PM Svanidhi Scheme 2024, including the application process, eligibility, and required documents

Street vendors play a significant role in our daily lives, providing essential goods and services. The COVID-19 pandemic had a profound impact on these small-scale businesses. To support them in their recovery, Prime Minister Narendra Modi launched the PM Svanidhi Yojana in 2020. Under this scheme, street vendors are provided loans up to ₹50,000 at low interest rates. If you want to benefit from this scheme, make sure to read this article till the end.

What is PM Svanidhi Yojana 2024:

The main aim of the PM Svanidhi Yojana is to financially empower small street vendors and hawkers. Launched on June 1, 2020, by the central government, this scheme provides collateral-free loans ranging from₹10,000 to₹50,000 to small business owners, helping them expand their operations.

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Loan Amount under PM Svanidhi Yojana:

The scheme offers loans in three tiers:

1. First Loan: A collateral-free loan of ₹10,000.
2. Second Loan: Loan of ₹20,000.
3. Third Loan: Loan up to ₹50,000.

Objectives of the Scheme:

The primary objective of the scheme is to provide financial assistance to small vendors such as vegetable sellers, fruit vendors, toy sellers, food vendors, and other street vendors who require support to grow their businesses.

Benefits of the Scheme:

1. Collateral-Free Loans: Loans are provided without any collateral under this scheme.
2. Interest Subsidy: An interest subsidy of up to 7% is offered on loans taken under the scheme.
3. No Penalty Charges: No penalty is charged if the loan is repaid on time.

Eligibility for PM Svanidhi Yojana: All street vendors who sell goods on footpaths or carts in cities are eligible to apply for this scheme. Vendors holding a certificate issued by urban local bodies are also eligible.

Required Documents

1. Aadhaar Card
2. PAN Card
3. Income Proof
4. Residence Proof
5. Bank Passbook
6. Business Proof
7. Mobile Number
8. Passport Size Photo

Details about PM Svanidhi Yojana 2024:

Online application process:

1. You can visit the official website of PM Svanidhi Yojana by clicking on the following link: https://pmsvanidhi.mohua.gov.in/.
2. Select the Loan Application Option: On the homepage, choose the loan option you want to apply for, such as ₹10,000, ₹20,000, or ₹50,000.
3. Choose the loan option according to your preference.
4. Fill in the Application Form: Enter your name, contact information, Aadhaar number, and other personal details.
5. Click on "Final Submit."

This scheme is a great initiative to uplift small vendors and help them sustain and grow their businesses post-pandemic. Be sure to check your eligibility and apply for the scheme to benefit from its offerings.