A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS: If you are a cobbler, barber, tea vendor, fruit/vegetable vendor or any other street vendor and want to take loan to grow your business, Modi government has launched PM Swanidhi Yojana , under which all laborers and workers can easily avail loans ranging from ₹10,000 to ₹50,000.
At the same time, we would like to tell all the applicants and laborers here that, to apply for PM Swanidhi scheme, you have to fulfill some documents and qualifications, the approximate list of which we will provide you in this article A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS .
A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS
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. At the same time, if you repay the loan amount on time, you will also get the facility of subsidy from the government.
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.
A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS : Let us tell you that the government has extended the tenure of PM Swanidhi scheme till December 2024. This decision has been taken in the cabinet meeting. Union Minister Anurag Thakur has given information about this by tweeting.
Highlights of PM Svanidhi Yojana 2023
- Name of Article - PM Svanidhi Yojana 2023
- Article sub-information - PM Svanidhi Yojana Complete Information
- Language of Article - Gujarati and English
- OBJECTIVE OF THE ARTICLE - To provide information about PM Svanidhi Yojana .
- Beneficiary - Every Street Vendors
- objective The scheme - aims to help street vendors
- Application mode - Online / Offline
- Official Website - Click Here
PM Svanidhi Yojana 2023 Latest Update
A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS: In the Union Budget 2022 session of the Indian Parliament, President Ram Nath Kovind mentioned that so far 2.8 million street vendors have received financial assistance of over Rs 29 billion from the PM Swanidhi scheme. The center is now connecting these vendors through online companies. Thousands of people have received direct cash transfers during the pandemic.
Please Note: It has been decided to extend the duration of the scheme till December'2024 with existing components. All SVs who have fully repaid their first loan are eligible for a second loan up to ₹20,000/-.
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PM Svanidhi Yojana 2023 – Features
A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS : Barber shop, cobbler, panwari, washerman, vegetable seller, fruit seller, street food, tea stall or kiosk, bread pakora or egg seller, hawker, stationery seller can avail this scheme. can Features of PM Svanidhi Yojana 2023 are as follows:
(1) Amount of loan
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 penalty on early repayment of the loan.
(4) Rate of interest
For Commercial Banks, Regional Rural Banks (RBBS), Small Finance Banks (SFB), Co-operative Banks and SHG Banks, the interest rate 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
(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 amount will be credited to the vendors on a quarterly basis. 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 subsidy is available till March 31, 2022. The subsidy will be available for first and subsequent advanced loans up to that date. If the payment is made early, the admissible subsidy amount will be credited immediately.
(8) Security
The loan is collateral-free and no bank can charge it under any circumstances.
PM Svanidhi Yojana 2023 – Eligibility Criteria
(1) Legal requirements
Street vendors who wish to avail the scheme should have a vending certificate or identity card issued by the Urban Local Bodies (ULBs).
(2) Geographical location
Vendors from surrounding development/peri-urban/rural areas sell within the geographical limits of the ULB and a Letter of Recommendation (LoR) to that effect has been issued by the ULB/TVC.
PM Svanidhi Yojana 2023 – Loan Amount & Interest Rate
A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS : Based on the PM Swanidhi Yojana, a maximum loan of 10 thousand rupees is available. This money helps in starting a business. This is given with simple terms. In a way it is an unsecured loan. Loans are given at normal rates based on this scheme. A special discount is also given to those who repay the loan on time.
PM Svanidhi Yojana 2023 – KYC documents required
A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS : The following documents will be required to avail PM Swanidhi Yojana:
- Aadhaar Card
- Voter Identity Card
- Driving License
- MNREGA Card
- PAN Card
PM Svanidhi Yojana 2023 – Online Registration
A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS : 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 Yojana 2023 – Helpline
- Portal Name PMSVANIDHI Portal (pmsvanidhi.mohua.gov.in)
- Name of Ministry Ministry of Housing and Urban Affairs (MoHUA)
- Office Address Director (NULM),
- Room no.334-C,
- Ministry of Housing & Urban Affairs, Nirman Bhawan,
- Maulana Azad Road, New Delhi – 110011
- e-Mail: neeraj.kumar3@gov.in
- Tel: 011-23062850.
- Nodal Officer All State – Click Here
- Contact us with questions portal.pmsvanidhi@sidbi.in
- Toll Free Number 1800 11 1979 between 9.30 AM to 6.00 PM on Monday to Saturday except national holidays
- CGTMSE Help Desk details Mobile No. : 93217 02101
- Scheme related queries querysvs@cgtmse.in
- Technical queries itsupportsvs@cgtmse.in
PM Svanidhi Yojana 2023 Video
FAQs of PM Svanidhi Yojana 2023
What is the Scheme PM Svanidhi Yojana 2023 ?
This is a central sector scheme to facilitate access to affordable working capital loans to street vendors to resume their livelihood activities after the lockdown is eased.
Who is the target beneficiary for this scheme?
Street vendors in urban areas, including vendors in surrounding urban and rural areas on or before March 24, 2020.
What are the objectives of this scheme?
(i) Facilitating working capital loans up to 10,000 at subsidized rate of interest;
(ii) promoting regular repayment of loans; and
(iii) to reward digital transactions.
What is the tenure of this scheme?
The scheme was implemented till March, 2022. But now it has been extended till December, 2024 in the cabinet meeting.
What is the initial working capital loan amount under this scheme?
The initial working capital loan is up to 10,000/- for a tenure of one year.
What is the interest subsidy rate and amount?
The rate of interest subsidy is 7%.
The interest subsidy amount will be directly credited to your account on a quarterly basis. In case of early payment, the admissible amount of subsidy will be deposited in one go. 10,000 loan, if you pay all 12 EMIs on time, you will get around 400 as interest subsidy amount.
Do I need to provide any collateral to get this loan?
No collateral security is required.
Disclaimer
The information provided in this A SPECIAL MICRO-CREDIT FACILITY FOR STREET VENDORS article and any subsequent communication entertained or responded to shall be free of charge. Any consumer protection would be outside the scope of the law. Any recipient or user of any information or content of this portal or any communication entertained thereafter may use / rely on the information or content entirely at his(the reader's) own risk. Every effort has been made to ensure that the information provided here is accurate. However, no guarantee is given as to the correctness of the information. Please verify the scheme information with the document before applying for any investment or loan.
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