PM SVANidhi

• The Ministry of Housing and Urban Affairs (MoHUA) celebrated 3 years journey of PM SVANidhi.
• The government also launched a PM SVANidhi mobile app for street vendors, to ease the loan application process.

ABOUT PRIME MINISTER STREET VENDOR’S ATMANIRBHAR NIDHI (PM SVANIDHI) SCHEME

• The PM SVANidhi is a micro credit scheme launched in 2020 to provide handholding support to street vendors, to tide over pandemic-induced economic stress.
• It is a Central Sector Schemee., fully funded by Ministry of Housing and Urban Affairs with the following objectives:
  • To facilitate working capital loan;
  • To incentivize regular repayment; and
  • To reward digital transactions
• The scheme facilitates a working capital collateral-free one-year loan of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with 7% interest subsidy to approximately 50 lakh street vendors.
• The scheme aims to open new opportunities for street vendors to move up the economic ladder.
• The Scheme is available to all street vendors engaged in vending in urban areas.