PM SVANidhi Loan Scheme -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.
PM SVANidhi Loan Scheme Details
PM SVANidhi Loan Scheme -Ministry of Housing & Urban Affairs launched a scheme (PM SVANidhi Loan online) PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) to empower Street Vendors by not only extending loans to them but also for their holistic development and economic upliftment.
The scheme intends to facilitate collateral-free working capital loans of up to INR 10,000/- of one-year tenure, to approximately 50 lakh street vendors, to help resume their businesses in the urban areas, including surrounding urban/rural areas.
Eligible criteria for PM SVANidhi Loan
- Street Vendors knew as vendors, hawkers, Thelewala, Rehriwala, Theliphadwala etc. in different areas/ contexts.
- The Scheme will be available to all street vendors engaged in vending in Urban areas as on or before 24th March 2020.
- The selection of the borrower shall be strictly based on the eligibility criteria stipulated in the scheme.
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/ Willful default.
PM SVANidhi Loan amount
Urban street vendors will be eligible to avail Working Capital (WC) loan of up to Rs ten thousand.
There are no processing charges or any hidden costs for Working Capital under that scheme.
Subsidy in SVANidhi loan
The vendors, availing of loans under the scheme are eligible to get an interest subsidy @ 7%. The interest subsidy amount will be credited into the borrower’s account quarterly.
Loan repayment Tenure
A working capital term loan (WCTL) under that scheme is available with the tenure of 1 year and the applicant can repay in monthly installments.
How to apply SVANidhi loan online
PM SVANidhi Loan Scheme You can get a PM SNANidhi loan online and offline via the official website. All leading banks like State bank of India, Syndicate Bank of India, Punjab National Bank, ICICI Bank, Central bank, Axis Bank, HDFC Bank, etc are providing it.
You can apply for an SVANidhi loan via the google play app. Click here to get a google play PM SVANidhi loan online. This Android and IOS app was designed and developed by the Ministry of Housing and Urban Affairs.
PM SVANidhi is available for all weaker sections of people who are living in urban and rural areas. All banks are eligible to provide that scheme. There is no guarantee required for it. If you are facing any issues with the PM SVANidhi loan, please contact the office via phone or email. Click here to get the official PM SVANidhi loan agency.
Please note that apart from the banks, no one is authorized to provide PM SVANidhi and do not pay anything to get it.
How can apply for a PM SVANidhi loan online?
PM SVANidhi Loan Scheme You can apply for a PM SVANidhi loan online via mudrabank.com or the official website of Govt of India or the google app via the play store.
What is the PM SVANidhi loan processing charges?
There is no processing charges for the SVANidhi loan under Prime Minister SVANidhi loan.
The interest rate of PM SVANidhi loan.
All banks are charging around 7% margin on PM SVANidhi loans.
PM SVANidhi Loan repayment timing.
You can repay the PM SVANidhi loan in one year.
What is the loan amount under the SVANidhi loan?
All banks are providing Rs. 10000 under PM SVANidhi loan.
Which documents are required for the SVANidhi loan?
Right now Aadhaar Card/ UID Card and voter I card is enough for SVANidhi Loan.
Is a Bank account is mandatory for the PM SVANidhi loan?
Yes, a Bank account is mandatory for a PM loan.
Is any guarantee required for the SVANidhi loan?
No, it is a collateral-free loan and no guarantee for it.
Contact details for PM SVANidhi loan?
You can visit the Mudra Bank website for more details and official contact details.