In this post, we are going to share information about the PM Svanidhi Yojana 2021. On 1 June 2020, the government started the Pradhan Mantri Svanidhi Yojana for street vendors and wage-laborers.
This scheme was devised to make the people of the street and street people like fruit and vegetable sellers, small-medium shopkeepers and those who indulge in roads.
Under this scheme, people who want to start their own work afresh will be provided a loan of up to 10,000 rupees by the government.
This loan government will have to return it in easy installments within one year and those who pay the loan on time will get subsidy on 7% annual interest from the government and they will be eligible to take loan again.
Objective of PM Svanidhi Scheme
The life of common people has been badly affected due to Corona. Among these, the people who were most affected are the people with wages and street vendors.
Due to the closure of shops under lockdown, the crisis of eating food for these family members increased greatly.
In view of this crisis and to overcome this, the government targeted these people to be self-dependent and started the Swanidhi scheme.
PM Svanidhi Yojana has been started to restart the completely closed business. Financial assistance will be provided to small traders under this scheme. This scheme is also popular with PM Street Vendor Aatmanirbhar Nidhi scheme.
Who will get loan under PM Svanidhi Yojana 2021
The benefit of this scheme will be given to all the small and medium sellers of the country so that they can become self-sufficient.
Eligible beneficiaries for the PM Svanidhi scheme:
- Vegetable handlers
- Shoe sealer (cobbler)
- Pan-bidi
- Laundry washer
- Barber shop owner
- Street food (momos, chowmeon shops)
- Fruit cart
- Street hawkers
- Tea-trowers
- Bread, Dumplings and Egg Dealers
- Small bookstore store
How many people have taken benefits so far
According to the latest information, so far, more than 2.5 lakh street-ravines and fruit-laden batches have been registered, out of which applications of more than 65 thousand people have been approved.
More than 50 lakh people can avail the benefit of this scheme.
The main feature of this scheme is that there is no provision of penalty in it and no guarantee will be taken for taking a loan, as well as the terms of the loan are easy.
Under this scheme, the government will give its benefit in the form of subsidy to the people who pay the loan on time.
Those who pay the loan on time, the government will be refunded in their bank account at the rate of 7 percent annual interest.
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Documents Required to apply for PM Svanidhi Yojana
Proof of Vending
- Vendor ID card (VID) / TVC Letter of recommendation / Certificate of vending (CoV)
KYC documents
- Aadhaar Card or Voter Id Card or Driving Licence or MNREGA Card or PAN Card.
- Aadhaar linked bank account Detail
- Mobile number (which is linked with Aadhaar)
Registration Process of PM Svanidhi Scheme 2021
To get the benefit of this scheme, you have to register as an applicant on the official website of PM Street Self-Reliant Fund Scheme https://pmsvanidhi.mohua.gov.in.
1) On home page, click on ‘Apply for Loan’ button.
2) After this window opens, here enter your valid mobile number, an OTP will be generated. Just enter OTP number and verify it.
3) Now, you redirected to a dashboard under ‘Check Vendor Category’. Select your Aadhar card option and Vendor category option.
Here you have to verify your Letter of Recommendation (LoR) which is provided by Urban Local Bodies (ULBs)/Town Vending Committee (TVC)
This is mendatory, otherwise you did not process your registration further.
To verify LOR, Enter LOR Application No, and verify it. Then click on the Next button.
4) Now a Personal information form section will appear, fill in all relevant information here.
5) In the next step, choose your bank preferred option and accept the disclaimer. Click on submit button.
An application no will generated on screen, note it down for further reference.
6) After successful registration, your bank will call you regarding your loan approval.
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