Hello Readers,
In this post we have explained some relevant points related to PM SVANidhi Scheme or Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Yojana which is important for upcoming examination like SSC CGL, IBPS, Banking, RRB NTPC, NABARD, RBI Grade B, SEBI Grade A, UPSC EPFO and UPSC etc.
Name of the Scheme
- PM SVANidi Scheme: Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) Yojana.
Ministry
- The Ministry of Housing and Urban Affairs (MoHUA) has launched (PM SVANidhi).
Purpose
- To provide affordable micro loans to street vendors.
Valid Till
- The scheme is valid until March, 2022
Implementing Agency
- Small Industries Development Bank of India (SIDBI)
- SIDBI will manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
Overview
- This is a Central Sector Scheme to facilitate street vendors to access affordable working capital loan for resuming their livelihoods activities, after easing of lockdown.
- It is a special micro-credit facility plan to provide affordable loan of up to ₹10,000 to more than 50 lakh street vendors.
- The loans would be without collateral.
- Those who were vending till 24th March, 2020 can avail the benefits of the scheme.
Interest
- On timely/early repayment of the loan, an interest subsidy of 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer (DBT) on six-months basis.
- There is no penalty for pre-closure of the loan.
- On timely/ early repayment of loan of initial working capital, a vendor becomes eligible to avail a higher tranche of loan in next cycle.
Eligibility
Any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built up structure or by moving from place to place. The goods supplied by them include vegetables, fruits, ready-to-eat street food, tea, pakodas, breads, eggs, textile, apparel, artisan products, books/ stationary etc. and the services include barber shops, cobblers, pan shops, laundry services etc.
Objectives
- To facilitate working capital loan up to `10,000 at subsidized rate of interest.
- To incentivize regular repayment of loan.
- To reward digital transactions.
KYC documents required
- Aadhaar Card (Mandatory)
- Voter Identity Card (Mandatory)
- Driving License
- MNREGA Card
- PAN Card.
Need for
The lockdown has affected the lives and livelihoods of many especially daily wagers.
- The micro loans through the scheme would help to kick-start activity for vendors.
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