SBI E Mudra PM SVANidhi Loan Yojana – The Ministry of Housing and Urban Affairs launched the PM Street Vendor Atmanirbhar Nidhi (PM SVANidhi) scheme to empower street vendors for overall development and economic upliftment. The Scheme intends to facilitate collateral-free working capital loans of up to INR10,000/- Crore for one year to about 50 lakh street vendors for re-establishing their business in urban areas, including surrounding peri-urban/rural areas.
Key Features of SBI E Mudra PM SVANidhi Loan Yojana
- Interest subsidy @ 7% per annum on regular repayment of the loan
- Cashback upto INR1200/- per annum on undertaking prescribed digital transactions
- Eligibility for enhanced next tranche of loans
- Close to 2 million applications have been received under this loan scheme, of which 752191 have been sanctioned, and 218751 loans have already been disbursed.
- The loan amount offered under PM SVANidhi ranges from Rs. 10,000 to Rs. 50,000, depending on the vendor’s eligibility criteria.
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SBI E Mudra PM SVANidhi Loan Yojana Details
|SBI E Mudra PM SVANidhi Loan Yojana
|Up to INR10000/-
|Competitive interest rate starting from 1.5% p.m.
|7% p.a. on regular repayment of the loan
Features of SBI E Mudra PM SVANidhi Loan Yojana
PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) Loan Yojana is a government initiative launched by the Ministry of Housing and Urban Affairs in India to support street vendors who have been adversely affected by the COVID-19 pandemic. Efforts have been made to strengthen the business of all street vendors under the PM Svanidhi loan scheme. Some of the benefits available to street vendors under this loan scheme are given below:
Loan Amount: The loan amount offered under PM SVANidhi ranges from Rs. 10,000 to Rs. 20,000, depending on the vendor’s eligibility criteria. This amount helps vendors in resuming their business activities and meeting their operational expenses.
Access to Credit: The scheme provides street vendors with access to formal credit facilities, enabling them to meet their working capital requirements and restart their businesses.
Collateral-Free Loans: Street vendors can avail of collateral-free loans under the scheme, which eliminates the need for any security or guarantor. This makes it easier for them to obtain financial assistance.
Affordable Interest Rates: The interest rate charged on the loans is subsidized, making it more affordable for street vendors. The government provides an interest subsidy of 7% per annum, reducing the financial burden on the borrowers.
Tenure and Repayment: The repayment tenure for PM SVANidhi loans is up to 1 year. Street vendors can repay the loan in monthly installments, making it convenient for them to manage their cash flows.
Insurance Coverage: PM SVANidhi provides accidental insurance coverage of Rs. 10,000 to all eligible vendors under the scheme. This insurance coverage offers financial protection in case of accidental injury or death.
Scheme Incentives: To encourage timely repayment, the scheme offers incentives such as an interest subsidy at 7% per annum. Vendors who repay their loans on time are also eligible for enhanced loan amounts in subsequent cycles.
Integration with Other Government Schemes: PM SVANidhi is integrated with other government initiatives like Jan Dhan Yojana and Mudra Yojana. This integration facilitates easy access to banking services and credit facilities for street vendors.
Empowerment and Livelihood Support: The primary objective of PM SVANidhi is to empower street vendors by providing them with financial support and livelihood opportunities. The scheme aims to uplift their socio-economic status and improve their quality of life.
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SBI E Mudra PM SVANidhi Loan Eligibility Criteria & Documentation
SBI e Mudra PM Swanidhi Scheme is available to all street vendors, who are engaged in vending in urban areas on or before March 24, 2020. Eligible vendors are identified as per the following criteria:
- Street vendors have vending certificates/identity cards issued by the Urban Local Bodies (ULBs).
- For vendors, who have been identified in the survey but have not been issued a Vending Certificate/Identity Card, a Provisional Certificate of Vending will be generated through an IT-based platform. ULBs are encouraged to issue Permanent Vending Certificates and Identity Cards to such vendors immediately and within one month.
- Street vendors left out of the ULBILD identification survey or who have started vending after completion of the survey have been issued a Letter of Recommendation (LoR) by the ULB/Town Vending Committee (TVC).
- Vendors from surrounding development/peri-urban/rural areas are vending within the geographical limits of the ULB and have been issued a Letter of Recommendation (LoR) by the ULB/TVC to this effect.
How to Apply for SBI E Mudra PM SVANidhi Loan?
3 Simple pre-application steps have been listed to help street vendors get ready for the application process. Street vendors may apply directly on the PM SVANidhi portal, or through a Common Service Centre (CSC) nearby.
- Understand the loan application requirements
- Ensure mobile number is linked to Aadhaar
- Check eligibility status as per scheme Rules
The detailed guidelines governing the scheme are listed on the PM SVANidhi portal to help street vendors & other stakeholders such as States, Urban bodies, & lenders in ensuring the flow of benefits to the beneficiaries of the scheme.
FAQ Related to SBI E Mudra PM SVANidhi Loan Yojana
What is the SBI e Mudra PM SVANidhi Loan Yojana?
The SBI e Mudra PM SVANidhi Loan Yojana is a scheme launched by the Government of India in association with the State Bank of India (SBI) to provide affordable credit to street vendors under the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.
What is PM Modi’s 10,000 loan scheme?
The loan amount offered under PM SVANidhi ranges from Rs. 10,000 to Rs. 20,000, depending on the eligibility criteria of the seller. This amount helps the vendors to resume their business activities and meet their operational expenses.
Who is eligible to apply for the SBI e Mudra PM SVANidhi Loan Yojana?
Street vendors, including hawkers, vendors, and small shop owners, who have been in operation on or before March 24, 2020, are eligible to apply for the SBI e-Mudra PM SVANidhi Loan Yojana.
How can I apply for SBI e Mudra PM Swanidhi Loan Scheme?
Street vendors can apply directly on the PM SVANidhi portal or through the nearest Common Service Center (CSC). Fill out the form with the required information and submit it along with the required documents. The detailed guidelines governing the scheme are listed on the PM SVANidhi portal to help street vendors and other stakeholders like states, urban bodies, and lenders to ensure the flow of benefits to the beneficiaries of the scheme.
What are the benefits of the SBI e Mudra PM SVANidhi Loan Yojana?
The benefits of this scheme include access to credit at affordable interest rates, financial support for street vendors, and the opportunity to expand their businesses and improve their livelihoods.