PM Svanidhi Yojana: Street vendors or small shop owners in the country get loans without guarantee under the Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi) scheme. So far, more than 68 lakh street vendors, fruit and vegetable vendors, laundry, salon and paan shop owners have received loans under the scheme.
These include both men and women. Meanwhile, it has been decided to extend the PM Svanidhi Yojana till March 31, 2030. The government will spend Rs 7,332 crore on this scheme. Around 1.15 crore people will benefit from this, which also includes 50 lakh new beneficiaries.
It should be noted that the PM Svanidhi Yojana is a microcredit scheme. Under this scheme, the central government provides loans of up to ₹90,000 in three installments. Its special feature is that this loan is available without any guarantee. Previously, the limit was ₹80,000. This scheme was launched on June 1, 2020.
Changes in the plan
Several important changes have been made to the scheme . The biggest relief comes in the form of a loan extension. The first installment has been increased from ₹10,000 to ₹15,000. Similarly, the second installment has been increased from ₹20,000 to ₹25,000. The third installment will receive ₹50,000. There is no increase in the third installment.
According to media reports, those who pay their second installment on time will now be given a UPI-linked RuPay credit card. This will provide them with instant access to funds, whether for business expansion or personal needs. The government has also decided to promote digital transactions. Sellers will now receive a digital cashback of up to ₹1,600 on wholesale and retail transactions. Building credibility is essential to fully benefit from this government scheme.
Where will I get a loan?
Under the scheme, scheduled commercial banks, regional rural banks, small finance banks, cooperative banks, non-banking finance companies, microfinance institutions, and self-employment benefit groups (SHGs) will provide loans. The Small Industries Development Bank of India (SIDBI) is the implementation partner. The mandatory KYC documents for beneficiaries include an Aadhaar card and voter ID card. Additionally, a driving license, MNREGA card, and PAN card are also included in the KYC documents. The loan can also be availed through Common Service Centers (CSCs) across the country.
Training given in Prayagraj
According to media reports, street food vendors were trained at a public welfare fair organized by the Municipal Corporation in Prayagraj, Uttar Pradesh, under the PM Svanidhi Yojana. A similar public welfare fair has begun in Mainpuri, Uttar Pradesh, where street vendors are also being trained. It should be noted that the public welfare fair was launched on PM Modi’s birthday. This fair will run from September 17th to October 2nd.
