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image  Prime Minister SVANidhi

PM Street Vendor’s AtmaNirbharNidhi (PM SVANidhi) Scheme

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1. Name of the Facility Ministry of Housing and Urban Affairs (MoHUA) has launched PM Street Vendor's AtmaNirbharNidhi (PM SVANidhi), a Special Micro-Credit Facility Scheme for providing affordable loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
2. Eligible Borrowers i. Street Vendors known as vendors, hawkers, thelewala, rehriwala, theliphadwala etc. in different areas/ contexts.
ii. The Scheme will be available to all street vendors engaged in vending in Urban areas as on or before 24th March 2020.
3. Due-Diligence a. The selection of the borrower shall be strictly based on the eligibility criteria stipulated in the scheme.
b. e-KYC is mandatory for all direct loan applicants.
c. Credit information report to be verified to ensure that the borrower’s existing loan account(s) are not classified as NPA/ Fraud/ Wilful default.
4. Loan Amount Urban street vendors will be eligible to avail Working Capital (WC) loan of up to Rs10,000.
5. Loan Period(Maximum) The tenure of the loan shall be 1 year.
Loan shall be paid in 12 Equated Monthly Instalments(EMI).
6. Security No Collateral security shall be obtained for loans under the scheme.
7. Processing charges/Documentation Charges etc NIL
8. Interest Subsidy The vendors,availing loan under the scheme are eligible to get an interest subsidy @ 7%.The interest subsidy amount will be credited into the borrower’s account quarterly.
9. Pre-payment Penalty NIL
10. Promotion of Digital Transactions by Street Vendors The scheme will incentivize digital transactions by vendors through cash back facility.

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