SVANidhi Yojana has been announced by the honorable Prime Minister of India Mr. Narendra Modi. The scheme has been launched for street vendors. Under the scheme, the government is going to help street vendors to start their own work afresh. If you wish to get detailed information about the Svanidhi Yojana then you have to read this article carefully. In this article, you will get the detailed information including eligibility criteria, the application process, benefits, and much other relevant information.
About Svanidhi Yojana
Street vendors play a very important role in ensuring the availability of goods and services at affordable rates at the doorstep of people in urban areas. Street vendors are known as vendors, hawkers,thelewala, rehriwala, theliphadwala, etc. in different areas/ contexts. These vendors provide goods like vegetables, fruits, ready-to-eat street food, tea, pakodas, breads, eggs, textile, apparel, footwear, artisan products, books/ stationary etc., and services like barber shops, cobblers, pan shops, laundry services, etc.
All these vendors phase difficulty due to covid-19 pandemic. Considering this in mind, on the first of June 2020 in the union cabinet meeting Pradhan Mantri Narendra Modi decided to start Svanidhi Yojana. Under the scheme, the government is going to provide monetary help to the street vendors for their working capital.
Also Check: Mudra Yojana
Objective Of Svanidhi Yojana
The motive of the Government of India behind starting the Svanidhi Yojana is to facilitate working capital loans up to rupees 10000 for the street vendors. By using this amount Street vendors can become self-reliant even after the Covid pandemic. This scheme will help them with their livelihood and improve their condition by empowering them.
Highlights Of Svanidhi Yojana
- Name of the scheme: Svanidhi Yojana
- Launched by: Government of India
- Launched for: Street vendors
- Benefits: monetary support
- Mode of application: online
- Official site: pmsvanidhi.mohua.gov.in
Svanidhi Yojana Implementation
The scheme is implemented by the Ministry of housing and urban affairs. Implementation of the scheme was till March 2022. The government has sanctioned a budget of rupees 5000 crores for this scheme implementation. But later on, the government decided to extend the scheme till December 2024. Along with the duration extension, the government has also extended its budget limit up to rupees 8100 crores.
Benefits Of The Scheme
- Svanidhi scheme is beneficial for about 1.2 crore citizens of the country
- Under the scheme, the street vendors will get credit from the Government of the amount of rupees 10000
- Beneficiaries need not provide any security for the loan
- The period of repayment of the loan is of 1 year
- If the street vendor repays the loan on or before the time, then he/ she may be eligible to apply for a loan of more than 10000 rupees in the next year.
- Beneficiaries will get a subsidy on the interest of the loan of 7%
- The amount of interest subsidy will be transferred to the bank account of the beneficiaries after every four months.
- Till 25th April 2022, 31.9 lakh loans have been approved by the government under the scheme
- Till now an amount of rupees 2931 crores has been distributed to near about 29.6 lakh beneficiaries
- At the first face of the scheme around 3500000 Street vendors and their families was benefited
- In the second phase around 28 lakh, Street vendors are going to get the benefits across 126 cities
Organizations Providing Loan
- Scheduled commercial bank
- Regional rural bank
- Small finance Bank
- Cooperative Bank
- Nonbanking financial company
- Microfinance institution
- SHG banks
Statistics
| – | 1st term Loan | 2nd term Loan | 3rd term Loan |
| Eligible Applications | 42,23,949 | 11,85,152 | 849 |
| Pending for consent and Re KYC | 5,27,045 | 19 | |
| Sanctioned | 32,45,163 | 4,92,247 | 471 |
| Disbursed | 30,45,922 | 3,49,513 | 325 |
| Returned By Banks | 7,37,517 | – | – |
| Ineligible Applications | 11,30,815 | – | – |
| Loans Repaid | 11,85,695 | 850 | 0 |
Eligibility Criteria
- All the street vendors who possess a certificate of vending or urban local bodies issued valid identity card
- In case you don’t have a vending certificate then you can apply for the skin after getting a letter of recommendation from the municipality
- Vendors residing and active in and around Peri-urban or rural areas may also apply
- ULB vendors who left their operation areas due to the covid-19 pandemic may also apply
- All those vendors who get recognition as per the survey conducted by the town vending committee according to the street vendor act of 2014 before issuing them a certificate may also apply.
Documents Required
- Aadhar card
- Voter ID card
- Vending certificate
- Mobile number
- Bank account details
- Passport size image
Also Read: Credit Guarantee Scheme
Online Application Procedure Svanidhi Scheme
- To apply for the scheme, you have to visit the Svanidhi website.
- Homepage of the portal will appear on the screen from where you have to click apply loan
- A new page will appear on the screen where you have to enter your mobile number and take the checkbox
- Hit the request OTP button and you will receive an OTP number on your mobile number
- Now you have to enter the OTP in the given space
- Press verify button and the application form will appear on the screen
- Select do you have an Aadhar card or not and then select one of the three categories
- Provide the information as per your selection and hit the next button
- The Application form will appear on the computer screen
- Fill the details in the application form as needed
- With the application form, you have to upload the documents as required
- Review the application form and press submit button
- By following these steps you can apply for the loan
Check Svanidhi Yojana Application Status
- To check the status, you have to visit the official website of PM Svanidhi
- Homepage of the portal will appear on the screen from where you have to click know your application status link
- A new page will open on the computer screen where you have to enter your application number and mobile number
- Press the get OTP button and you will receive an SMS
- Enter the OTP in the given space you received by SMS and hit the search button
- As you click your application status will appear on the computer screen
Procedure To Apply ForLoR
- To apply for a letter of recommendation you have to visit the official website of PM Svanidhi
- Homepage of the portal will appear on the screen from where you have to click apply for LoR
- A new page will open on the computer screen where you have to enter your mobile number
- Take the checkbox and hit the request OTP button
- You will receive an SMS on your mobile number
- Enter the OTP and hit the very fire button
- Further applications will appear on the computer screen
- Fill On the application form and upload the required documents
- Submit the application form by pressing submit button
- By following the above mention procedure you can apply for a letter of recommendation
Check Your In Vendor Survey List
- To see it, have to visit the official website of the PM Svanidhi
- Homepage of the portal will appear on the screen from where you have to click the scheme instructions option
- A drop-down list will appear on the screen from where you have to select the vendor survey list
- Are you need to select the state, ULB Name, voter ID card number, certificate of vending number, name of a street vendor, father/ spouse name and mobile number
- Please search the button and the information will appear on the screen
Procedure To Check Lander List
- To see it, have to visit the official website of PM Svanidhi
- Homepage of the portal will appear on the screen from where you have to click the scheme instructions option
- A drop-down list will appear on the screen from where you have to select the Lander list
- Now you need to select state, district, lander category, and name
- Hit the search button and the information you are looking for will appear on the screen
Procedure To Search LoR
- To search, have to visit the official website of PM Svanidhi
- Homepage of the portal will appear on the screen from where you have to click the scheme instructions option
- A drop-down list will appear on the screen from where you have to select search LoR
- Now you have to select a state, ULB Number, number, name of the street vendor father’s/ spouse name, and mobile number.
- Press the search button and the information you are looking for will appear on the screen
Helpline
- Toll-Free Number: 1800 11 1979
- CGTMSE Help Desk
- Mobile No.: 93217 02101
- Scheme-related queries: querysvs@cgtmse.in
- Technical queries: itsupportsvs@cgtmse.in