PM SVANidhi is one of the important schemes launched by Government of India for the benefit of common citizens. This scheme, started on 1 June 2020, aims to support street vendors and small workers who run their livelihood on footpaths and roadside stalls. Government introduced this scheme to provide financial help to economically weaker people so they can become socially and economically strong. Through this scheme, eligible people can easily get a government-backed loan without much hassle.
PM SVANidhi Scheme main purpose is to provide financial assistance to street vendors so they can improve and expand their business. During the COVID-19 pandemic, many small businesses were badly affected, and people lost their income sources. To support such people, this scheme was started and has now been extended till year 2030. With help of this scheme, beneficiaries can take a loan to restart or grow their small businesses and strengthen their livelihood.
PM SVANidhi Scheme, get a loan of up to ₹90000 without any guarantee.
Under PM SVANidhi Scheme, Government of India provides financial help to people who want to start or expand their small businesses. Earlier, maximum loan amount was ₹80000, but now it has been increased by ₹10000, making it a total of ₹90000.
This ₹90000 loan is given to the beneficiary in 3 different stages, as follows
- First stage ₹15000
- Second stage ₹25000
- Third stage ₹50000
This step-by-step loan helps small vendors grow their business slowly and steadily without needing any collateral or guarantee.
Who Can Benefit from PM SVANidhi Scheme?
PM SVANidhi Scheme is made especially for street vendors, such as rehri-patri workers, small cart sellers, and tiny shopkeepers. These people can take benefit of this scheme to restart their business or to expand it further. PM SVANidhi scheme provides them an affordable loan without any guarantee so they can continue their livelihood smoothly and grow their small business.
How to Apply Online for PM SVANidhi Loan?
- To get benefit of this scheme, you can apply through the PM SVANidhi Portal https://www.pmsvanidhi.mohua.gov.in/ or the UMANG app/website. Fill out the application form by entering all the required details and uploading the necessary documents. Make sure your Mobile Number is linked with your Aadhaar. You can also choose your preferred lending institution from the list of banks, NBFCs, or MFIs available on the portal.
Important Documents Required
You must have all the necessary documents ready while applying. These include ,
- Aadhaar Card
- Voter ID Card
- Vending Certificate / ID Card (if available) or Letter of Recommendation (LoR) from ULB
- Bank Account Passbook
- Passport-size Photograph
Having these documents will make your application process smooth and easy.
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