Prime Minister Street Vendor's AtmaNirbhar Nidhi ( What is PM SVNidhi and how to apply for it)

 

PMSVNidhi (Prime Minister Street Vendor’s AtmaNirbhar Nidhi is a special Micro Credit facility Scheme for providing affordable loan to Street Vendors to resume their livelihood that have been adversely affected due to COVID-19 lockdown.

The scheme is being introduced to meet the credit needs of the Street vendors, who are one of the most vulnerable and important sectors of urban informal economy.

Street Vendors arc known as Vendors, hawkers, thelewala, rehriwala etc. The goods supplied by them include vegetables, fruits, ready to eat street food, tea pakoda, breads, eggs, Textile, apparels, footwear, artisan products, books/stationary etc.

The service includes barber shop, cobbler, pan shops, laundry services, etc.

The scheme will be available e to all street vendors engaged in vending in Urban areas as on or before 24^th March 2020.

 

The categories of eligible borrower are as under.

1.       Street Vendors in possession of certificate of vending (CoV)/ Identity card issued by the Urban Local bodies.

2.       Street vendors who have been identified in the survey but have not been issued certificate of Vending/ Identity Card, Provisional Certificate of Vending would be generated for such vendors.

3.       Street Vendors, who have been issued Letter of Recommendation ( LoR) by the Urbal Local Bodies/ Town Ven ding Committee.

The scheme is a central sector scheme and fully funded by the Ministry of Housing and Urban affairs with the following objectives.

1.       To facilitate working capital loan up to Rs.10000/-

2.       To incentivize regular repayment

3.       To reward digital transaction

Eligible Urban Street Vendors will be eligible to avail a Working Capital loan of up to Rs.10000/-. On timely or early repayment, the vendors will be eligible for the next cycle of working capital loan with enhanced limit. The tenure of the loan will be 12 months and loan shall be paid in 12 Equated Monthly Installment (EMI). No collateral security shall be required for the loan under the scheme.

 

The Vendors availing loan under the PM SVNidhi scheme are eligible to get an Interest Subsidy @7%. The interest subsidy amount will be credited into the borrower account quarterly. Subsidy will only be considered in respect of accounts of borrower, which are standard (Non-NPA).

The Street vendors should enrol with UPI and must have digital payment mode. The scheme will incentivize digital transaction by vendors through cash back facility. The network of lending institution and digital payment aggregators like NPCI (BHIM), PayTM, GooglePay, BharatPay, AmazonPay, PhonePay, etc. will be used to on-board the street vendors for digital transaction.

The on-board vendors would be incentivized with a monthly cash back in the range of Rs.50- Rs.100.

 

The government has launched PMSVNidhi portal which is integrated with Udyammitra portal managed by SIDBI.

The eligible candidate can apply through online in PMSVNidhi , or through Customer Service Centre or any Bank Branch.

 

The scheme is started from 1^st July 2020 and shall be effective till March 2020.

Name of the Scheme	PMSVNidhi
Eligible	Urban Street Vendors
Loan Amount	Rs.10000/-
Tenure	12 months

 

If you want to know the more about the PMSVNidhi and how to apply for please write in comment.