The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs to provide affordable working capital loans to street vendors whose livelihoods were severely impacted by the lockdown.
Importance of Street Vendors
Street vendors play a crucial role in the urban informal economy by directly offering essential goods and services at affordable rates to the city’s residents.
These vendors, known by various names such as hawkers, thelewala, and rehriwala, sell items ranging from vegetables and fruits to street food, apparel, and artisan products. Their services also include barber shops, cobblers, and laundry services.
The COVID-19 pandemic and the resulting lockdowns hit street vendors hard, as many exhausted their limited capital. The PM SVANidhi scheme was introduced to address the urgent need for working capital to help these vendors restart their businesses.
Application Process for PM SVANidhi
- To apply for the PM SVANidhi scheme, street vendors can visit the official website, pmsvanidhi.mohua.gov.in.
- They must create an account,
- fill out the application form with accurate information,
- and upload the required documents.
The scheme provides more than just financial assistance; it also offers identity cards, insurance coverage, and skill development training.
| Name of the Scheme | PM SVANidhi |
|---|---|
| Website | https://pmsvanidhi.mohua.gov.in/ |
| Apply for Loan | https://pmsvanidhi.mohua.gov.in/Login |
| Loan Application Form | Download Loan Application Form |
Objectives and Benefits
The PM SVANidhi scheme aims to:
- Facilitate working capital loans up to ₹10,000.
- Encourage regular repayment with incentives.
- Promote digital transactions among street vendors.
This initiative not only supports street vendors in restarting their businesses but also contributes to the country’s broader economic growth by preserving these vital livelihoods.
Eligibility and Target Beneficiaries
The scheme is available to Indian citizens who are street vendors identified by Urban Local Bodies (ULBs) or possess a Certificate of Vending.
If a vendor was missed in the survey, they could obtain a Letter of Recommendation (LoR) by providing proof of their vending activities, such as past loans or membership in a street vendors’ association.
How to Avail the Benefits
Vendors from peri-urban or rural areas within city limits who were excluded from the survey can still benefit from the scheme by producing relevant documents to obtain a LoR from the ULB/TVC. Once the LoR is received, they can approach a bank or agent to apply for the loan.
Final Steps Before Applying
Before starting the online application, vendors should:
- Gather all necessary documents and information for the loan application form.
- Ensure their mobile number is linked to their Aadhaar for e-KYC and future benefits.
- Verify their eligibility status according to the scheme’s rules.
The PM SVANidhi scheme is a significant initiative to empower street vendors, enabling them to overcome financial challenges and continue their essential contributions to the urban economy.