PM SVANidhi is a government scheme launched by the Prime Minister of India, aimed at providing affordable loans to street vendors to help them restart their businesses in the wake of the COVID-19 pandemic. The scheme is part of the larger "Aatmanirbhar Bharat Abhiyan" initiative, which aims to make India self-reliant.
1. Provide affordable working capital loans to street vendors, who have been affected by the COVID-19 pandemic, to help them restart their businesses.
2. Create a financial inclusion framework for street vendors, by providing access to formal credit and banking services.
3. Promote entrepreneurship and self-employment among street vendors, by providing them with the resources they need to grow their businesses.
Under PM SVANidhi, eligible street vendors can receive loans of up to Rs. 10,000, with a repayment period of up to one year. The scheme also provides for a credit guarantee cover for the loans, which reduces the risk for lenders.
To be eligible for PM SVANidhi, street vendors must have been in business for at least six months before the lockdown imposed due to the COVID-19 pandemic. They must also have a valid vending certificate/permit issued by the local urban body or the Ministry of Housing and Urban Affairs.
PM SVANidhi is a valuable initiative for street vendors in India, as it provides them with the resources they need to restart their businesses and overcome the financial challenges posed by the COVID-19 pandemic.
Here are the steps to apply for PM SVANidhi:
Make sure you meet the eligibility criteria for PM SVANidhi, which include being a street vendor with a valid vending certificate/permit issued by the local urban body or the Ministry of Housing and Urban Affairs and having been in business for at least six months before the lockdown imposed due to the COVID-19 pandemic.
Prepare a list of required documents, including your vending certificate/permit, identity proof, and proof of business, among others.
Select a designated bank or financial institution where you want to apply for PM SVANidhi.
Visit the bank or financial institution and submit the application form along with the required documents. You can also apply through the online portal set up by the government.
Once you have submitted the application, the bank or financial institution will process it and notify you of the approval status.
If your application is approved, the loan will be disbursed to your bank account within a few days.
Start using the loan for your business and repay the loan as per the agreed terms and conditions.
These are the basic steps to apply for PM SVANidhi. The exact process may vary slightly depending on the bank or financial institution you choose. You can contact the designated bank or financial institution for more information on the application process.