Let us talk about PM Svanidhi
The Prime Minister of our country, Shri Narendra Modi, has decided to start the pm Svanidhi scheme in the meeting of the Union Cabinet on June 1, 2020. Under this scheme, a loan of up to Rs 10000 will be provided by the central government to the country’s street vendors (small street vendors) to start their work afresh. This PM, Svanidhi Yojana, is also known as Prime Minister Street Vendors Atma Nirbhar Nidhi. The benefit of this scheme will be made available to all the small street vendors of the country. Dear friends, today we will provide you with all the information related to this Svanidhi scheme like application process, eligibility, documents, etc. Through this article of ours, read this article of ours till the end.
PM Svanidhi Scheme
Street vendors who sell fruits, vegetables or set up small shops on the street side of rural and urban roads in the country can get a loan of Rs 10000 by the government under this SVANidhi Yojana taken by the government to street vendors. People will have to return in installments within one year. The government will transfer street vendors who repay this loan on time to their accounts as an annual interest subsidy of seven percent. Interested beneficiaries of the country who want to take advantage of this scheme will have to apply under it. Under the Street Vendor Self-Reliant Fund, more than 50 lakh people, including vendors, hawkers, hawkers, street vendors, cart fruit vendors, etc., will benefit from this scheme.
Loans to 58629 beneficiaries provided under Svanidhi Yojana in Uttar Pradesh
SVANidhi Yojana was started on 1 June 2020 by the Prime Minister of our country, Shri Narendra Modi. Through this scheme, a loan of ₹ 10000 is provided to street vendors and street vendors. All the eligible beneficiaries are availing the benefit of this scheme of the country. The benefit of this scheme is also being provided to the street vendors of Uttar Pradesh. This scheme is being implemented in all the municipal bodies, including 17 municipal corporations of Uttar Pradesh. So far, the data of about 9,47,000 urban street vendors under this scheme has been made available on the portal of the distribution scheme.
Through Svanidhi Yojana, 9,55,870 online applications of municipal bodies have been received, out of which 6,30,473 beneficiaries have been approved, and loans of 5,68,629 beneficiaries have been disbursed so far. Apart from this, 4,83,373 registrations have been received so far in 17 municipal corporations of the state. Out of which 2,99,223 beneficiaries have been sanctioned, and 2,65,474 loans have been transferred. This information has been provided by the Urban Development Minister of Uttar Pradesh, Ashutosh Tandon. A total of 568629 beneficiaries have been provided benefits till 7 June 2021 in Uttar Pradesh. If the beneficiaries pay the loan received under this scheme on time, then the government will also provide an interest subsidy of 7%.
Pradhanmantri SVANidhi Scheme Highlights
|Scheme Name||SVANidhi Yojana|
|Started by||Prime minister
by Narendra Modi
|Launch Date||1 June 2020|
The loan provided to 72 street vendors in Jammu and Kashmir
Street vendors have faced financial loss due to the lockdown. To overcome this loss and to restart his business, the Svanidhi scheme was started by the government. Under this scheme, a loan of ₹ 10000 is being provided to all street vendors. Badi-Brahmana Nagar Palika Samiti organized a two-day awareness camp in association with J&K Bank. Loans have been provided to 72 street vendors under this camp.
The camp was organized on the instructions of Asghar Hussain, Director, Urban Local Bodies Jammu. Beneficiaries were registered under the Svanidhi scheme, and then out of these registered beneficiaries, 72 were given loans to run their employment. The remaining registrations received are being considered. The loan will be provided to the rest of the people in consultation with the concerned bank.
The government has requested all street vendors to make their application under the Svanidhi scheme as soon as possible and take advantage of this scheme.
Promotion of digital transactions by vendors
Sellers will be incentivized in digital transactions by providing a cashback facility through this scheme. The credit score of sellers will also increase through transactions done through a digital medium so that it will be easier for them to get a loan in the future. Digital payment aggregator networks like Google Pay, Amazon Pay, Bharat Pay, etc., will encourage digital transactions under street vendors. Cashback ranging from ₹50 to ₹100 will be provided to all onboard sellers. Cashback of ₹ 50 will be provided for 50 eligible transactions in a month, ₹ 25 for the following 50 transactions, and ₹ 25 for the next ₹ 100 or more in a month. In all, a cashback of ₹ 100 will be provided to the sellers in a month.
PM Svanidhi Scheme Application
As you all know, Svanidhi Yojana was started to provide financial assistance to street vendors given the Coronavirus crisis. Under this scheme, financial aid of ₹ 10000 will be provided to each beneficiary by the government. To get this financial assistance, street vendors have to apply online by visiting the official website. So far, 27.33 lakh applications have been received under Svanidhi Yojana. 14.34 applications have been approved under this scheme. A loan of Rs 7.88 lakh has been disbursed so far under the Svanidhi scheme. The application form can also be obtained from the bank to apply under this scheme.
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 fund etc.
Svanidhi Yojana Integrated IT Platform and Implementation
The administration will develop an integrated platform for the successful implementation of SVANidhi Yojana. This integrated platform will provide a one-stop solution to the administration. The scheme will be implemented through the Ministry of Housing and Urban Affairs L and the Urban Urban Local Body. The verification of the beneficiary will be done under this scheme by the Urban Local Body itself. An OTP will be sent to the beneficiary’s mobile for verification, by providing which the beneficiaries will be able to get themselves verified. This plan. Small Industries Development Bank of India will be the implementation partner for the implementation of this scheme.
Svanidhi Yojana Loan to 3 Lakh Vendors
As you all know, under the Svanidhi scheme, financial assistance is being given to the street vendors who set up shop on the footpath. For this, a package of 50 thousand crore rupees was also fixed in the self-reliant India package. The government has announced that in the program to be held on Tuesday, our country’s Prime Minister Narendra Modi will distribute a loan of ₹ 10000 to three lakh street benders. To get this loan, the street vendors must have an identity card issued by the corporation, but even if the street vendors are not registered, they can apply online and offline under the Svanidhi scheme. The loan received under this scheme will have to be paid to the beneficiaries within 1 year in easy installments and at a low-interest rate.
Let us tell you that an interest subsidy of 7% will also be provided under this scheme. It means that the government will pay more interest than this. Through the PM Svanidhi Yojana, there will be financial help for small small business vendors to be able to continue their work.
Aatmnirbhar Nidhi Yojana (Steet Vendor) New Update
Under the Aatmanirbhar Nidhi scheme, a loan of up to Rs 10,000 will be provided to the street vendors, small traders through 3.8 lakh Common Service Centers (CSC) centers spread across the country. The government’s digital and e-governance services unit CSC e-Governance Services India Limited has said on Wednesday that the Pradhan Mantri Street Vendors Atmanirbhar Nidhi Yojana is fully funded by the Ministry of Housing and Urban Affairs, these entrepreneurs taking loans under this scheme. They will also be given incentives for regular repayment of loans and rewarded on digital transactions. CSC will help in registering these small businessmen under the plan. So far, two lakh applications have been received under this scheme, while loans have been sanctioned to 50 thousand business people.
The objective of Street Vendor Self-Reliant Fund
As you all know that the coronavirus epidemic is going on in the whole country. To save the people from this infection, the Prime Minister has locked down the entire country till June 30, that is why the street vendors of the country, And those who sell goods on handcarts are not able to work to earn their living. Due to which they face many difficulties, given this problem, the central government has announced to start this scheme—providing loans by the government to street vendors to resume their work under the Street Vendor Self-Reliant Fund. This scheme makes the street vendors self-reliant and empowered and improves the condition of the poor people.
Prime Minister’s Svanidhi Yojana
On Monday, October 26, 2020, Prime Minister Narendra Modi tweeted that he would interact with brothers and sisters of Uttar Pradesh who sell goods on the street. So that he can know whether he is getting benefits under the Pradhan Mantri Svanidhi Yojana or not. So far, 24 lakh applications have been received by the government under this scheme. Out of which, 557000 applications have been received from Uttar Pradesh. Out of these 557000 applications, 3.27 lakh applications have been approved by the government. For which Rs 1.87 lakh has been provided to street vendors. Out of the total 24 lakh applications received, 12 lakh applications have been approved. For which a loan of 5.35 lakh has been provided.
How many people have been benefited so far from the Svanidhi scheme?
Since the commencement of the lending process on July 2, 2020, more than 1.54 lakh street vendors across States/UTs have applied for working capital loans under this scheme. Out of these loan applications received from street vendors, more than 48,000 have already been sanctioned loans under PM Street Vendor’s Atmanirbhar Nidhi scheme. Since the inception of this scheme, the number of income applications has crossed the 5 lakh mark. Within 41 days, more than 1 lakh loans have been sanctioned under PM Svanidhi Yojana. PM Svanidhi Scheme has been launched by the Ministry of Housing and Urban Affairs as part of the Self-Reliant India Campaign.
SVANidhi Scheme Statistics
|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 Scheme Key Facts
- Under the Svanidhi scheme, speed vendors of only those states and union territories can participate where the rules and schemes are notified under the Street Vendors Act 2014.
- All those street vendors will be considered eligible under this scheme who are in vending work before 24 March 2020.
- All street vendors will be provided a loan of about ₹ 10000 for one year.
- No security will be required on this loan.
- This loan has to be repaid through monthly installments within 1 year.
- If the beneficiary repays the total amount before or on time, then a loan of more than ₹ 10000 can be provided to the beneficiary in the next year.
- Under this scheme, the interest subsidy will also be provided to the beneficiary.
- This interest subsidy will be 7%, sent to the beneficiary’s account every 4 months. This grant will be provided till 31 March 2021.
Benefits of PM SVANidhi Yojana
- The benefit of this scheme will be provided to the street vendors on the side of the road.
- Under the Svanidhi scheme, vendors selling goods on the road around urban/rural areas have been made beneficiaries.
- Street vendors of the country can directly avail of working capital loans up to Rs.10,000, which they can repay in monthly installments in a year.
- More than 50 lakh people will be benefited from this scheme.
- The government will transfer street vendors who repay this loan on time to their accounts as an annual interest subsidy of seven percent.
- There is no provision of penalty under SVANidhi Yojana.
- It will work to increase the capacity of people using technology and make the self-reliant India campaign a success by reviving the business at the time of the Corona crisis.
- People have to apply online on PM Street Atmanirbhar Nidhi Yojana’s official website (to be launched) or use offline banks to get an initial working capital loan.
- With this, these people will give impetus to the self-reliant India campaign by renewing their business during the Corona crisis.
- Under this scheme, you will get the real money in the account three times, i.e., every three months, you will get one installment. You will get this loan at 7% interest.
Who is the eligible beneficiary of Svanidhi Yojana
- barber shops
- shoe knots (cobblers)
- Paan Shops (Panwari)
- Laundry Shops
- vegetable seller
- fruit seller
- ready-to-eat street food
- tea stall
- bread, dumplings and eggs seller
- hawkers who sell clothes
- book/stationery installer
- artisan products
Who will give loan?
- scheduled commercial bank
- regional rural bank
- small finance bank
- Cooperative bank
- non banking finance companies
- Micro Finance Institutions and SHG Banks
- Documents of Street Vendor Atmanirbhar Nidhi Scheme (Eligibility)
- The applicant must be an Indian resident.
Under this scheme, only small street vendors of the country will be considered eligible.
- applicant’s aadhar card
- Voter ID Card
- bank account passbook
- mobile number
- passport size photo
How to apply for Svanidhi Yojana?
The interested, street and street beneficiary beneficiaries of the country who want to get benefits from the government under the Svanidhi scheme have to apply under this scheme, along with all these programs, the financial literacy program for capacity building of capacity all the stakeholders and IEC activities. It will be launched in June across the country, and the loan will be available in July. One can apply offline in banks to get an initial working capital loan. Then follow the below-given method.
Firstly the applicant has to visit 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 a Loan. After which, the section of Planning to Apply for Loan has to go ahead by reading all the 3 steps carefully and clicking 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 the form of Svanidhi Yojana will open in front of you.
You can download the PDF of this scheme. After downloading the application form, you have to fill in all the information asked in this form. After filling in all the information, you have to attach all your necessary documents with the application.
After this, your application form will have to be submitted by visiting the institutes mentioned below. The list of institutes is shown below.
The process of login under the street vendor self-reliant fund scheme
- First of all, you have to go to the official website of PM Svanidhi 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 have to click on the link according to your category, something like this.
- 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 log in.
How to see the list of lending institutions?
- First of all, you have to go to the official website. After visiting the official website, the home page will open in front of you. On this home page, you have to click on the option of View More at the bottom.
- After clicking on the option, the next page will open in front of you. On this page, you will see the possibility of a Lenders List.
- You have to click on this option. After clicking on the option, the list of banks will open in front of you on the next page.
- After seeing this list, you can go to wherever you want and submit your application form.
Check Your Survey Status / Street Vendor Survey Search?
- First of all you have to go to the official website. After visiting the official website, the home page will open in front of you. On this home page, you have to click on the option of view more at the bottom.
- After clicking on the option, the next page will open in front of you on the computer screen. On this page you will see the option of Vendor Survey List.
- You have to click on this option. After clicking on the option a form will open. You will get all the information asked in this form like State Name, Urban Local Bodies (ULB), Street Vendor ie Your Name, Father / Wife / Husband Name, Mobile Number, Certificate of vending no. etc. to be filled.
- After filling all the information, you have to click on the button of Search.
- After this you can check your survey status / street vendor survey search.
Features of PM Svanidhi App
- Seller searches in survey data
- E-KYC of applicants
- Processing of loan applications
- real time monitoring
How to download PM Svanidhi Mobile App?
As you all know that the Ministry of Housing and Urban Affairs has already launched the website http://pmsvanidhi.mohua.gov.in/ on 29th June 2020. Now MoHUA has launched PM Svanidhi Mobile App. Street and tiny street vendors can directly download and install PM Svanidhi Mobile App on their smartphones directly and apply quickly to start their employment under this scheme. We have given below the complete information to download the mobile app.
- To download this mobile app, you have to first go to the Google Play Store of your Android mobile.
- After going to Google Play Store, you have to search the PM Svanidhi app in the search bar, and then you have to click on the button ‘Install.’
- The direct link to download PM Svanidhi Mobile App from Google Play Store will be updated here soon. After that, you will be able to apply online to take advantage of this scheme very quickly.
- First of all, you have to go to the official website. After visiting the official website, the home page will open in front of you.
- On this home page, you have to click on the view more under Planning to Apply for Loan.
- After clicking on the option, the next page will open in front of you.
- On this page, after clicking on the option of Payment Aggregator, you will see many options. You can do any of these payment aggregators.
Procedure to apply for Letter of Recommendation
- Now a new page will open in front of you in which you have to enter your mobile number.
- After this, you have to click on the link of Request OTP.
- Now you will receive an OTP on your mobile, which you will have to fill in the OTP box.
- After that, you have to click on submit button.
- Now a form will open in front of you in which you will have to fill in all the information asked carefully.
- After this, you have to attach all the essential documents.
- Now you have to click on submit button.
- In this way, you will be able to apply for a letter of recommendation.
- Under this scheme, the people of the country want to get more information or if they are facing any problem in applying, then they can contact by contact number.
- First of all, the beneficiary has to visit the official website of the scheme. After visiting the official website, the home page will open in front of you.
- On this home page you will see the option of contact us, you have to click on this option. After clicking on the option, the next page will open in front of you.
Other announcements made in the cabinet meeting
- Cabinet approval for equity scheme for MSME sector – Small and medium industries in distress will benefit and create immense employment opportunities. Union Minister Prakash Javadekar said that an equity investment of Rs 50,000 crore had been announced for MSMEs.
- MSP fixed for 14 crops – Taking forward the mantra of ‘Jai Kisan,’ the cabinet has taken significant decisions to favor the food donors. In this, it has been ensured to give at least one and a half times the cost of MSP for 14 Kharif crops. The repayment period for short-term loans up to Rs 3 lakh has also been extended.
- The benefit of interest subvention on agricultural loans will now be available till August 31
- The government will give its participate by taking shares in MSMEs.
- Salon, paan shop and cobbler will also get the benefit