The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) was launched by the Ministry of Housing and Urban Affairs on June 01, 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 duration The scheme was originally launched for a period up to March 31,2022 and then the scheme was further extended for a lending period of loans till December 31,2024. Recognising the positive impact and widespread adoption of the scheme, the Government of India has approved the extension of the lending period till March 31, 2030. Liabilities under the components like credit guarantee, interest subsidy for loans and incentives for digital transactions etc. will be serviced until March 31, 2033 while credit guarantee claims for credit card will be serviced until March 31, 2035. The extended phase aims to consolidate the gains made and expand scheme outreach. Target beneficiaries The scheme extends to all the States/UTs which have notified rules and schemes under Street Vendors (Protection of Livelihood and Regulation of Street Vending) Act,2014. Further, the scheme is extended to City-Region i.e., census towns, peri urban areas, etc in graded manner for providing scheme benefits seamlessly, so as to establish cities as “growth hubs”. A vendor, according to the scheme guidelines is any person engaged in vending of articles, goods, wares, food items or merchandise of daily use or offering services to the public in a street, footpath, pavement etc., from a temporary built up structure or by moving from place to place. The goods supplied by them include vegetables, fruits, ready-to-eat street food, tea, pakodas, breads, eggs, textile, apparel, artisan products, books/ stationary etc. and the services include barber shops, cobblers, pan shops, laundry services etc. To avail the loan, a vendor should: In statutory towns, the Certificate of Vending (CoV)/Identity Card/Letter of Recommendation (LoR) to the street vendors will be issued by TVC/ ULBs. For census towns and peri urban areas, the Letter of Recommendation (LoR) to the street vendors will be issued by Block Development Offices after due verification . The verification and issuance of LoR shall be completed within 15 days of the submission of application. In case a vendor is left out of the survey, he/she need to produce one of the following documents to obtain the Letter of Recommendation (LoR) from Urban Local Bodies /TVC: Documents of past loan taken from a bank/ NBFC/ MFI for the purpose of vending; or Membership details, If member of street vendors’ association like NASVI, NHF, SEWA etc.; or Any other documents to prove that s/he is a vendor; The vendor can also request ULB through a simple application on white paper to conduct local enquiry to ascertain the genuineness of his/her claim for receipt of LoR. KYC document needed : Aadhaar Card / Voter’s Identity Card / Driving Licence / MNREGA Card / PAN Card. To check if your name is present in the survey of street vendors, click here. Scheme Benefits 1. Collateral free working capital term loan SVs will be eligible for collateral free working capital term loan in three tranches: 1st tranche loan of up to ₹15,000 to be repaid in 12 months 2nd tranche loan of up to ₹25,000 to be repaid in 18 months and 3rd tranche loan of up to ₹50,000 to be repaid in 36 months 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 vendors can avail the facility of escalation of the credit limit on timely/ early repayment of loan. 2. Credit card A UPI linked RuPay Credit Card will be available as an additional facility for PM SVANidhi beneficiaries who have successfully repaid their 2nd tranche loan and are eligible for 3rd tranche loan under the PM SVANidhi Scheme. This card will be a domestic card and initially the credit limit will be ₹10,000 which will be gradually increased to ₹30,000, the card will be valid for a period of 5 years. 3. Incentive for digital adoption To enhance digital adoption, beneficiaries would be incentivized on following: Any inward and outward digital transaction - up to ₹100 per month (₹1 per transaction) with maximum cashback of ₹1,200 per year in each tranche Wholesale digital purchases – up to ₹100 per quarter (@ ₹20 per transaction for 5 such transactions) for 4 quarters for conducting digital transactions on wholesale purchases of at least ₹2,000, with a maximum cashback of ₹400 per year Implementation agency Small Industries Development Bank of India (SIDBI) Online application To apply online, click here. Whom to contact Your nearest Scheduled Commercial Banks, Regional Rural Banks (RRBs), Small Finance Banks (SFBs), Cooperative Bank, Non-Banking Finance Companies (NBFCs), Micro Finance Institutions (MFIs) and SHG Banks. To access the complete scheme guidelines, click here. Source : Ministry of Housing and Urban Affairs