PM Svanidhi Yojana Online Apply : The government has started a loan scheme (Govt started Loan Scheme For Street Vendors) for street vendors, lorry drivers or roadside shopkeepers. Its name is PM Svanidhi scheme. The scheme aims to help street vendors. An amount of 5000 crores has been allocated for this. No special rules have been applied for it.
Government has made a big announcement, extended the deadline of PM Svanidhi scheme, know how long you will get guarantee free loan? For this, know who will benefit from this scheme and how to apply for it. Efforts have been made to reach you with complete information through this article.
The name of this scheme is PM Swanidhi Yojana, under which the government is giving full loan of Rs 10,000 to street vendors. For PM Svanidhi Yojana loan you don’t even need to give any guarantee. Simultaneously, assuming you reimburse the advance sum on time, you will likewise get the office of sponsorship from the public authority.
The central government has given a huge relief to the street vendors. The government yesterday extended the tenure of the Prime Minister’s Street Vendors Self-Reliant Fund (PM Svanidhi Yojana). Earlier the tenure of this scheme was only till March 2022, but the government has extended the deadline of this scheme in the Union Cabinet meeting.
PM Svanidhi Required Documents :
The following documents will be required to avail PM Swanidhi Yojana:
- Aadhaar Card
- Voter Identity Card
- Driving License
- MNREGA Card
- PAN Card
PM Svanidhi Loan Benefits
The benefit of this scheme can be availed by barber shop, cobbler, panwari, laundress, vegetable seller, fruit seller, street food, tea stall or kiosk, bread pakoda or egg seller, hawker, stationery seller. The features of PM Svanidhi Yojana are as follows:
1) Loan amount
Under this scheme, the sellers will get Rs. 10,000 as a loan to fund their working capital requirements.
(2) Term of repayment of loan
Applicants have to repay the loan amount in monthly installments over a period of 1 year.
(3) Prepayment benefit
If the applicant repays the loan early, an interest subsidy of 7% per annum will be credited to the loan.Bank account through Direct Benefit Transfer (DBT) quarterly. There will be no punishment on early reimbursement of the credit.
(4) Rate of interest
For Commercial Banks, Regional Rural Banks (RBBS), Small Finance Banks (SFB), Co-operative Banks and SHG Banks, the rate of interest will remain the same as prevailing rates.
When it comes to NBFCs, NBFC-MFIs etc., the interest rates will be as per Reserve Bank of India (RBI) guidelines. In case of MFIs (Non-NBFC) and other lenders category not covered under RBI guidelines, interest rates under the scheme will be applicable as per existing RBI guidelines for NBFC-MFIs.
(5) Digital Transactions
This scheme promotes digital transactions through incentives like 100 per month from the returned money. Cashback is available up to 100/-
(6) Other benefits
If the vendor completes the loan repayment on time, it will be eligible for the next cycle of working capital loan. This will have an enhanced limit.
(7) Interest subsidy
Sellers who avail loans are eligible for interest subsidy at 7%. This sum will be credited to the sellers on a quarterly premise. Lenders shall submit quarterly claims for interest subsidy in the quarters ending on 30 June, 30 September, 31 December and 31 March during each financial year. Interest sponsorship is accessible till March 31, 2022. The subsidy will be available for first and subsequent advanced loans up to that date. Assuming the installment is made early, the permissible sponsorship sum will be credited right away.
The loan is collateral-free and no bank can charge it under any circumstances.
PM Svanidhi Yojana eligibility :
The plan is available to all who sell in urban areas on and before March 24, 2020. Eligible sellers will be identified according to the following criteria:
- Street vendors who have been issued an identity card certificate by urban local bodies.
- Urban sellers who have been identified in the survey but have not been given an identity card certificate.
A temporary certificate of certification to such sellers will be generated through the IT based platform.
PM Svanidhi loan interest rate
A maximum loan of Rs 50,000 is available on the basis of PM Swanidhi Yojana. This rupee helps in starting a business. These are provided with simple terms. In a way it is an unsecured loan. Loans are given at normal rates based on this scheme. Special discounts are also given to loan payers on time.
How much loan will be available in PM Swanidhi Yojana?
Credit is given in three tiers under Swanidhi Yojana
- 10,000/- Rs.
- Timely repayment of this loan leads to second credit
- 20,000/- Rs.
- By repaying this loan on time, you are granted a third loan
- Third time Rs. 50,000/- is loaned.
Thus, by paying the loan on time in this way, you are given a loan 3 times.
PM Svanidhi Yojana online apply
The complete procedure for applying PM Swanidhi Yojana online is as follows:
- Visit the official website at pmsvanidhi.mohua.gov.in
- On the homepage, click on the ‘Apply for Loan’ tab or ‘Login as Applicant’.
- Check out the seller category. There are 4 options of vendor category.
- Select and proceed to fill PM Swanidhi Yojana online application form.
- Enroll using Aadhaar Verification by entering the Aadhaar number and clicking on the ‘Verify’ button, you will get an OTP on the mobile number that is registered in the Aadhaar card.
- After verification of Aadhaar OTP, PM Swanidhi Online Application Form will appear.
- Fill the application form and complete the online process.
PM Svanidhi Application Download
The Ministry of Housing and Urban Affairs has launched the PM SVANIDHI app. The app has all the features similar to SVANIDHI’s web portal. Survey data includes vendor search, e-KYC applicants, application processing and real-time monitoring. You all can download this application from given link in below OR Playstore also.
- Download – PM Svanidhi Application Download
Important Links :
- PM Svanidhi Yojana online apply : Click Here
FAQ – PM Svanidhi Yojana Online Apply
How much loan will be available in the first installment of PM Swanidhi Yojana?
- Through this scheme the first installment of Rs. 10,000 loan will be available.
Need to give any guarantee for PM Swanidhi Yojana?
- No, no guarantee is required for this scheme.
Who can avail PM Swanidhi Yojana?
- Street vendors who may or may not have an identity card certificate issued by the urban local bodies can avail the scheme.