PM Svanidhi app: PM Street Vendor’s AtmaNirbhar Nidhi New mobile android application namely PM Svanidhi app has launched by the Ministry of Housing and Urban Affairs (MOHUA) on 17th July 2020, Friday. The main aim of this mobile app is to provide Loans to Street Vendors to resume their livelihoods.
The Indian Prime Minister Narendra Modi Garu has suggested to the Press Information Bureau (PIB) to establish the new scheme for the Street Vendor in June 4th week 2020.
So, the PIB has introduced a new platform to provide loans for Street Vendors. Due to the Covid19 Pandemic, a large number of Small Scale Business people, as well as Migrant workers, lost their daily profit and Income. To fulfill this outbreak, the Central government has started more new schemes for Migrant workers, Labours, Employees, and Students.
PM Svanidhi app Street Vendor Loan Atmanirbhar Nidhi Details
PM Svanidhi Mobile app is a digital platform that will help people to enable the field functionaries of lending institutions (LIs) such as BCs, NBFCs, and MFIs. The Ministry of Housing and Urban Affairs has introduced the PM Svanidhi Atmanirbhar Nidhi scheme on 1st June 2020 and it has launched the PM Svanidhi portal on June 29th, 2020. To complete the loan process without hassle, the Ministry has launched the digital platform called PM Svanidhi Mobile app this Friday.
The main intention of the PIB is to provide affordable working capital loans to the Street Vendor People who have lost their livelihoods due to the Coronavirus Outbreak. This PM Svanidhi scheme targets to provide the Bank loans with a low interest over 50 lakhs Street Vendors who had been vending on or before 24-03-2020.
Under this scheme, all eligible beneficiaries can avail a loan of up to ten thousand rupees which is repayment in monthly EMIs. The Rate of Interest for this loan amount is 7% per annum. All eligible Vendors will get the loan amount directly to their bank accounts via the DBT System. So, the Vendors who want the PM Svanidhi Loan amount must apply for this scheme through the PM Svanidhi portal which is http://pmsvanidhi.mohua.gov.in/. The Online Registration Process has started on July 17th, 2020. All Urban Steet vendors can utilize this scheme benefits and enroll your names.
In this article, we have given planning to apply for PM Svanidhi Loan, eligibility Criteria, and required documents to apply for this scheme. So, applicants can follow the instructions which we listed below and apply Online.
PM Svanidhi lending institutions:
- BCs- Banking Correspondents
- NBFCs- Agents of Non-Banking Financial Companies
- MFIs- Micro-Finance Institutions
PIB Official Tweet:
Planning to apply for a Loan:
There are three simple steps to apply for Street Vendor Loan through the PM Svanidhi app as well as the PM Svanidhi web portal.
1. First, Vendors should Understand the Loan application Recruitments.
2. Check your mobile number linked with the Aadhar Card.
3. Make Sure to verify the Eligibility Status as per the scheme rules.
|Name of the Scheme
|Mobile application Name
|PM Svanidhi app
|App Launched by
|Ministry of Housing and Urban Affairs
|Aim of the App
|To provide the loans to Street Vendors
|Street Vendors Only
|Mobile app Launched on
|17th July 2020, Friday
|Type of Scheme
|Central Government scheme
|UP to Rs.10000
|Mode of application
|Online Apply Direct link
|PM Svanidhi Portal launched on
|June 29, 2020
|PM Svanidhi scheme Introduced on
|June 01, 2020
|Scheme Online apply started on
Also Check: CLSS PM Awas Yojana
How to apply for PM Svanidhi Street Vendor Loan?
1st Step: First, vendors must go through the Svanidhi Official portal i.e. http://pmsvanidhi.mohua.gov.in/.
2nd Step: Next, Beneficiaries must click on the Apply for Loan button.
3rd Step: Enter your Valid Mobile number which is linked to the Aadhar and Enter the OTP.
4th Step: Click on Login as a Vendor/ ULB button and apply online for Steet Vendor Loan by providing the mandatory details.