PM SVANidhi for Street Vendor’s apply Now

PM SVANidhi for Steer Vendor’s apply Now : Street vendors represent a very important constitunet of the urban informal economy and play a significant role in ensuring the availability of the goods and services at affordable rates at the doorstep of the city dwellers. They are known as vendors, hawkers, thelewala, rehriwala, theliphadwala etc. in different areas/ contexts.

The goods supplied by them include vegetables, fruits, ready-to-eat street food, tea, pakodas, breads, eggs, textile, apparel, footwear, artisan products, books/ stationery etc. The services include barber shops, cobblers, pan shops, laundry services, etc.

The COVID-19 pandemic and consequent lockdowns have adversely impacted the livelihoods of street vendors. the same during the lockdown. Therefore, there is an urgent need to provide credit for working capital to street vendors to resume their business.

PM SVANidhi for Steer Vendor’s apply Now

Urban street vendors will be eligible to avail a Working Capital(wc) loan of up to Rs.10,000 with tenure of one year and repaid in monthly instalments. for this loan, no collateral will be taken by the lending institutions. On timely or early repayment, the vendors will be eligible for the next cycle of working capital loan with an enhanced limit. No prepayment penalty will be charged from the vendors for repayment before the scheduled date.

In case of Scheduled Commercial banks, Regional Rural Banks(RRBs), small finance banks(SFBs), Cooperative Banks SHG Banks, the rates will be as per their prevailing rates of interest. In case of NBFC, NBFC-MFIs etc. interest rates will be as per RBI guidelines for respective lender category.

In respect of MFIs (non NBFC) other lender categories nto covered under the RBI guidelines, interest rates under the scheme would be applicable as per the extant RBI guidelines for NBFC-MFIs. The vendors, availing loand under the scheme, are eligible to get an interest subsidy 7%. The interest subsidy amount will be credited into the borrower’s account quarterly.

The scheme is available for beneficiaries belonging to only those States/UTs which have notified Rules and scheme under Street Vendors(Protection of Livelihood and Regulaion of Street Vending) Act, 2014.

apply for loan Process

  1. Understand the Loan application requirements
  2. Make sure your mobile no is linked to Your Aadhaar
  3. Check your eligibility status as per scheme Rules

1) Properly understand the information & amp; documents required to fill the loan application from(LAF) for the Scheme. Keep all the information ready before you start the application process.

2) You are requested to make sure that your mobile phone is linked to your aadhaar number. this will be required for you e KYC/ Aadhaar validation during online application process. it will also help you to get a letter of Recommendation from ULB(in case required). It will also help you avail future benefits under Government welfare schemes.

It is understood from UIDAI officials that for updating mobile numbers, only a form has to be filled and no additional document is required. A link to the UIDAI portal where you can find details of the nearest Aadhaar center is provided below.

3) you will fall in one of the following 4 categories of street vendors. check your status and the documents/ information which you need to keep ready.

PM-SVANidhi Application link: PDF Download Form

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