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Prime Minister Vendor\u2019s AtmaNirbhar Nidhi is a scheme launched by the Ministry of Housing and Urban Affairs to empower street vendors and their families. This scheme focuses on collateral-free working capital and affordable loans in tranches starting from Rs 10,000 for a term of one year. It also lays emphasis on the holistic socio-economic development of street vendors and their families.<\/p>\n\n\n\n
The government gives incentives to street vendors who adopt digital transactions by offering them cashbacks. Approximately 50 lakh street vendors are expected to benefit from this scheme. A loan amount of Rs. 8,100 crores has been sanctioned for this PM SVANidhi scheme<\/strong>. This loan amount would help the street vendors expand their business, making them\u201datma nirbhar\u201d or self-reliant.<\/p>\n\n\n\n <\/p>\n\n\n\n PM Street Vendor\u2019s AtmaNirbhar (SVA Nidhi) Scheme was launched in June 2020. The main objective of this scheme was to uplift the street vendors and help them recover their losses due to the covid pandemic.<\/p>\n\n\n\n This scheme has been extended till 2024 December. In a recent report, it was revealed that 30,20,566 first PM SVANidhi loans have been disbursed and 2,99,179 second PM SVANidhi<\/strong> loans have been disbursed to date. The PM SVANidhi loans are in tranches where Rs. 10,000 is given in the first tranche, Rs. 20,000 in the second tranche and Rs. 50,000 in the third tranche. With an 88% repayment rate, Rs. 30.24 lakh crores have been disbursed so far.<\/p>\n\n\n\n The street vendors have completed over 13.5 crore digital transactions, and cashback of Rs. 10 crores have been given. As interest subsidy, Rs. 51 crores have been paid.<\/p>\n\n\n\n <\/p>\n\n\n\n Here is a detailed illustration of the cashback and interest subsidy for a loan of Rs 10,000.<\/p>\n\n\n\n <\/p>\n\n\n\n This scheme is available for all the vendors in urban areas as on or before 24th<\/sup> March 2020. These vendors are identified based on the following criteria:<\/p>\n\n\n\n <\/p>\n\n\n\n To apply for a loan the street vendor should approach a Banking Correspondent or Agent of Micro Finance Institution in their area. They help street vendors to fill out the application form and upload documents in the PM SVANidhi<\/strong> portal or mobile app. One can also apply for the PM Street Vendor Atma Nirbhar Nidhi scheme online.<\/p>\n\n\n\n KYC documents required:<\/p>\n\n\n\n To apply for PM Street Vendor Atma Nirbhar Nidhi scheme online:<\/strong><\/p>\n\n\n\n <\/p>\n\n\n\n The government launched this scheme to help and upraise the street vendors who earn with a very small working capital. More than 35 lakh street vendors have benefitted from the scheme so far.<\/p>\n\n\n\nPM SVANidhi Scheme So Far<\/strong><\/h2>\n\n\n\n
Segmentation of PM SVANidhi Scheme<\/strong><\/h2>\n\n\n\n
Month<\/td> Principal (in \u20b9)<\/td> Interest @24% (in \u20b9)<\/td> EMI (in \u20b9)<\/td> Interest subsidy @7% (in \u20b9)<\/td> Cashback \u20b9Incentive (in \u20b9)<\/td> Total Benefit (in \u20b9)<\/td><\/tr> 1<\/td> 746<\/td> 200<\/td> 946<\/td> 58<\/td> 100<\/td> 158<\/td><\/tr> 2<\/td> 761<\/td> 185<\/td> 946<\/td> 54<\/td> 100<\/td> 154<\/td><\/tr> 3<\/td> 776<\/td> 170<\/td> 946<\/td> 50<\/td> 100<\/td> 150<\/td><\/tr> 4<\/td> 791<\/td> 154<\/td> 945<\/td> 46<\/td> 100<\/td> 148<\/td><\/tr> 5<\/td> 807<\/td> 139<\/td> 946<\/td> 42<\/td> 100<\/td> 142<\/td><\/tr> 6<\/td> 823<\/td> 122<\/td> 945<\/td> 36<\/td> 100<\/td> 136<\/td><\/tr> 7<\/td> 840<\/td> 106<\/td> 945<\/td> 32<\/td> 100<\/td> 132<\/td><\/tr> 8<\/td> 856<\/td> 89<\/td> 945<\/td> 27<\/td> 100<\/td> 127<\/td><\/tr> 9<\/td> 874<\/td> 72<\/td> 946<\/td> 22<\/td> 100<\/td> 122<\/td><\/tr> 10<\/td> 891<\/td> 55<\/td> 946<\/td> 17<\/td> 100<\/td> 117<\/td><\/tr> 11<\/td> 909<\/td> 37<\/td> 946<\/td> 12<\/td> 100<\/td> 112<\/td><\/tr> 12<\/td> 927<\/td> 19<\/td> 946<\/td> 6<\/td> 100<\/td> 106<\/td><\/tr> Total<\/strong> <\/strong><\/td> 10,001<\/strong><\/td> 1,348<\/strong><\/td> 11,349<\/strong><\/td> 402<\/strong><\/td> 1,200<\/strong><\/td> 1,602<\/strong><\/td><\/tr> % w.r.t<\/strong> interest<\/strong><\/td> <\/strong><\/td> <\/strong><\/td> <\/strong><\/td> 30% of interest<\/strong><\/td> 88% of interest<\/strong><\/td> <\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Eligibility for PM SVANidhi Scheme<\/strong><\/h2>\n\n\n\n
Application of loan under PM Street Vendor\u2019s AtmaNirbhar Nidhi scheme<\/strong><\/h2>\n\n\n\n
Conclusion<\/strong><\/h3>\n\n\n\n