The ( PM Street Vendor’s Atmanirbhar Nidhi ) PM SVANidhi was initiated by the (MoHUA) Ministry of Housing and Urban Affairs on 01 June 2020, for providing appropriate Working Capital loans to costermonger to resume their subsistence that has been adversely affected due to Covid-19 lockdown.
The time span of this yojana is until March 2022.
Background of the scheme:-
Street vendors represent an awfully crucial constituent of the urban informal economy & play a significant role in making certain availability of the goods & services at reasonable rates at the doorstep of the town dwellers. They are called vendors, like:- hawkers, Thelewala, Rehriwala, and many more, in different areas/ contexts. The products supplied by them include vegetables, fruits, ready-to-eat street food, tea, bread, eggs, textile, apparel, footwear, craftsman products, books/stationery, etc.
The services include barber outlets, cobblers, pan shops, laundry services, etc. The COVID-19 pandemic & concomitant lockdowns have negatively influenced the sustenance of street vendors. They generally work with a small capital base & might have consumed the same during the lockdown. Consequently, there is an enormous need to provide credit for working capital to street vendors to resume their business
Also Read:- SBI e-Mudra Loan
Objectives of the scheme:-
The scheme is a Central Sector Scheme i.e. totally funded by MoUHA ( Ministry of Housing and Urban Affairs ) with the following objectives:-
1. To encourage working capital loans up to ₹10,000
2. To incentivize regular repayment
3. To reward digital transactions
The scheme will help formalize the costermonger with the above objectives & will open up new opportunities to the current sector to move up the economic ledge.
Eligibility of states/Union Territories:-
The Scheme is accessible for assignees to be allied to only those States and UTs which have illuminated Rules & schemes under the Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act, 2014.
Eligibility criteria for beneficiaries:-
The Scheme is approachable to all street vendors impenetrable in vending in urban areas on or before March 24, 2020. The appropriate vendors will be recognized as per the following criteria:-
1. costermonger in possession of Certificate of Vending / Identity Card issued by Urban
Local Bodies (ULBs)
2. The traders, who have been recognized in the survey but have not been issued Certificate of Vending / Identity Card So, Transitional Certificate of Vending would be generated for such vendors through an IT-based Platform. ULBs are influenced to issue such traders the everlasting Certificate of Vending and Identification Card immediately & positively within a period of 1 month.
3. costermonger, left out of the ULB identification survey or who have started vending after completion of the survey and have been issued a Letter of Recommendation to that repercussion by the Town Vending Committee (TVC) / ULB.
4. The vendors of abutting expansion / rural areas vending in the geographical limits of the ULBs and have been issued a Letter of exhortation to that effect by the ULB / TVC.
Benefits of the scheme:-
- Vendors can profit from a working capital loan of up to ₹10,000, which is reimbursed in monthly installments within the tenure of 1 year.
- On timely/ early reimbursement of the loan, an interest subsidy at 7% per annum will be credited to the bank accounts of the assignee through Direct Benefit Transfer on a periodic basis.
- There will be no retribution on the early reimbursement of the loan.
- The scheme gives promotion to digital transactions through cashback incentives up to an amount of ₹100 / month.
- The salesperson/trader can take advantage of the facility of escalation of the credit limit on timely/ early reimbursement of loans.
PM SVANidhi Login :
One can only commence the PM SVANidhi login procedure if they have applied for the benefits of the PM SVANidhi scheme in the competency of either a granter or an assignee.
Steps to loginPM SVANidhi:-
- firstly, you have to visit the official webpage, once you visit the PM SVANidhi official website:- https://pmsvanidhi.mohua.gov.in/ then click on the “Login” button to initiate the PM SVANidhi login process.
2. The imminent step of the PM SVANidhi login process will require you to furnish your accreditation that was submitted at the time of application. You can commence the process either as a lender or a beneficiary.
3. Then, you will be recommended to generate a One-Time Password (OTP).
4. You should receive an OTP seconds later. Enter it on your computer screen.
5. Once you are past that, you should be able to see the options pertaining to your role in the scheme.
SBI PM SVANidhi :
The MoHUA launched the API integration between the PM SVANidhi portal & SBI e-Mudra portal. Ministry would perform indistinguishable incorporation with other banks as an addition for which a consultative meeting will be held shortly.
SBI e-Mudra / PM-SVANidhi Loan :-
Under PM Svanidhi Scheme you can get up to ₹20000 loans but under SBI e mudra you can get a quick loan of ₹50000 without any collateral.
The SBI e-Mudra / PM SVANidhi scheme provides the following incentives:-
- Interest subsidy of 7% per year on regular loan reimbursement deduction of up to INR 1200/- per year on doing particularized digital transactions eligibility for increased next tranche of loans
- This inventiveness has received over 2 million applications at the 1st stage, of which 752191 have been sanctioned and 218751 loans have already been issued.
SBI e Mudra PM SVANidhi Loan Features:
1. The individual must be a small (micro) business owner.
2. He or she must be a current or savings account customer with SBI for at least 6 months.
3. The maximum loan amount available is Rs 1 lakh.
4. The maximum loan duration is five years.
5. According to the bank’s qualifying requirements, loans of up to Rs 50,000 are available immediately.
6. Customers must visit the branch to complete the procedures for loans above Rs 50,000.
PM SVANidhi Bank Login :
The PM SVANidhi Scheme is a Central Sector Scheme that is fully funded by MoHUA (Ministry of Housing and Urban Affairs) with the following objectives:
(i) To encourage working capital loan up to ₹10,000
(ii) To stimulate regular repayment
(iii) To reward digital transactions