The PM SVANidhi Yojana (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) is a scheme launched by the Government of India to provide affordable working capital loans to street vendors to help them resume their livelihoods that have been adversely
### Benefits of PM SVANidhi Yojana:
1. **Working Capital Loans**: Street vendors can avail a working capital loan of up to ₹10,000, which is repayable in monthly installments over a period of one year. This loan is collateral-free.
2. **Interest Subsidy**: Vendors who repay their loans on time or earlier will receive a 7% interest subsidy on the loan amount. The subsidy amount will be credited directly to their bank accounts quarterly.
3. **Higher Loan Eligibility**: Vendors who repay their first loan on time are eligible for a higher loan amount in the next cycle, which could be up to ₹20,000 and subsequently up to ₹50,000.
4. **Digital Transactions Incentives**: Vendors are encouraged to conduct digital transactions. The government provides monthly cash back incentives ranging from ₹50 to ₹100 for digital transactions.
5. **Financial Inclusion**: The scheme promotes financial inclusion by providing access to formal credit, thereby integrating street vendors into the formal financial system.
### Application Process for PM SVANidhi Yojana Online:
1. **Visit the Official Portal**: Go to the official PM SVANidhi Yojana portal at [pmsvanidhi.mohua.gov.in](https://pmsvanidhi.mohua.gov.in/).
2. **Register**: Click on the “Apply for Loan” option and register by providing necessary details such as mobile number and Aadhar number.
3. **Fill Application Form**: Complete the online application form with details including personal information, business details, and the amount of loan required.
4. **Upload Documents**: Upload required documents such as identity proof, address proof, and proof of vending (certificate of vending or identity card issued by Urban Local Bodies).
5. **Submit Application**: After filling out the form and uploading documents, submit the application online.
6. **Loan Processing**: The application will be forwarded to the concerned lending institution (banks, microfinance institutions, etc.) for verification and processing. Upon approval, the loan amount will be disbursed directly to the vendor's bank account.
### Key Points to Remember:
- Ensure you have a valid mobile number linked to Aadhar for the application process.
- Regular repayment of the loan is crucial to avail the benefits of interest subsidy and eligibility for higher loans.
- Use digital payment methods to gain cash back incentives and maintain a good transaction history.
This scheme aims to help street vendors get back on their feet and promote economic activities at the grassroots level.
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