written by | March 23, 2022

How Beneficial Is PM SVANidhi Scheme and What Is the Procedure to Avail It?

All of us faced many issues during the COVID-19 pandemic, but street vendors were one of the groups that were affected the most. Street vendors mostly run the business with very little capital. This small capital was destroyed during the pandemic, and as a result, still millions of street vendors are struggling badly in getting the business on track once again. Services of these street vendors include cobblers, laundry services, pan shops, barbershops, etc. The supply goods include street food, bread, textile, artisan goods, stationery, vegetables, fruits, tea, footwear, apparel, etc. Now, just think of how we will avail goods and services at low costs in the cities without these street vendors? Considering the vitality and urgency of providing these street vendors with the necessary working capital, PM street vendor's AtmaNirbhar Nidhi was launched in June 2020. Street vendors can enjoy collateral-free loans at low-interest rates for a 1-year term. Let's understand the intricacies of this loan. Next, learn about the interesting fact of PM SVANidhi loan

Did you know?

From Uttar Pradesh, over 28% of the beneficiaries have been recorded under the PM SVANidhi scheme.

How to Avail a PM SVANidhi Loan?

Here are the pre-application considerations before applying for the PM SVANidhii loan?

  1. Understanding the necessary requirements for a PM street vendor loan application.
  2. Checking eligibility status according to the scheme rules.
  3. Ensuring the mobile number you've registered is linked to your Aadhaar.

You can start the SVANidhi Yojana online registration process after considering the points mentioned there. Follow the below steps to push forth the same process: 

Also Read: How Production Linked Incentive Scheme Boosts India’s Manufacturing Sector

Steps for PM SVANidhi Yojana Online Registration

Visit the PM SVANidhi official website and tap the "Apply loan" option.

  1. Enter your mobile number and clear the captcha code.
  2. After selecting the right category, fill up the fields needed.
  3. Finally, tap on "Submit." 

Complete these steps, and you'll successfully register under the PM SVANidhi scheme.

PM SVANidhi Login Process

You can complete the SVANidhi login process if you've applied for the PM SVANidhi Yojna advantages of being a beneficiary or a lender. After doing so, you can initiate the login process under the PM SVANidhi scheme carrying the following process. 

  1. Get on PM SVANidhi's official webpage, and start the PM SVANidhi login procedure by tapping the "Login" button.
  2. Furnish the credentials you submitted while applying.
  3. You can start this process as a beneficiary or a lender. 
  4. Tap on the generate OTP button, and you'll instantly receive an OTP.
  5. Conclude the login process by entering that OTP and options concerning your role under the scheme will display on your screen. 

Benefits under PM SVANidhi Scheme

Here come the advantages of "PM SVANidhi" scheme:

Rate of Interest

In the instance of Scheduled Commercial, Regional Rural, Small Finance, Cooperative, and SHG Banks. The interest rate will be determined by the current rates of interest.For Non-Banking Financial Company-Micro Financing Institution and Non-Banking Financial Company,the interest rates will match RBI guidelines for the specific lender category. For MFIs and other lender sections not covered by RBI guidelines, the rate of interest would comply with the RBI guidelines’ extent for NBFC MFIs.

Working Capital Loans

Urban street vendors enjoy working capital loan that can be as high as ₹10,000 with a term of one year. It will be repaid in EMIs. This loan doesn’t demand collateral. If you initiate a late or early loan repayment, street vendors qualify for the next cycle, which is a WC loan with a higher limit. There isn’t any penalty cost for prepayment if the instalment of the WC loan is before the defined date.

Interest Subsidy

Street vendors who use WC loans will receive an interest-free loan at 7%. The amount of interest subsidy is paid to the account of the borrower quarterly. This interest rebate is offered until 31 March 2022. It is accessible for the first loan and higher loan until this date. 

The Promotion of Digital Transactions by Street Vendors

The scheme is a way to provide a reason to encourage the use of street vendors to do digital transactions using the cashback program. The lending institutions' network and digital payment aggregators such as BHI), PhonePe, GooglePay, BharatPay, Paytm, AmazonPay, etc. This will help in integrating vendors into digital transactions. The onboard vendors will get incentives in cashback every month between ₹50 up to ₹100.

To avail the street vendor loan, a vendor must need to qualify the following to benefit yourself through the street vendor loan:

  1. Should have a Certificate of Vending and an Identity Card issued by ULBs.
  2. If you were not a participant in the government survey, you should have any of these documents:
  3. Any other document that proves you are a vendor
  4. Documents for past loans which you've availed from any other financial institutions 
  5. Membership details from organisations like the NHF, NASVI, SEWA, etc.
  6.  KYC documents include Aadhaar Card, Voter's Identity Card, NREGA Card, Driving Licence and PAN Card. 

If these benefits attracted you, there are some other amazing Government Loan Scheme that is worth knowing.

PM SVANidhi Yojana Criteria

The definition of a vendor for those having a business of selling goods, food items, or other products or services every day on streets, pavement, footpaths and similar areas via a temporary, built-up structure. The items that people can purchase from street vendors include vegetables, fruits, fried delights, street food, tea, eggs, bread, textile, etc. 

PM SVANidhi Yojana Qualification Criteria

The PM SVANidhi Yojana is only available to those who live in any state of India. Also, Union Territories are eligible too that are listed under the scheme / rules of the street vendors. However, beneficiaries from Meghalaya are an exception even though the state has its individual State Street Vendors Act.

Also Read: SIDBI 59 minute Loan Scheme: 2.19 lakh loans, 81 percent of sanctioned amount disbursed

How Do I Check My PM SVANidhi Loan Status?

Perform these steps to check your current your survey status:

Visit official PM SVANidhi website and login there.

  1. Tap on the ‘Street Vendor Survey Search’ option.
  2. Now, you’ll have to fill all requested fields including ULB Name, Certificate of Vending No., Father’s Name/Spouse Name, Vendor Id Card Number, Mobile Number, and Name of Street Vendor.
  3. Tap on the ‘Search’ button after filling everything, and you’ll see your current survey status. 


The pandemic negatively affected the street vendors' lives who work with a low capital base. They could have relied on this during the lockdown. Therefore, it is imperative to offer credit for WC for street vendors to begin their vending businesses once again. It is possible to get business loans that don't require collateral at Finserv Markets.

Business loans of up to ₹30 lakhs are applicable. Also, you can get it with an online application. This application approval process is quick and takes only 3 minutes. The money you'll get in your bank within 24 hours. The repayment term is flexible and can range from 1 to 5 years. Additionally, there are no fees hidden at all. Thus PM SVANidhi Scheme can be highly beneficial. After you successfully avail this loan, we have an awesome solution for you to manage various businesses easily 3 times faster returns on payments. 

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Q: Which state in India tops in terms of implementing the PM SVANidhi Scheme?


While UP records the most successful beneficiaries of the PM Street Vendors scheme, MP has topped the list to implement this scheme. Other Indian states that have performed outstandingly are Karnataka, Maharashtra, Arunachal Pradesh, and Himachal Pradesh. Out of these, Karnataka tops in PM-Kisan Scheme also.

Q: Do any prepayment penalties exist for SVANidhi Scheme WC loans?


No,there aren't any prepayment charges before the scheduled PM SVANidhi loan date, and that’s a great benefit.

Q: How much are the PM SVANidhi Loan interest rates?


RBI guidelines decide the interest rates as per the lender's category when borrowing capital from NBFCs. These rates may vary with time.

Q: Who can avail PM SVANidhi Loan?


If you’re a street vendor working in urban regions before March 24, 2020, PM SVANidhi loan is for you.This scheme also encourages you to do digital transactions over physical payments. You can even enjoy a ₹100 monthly cashback. The repaying tenure of this loan is up to 1 year.

Q: What is PM SVANidhi loan?


In simple terms, PM SVANidhi scheme was launched in June, 2020 by the Indian government to offer working capital credit to the street vendors.

Q: Who is most beneficial under PM SVANidhi Scheme?


Urban street vendors (including vendors in rural and peri-urban areas) who are in business from before 2020, 24 March are the main beneficiaries of this scheme.

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