PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a micro-credit lending scheme launched by the Ministry of Housing and Urban Affairs on June 1, 2020, for the benefit of approximately 50 lakh street vendors in urban areas.
The scheme is available to all street vendors engaged in vending in urban areas as of March 24, 2020:
- Street vendors in possession of a Certificate of Vending or Identity Card issued by ULBs;
- The vendors, who have been identified in the survey but have not issued vending certificates or identity cards.
Benefits of the Scheme:
- Collateral-free working capital loan of up to ₹10,000 for 1 year
- Loan to be repaid in monthly instalments
- Interest subsidy of up to 7% on timely or early repayment of loans.
- Monthly cash-back facility for vendors on digital transactions
- On timely repayment of the loan, vendors gain higher loan eligibility of `20,000 and `50,000 in the second and third tranches.