The Centre has recently extended the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme beyond till December 2024.

 

About PM SVANidhi

  • The government has also introduced third loan of upto Rs 50,000 in addition to first and second loans of Rs 10,000 and Rs 20,000, respectively.
  • PM SVANidhi was launched by the Ministry of Housing and Urban Affairs on 1st June, 2020 for providing affordable Working Capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
  • Scheme Benefits —
    • Vendors can avail a working capital loan of up to Rs. 10,000, which is repayable in monthly instalments in the tenure of one year.
    • On timely/ early repayment of the loan, an interest subsidy @ 7% per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis.
    • There will be no penalty on early repayment of loan.
    • The scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month.
    • The vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan.
  • Implementation agency — Small Industries Development Bank of India (SIDBI)