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The street vendor program Pradhan Mantri PM SVANidhi or Atmanirbhar Nidhi was launched on June 1, 2020 (Monday) by the Ministry of Housing and Urban Affairs (MoHUA). Let’s read the diagram, the objective, the duration of the mandate, the characteristics, etc. in detail.

Pradhan Mantri’s street vendor, Atmanirbhar Nidhi, is a special microcredit service that offers affordable loans to street vendors. The program has allowed street vendors to return to their livelihoods affected by the COVID-19 foreclosure. The program was launched last month, according to an announcement by Finance Minister Nirmala Sitharaman.

In India’s history, street vendors in metropolitan or rural areas have benefited for the first time from an urban livelihood program.

The purpose of the program is to provide highway capital loans to highway concessionaires. As we know, street vendors generally work with a small capital base that could be used during the foreclosure period. Therefore, the program will be useful to help you regain your livelihood.

The street vendor has played an important role in ensuring the availability of affordable goods and services at the doorstep of city dwellers.

Who are the street vendors?

Any person who sells articles, goods, goods, groceries, or everyday goods or offers services to the public on a street, road, sidewalk, etc. from a temporarily built structure or moving from one place to another. The products they supply are vegetables, fruits, ready-to-eat street food, tea, pakodas, bread, eggs, textiles, crafts, books/stationery, etc. laundry service, etc.

Scheme PM SVANidhi: objectives

  • Provision of working capital loans of up to Rs 10,000 at a subsidized interest rate.
  • Promote regular repayment of a loan.
  • Also to reward digital transactions.

The beneficiaries of the plan are:

The program is said to benefit more than 50 lakh street vendors who had sold in urban areas by March 24, 2020. For the first time, street vendors in surrounding urban or rural areas are included in the program to the livelihood of cities as beneficiaries.

PM SVANidhi Scheme: Highlights

  • Initial working capital of up to 10,000 rupees.
  • With monthly payments, the loan is repayable within one year.
  • 7% interest subsidy for quick/early repayment In other words, when the loan is repaid quickly and quickly, the beneficiary’s bank accounts are credited with an annual 7% interest subsidy by transferring benefits directly every six months.
  • About incentives for monthly digital cashback transactions.
  • If the first loan is paid on time, the authorization for the loan is greater. This means that if the street vendor pays the installments on time or develops a credible credit rating sooner, he is entitled to a higher loan amount of Rs 20,000.

PM SVANidhi scheme: mandate

The scheme or scheme will run until March 2022.

The credit institutions under the system are:

Local urban organizations will play an important role in the implementation of the program. The program’s credit institutions are regular commercial banks, regional rural banks, small finance banks, cooperative banks, NBFCs, microfinance institutions, and self-help banks.

What role do local urban organizations (ULB) play?

As mentioned above, BAPs will play an important role and will ensure that the beneficiary is objective and effectively reached.

Mobilization technology for empowerment:

  • The government’s vision to support technology is to ensure efficient deployment and transparency. For this purpose, a digital platform with a web portal / mobile application is being developed to manage the program with an end-to-end solution.
  • By integrating providers, the IT platform will also contribute to the formal financial system.
  • To automatically manage the interest subsidy, the platform integrates the web portal / mobile application in SIDBI’s UdyamiMitra portal for credit management and the MoHUA PAiSA portal.

PM SVANidhi program: focus on capacity development

The MoHUA will also launch a financial education and training program for all stakeholders and IEC activities across the country in collaboration with state governments, DAY-NULM state missions, ULB, the SIDBI, CGTMSE, NPCI, and digital payment aggregators. . in June and loans start in July.

The program will help street vendors start their businesses that run out of money during the final phase of the COVID 19 pandemic.


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