your necessary documents with the application.
After this, your application form will have to be submitted to the institutions mentioned below. The list of institutions is shown below.

First of all you have to go to the official website of PM Swanidhi Yojana .
Now the home page will open in front of you.
On the home page you have to click on the Login tab.
Now you will have to click on the link according to your category, it is as follows.
- applicant
- Lender
- Ministry/Status/ULB
- csc connect
- City Nodal Officer
Now a new form will open in front of you in which you will have to enter your username and password.
Now you have to click on the link for login.
In this way you will be able to login.