You will receive a credit card and ₹50,000 without any guarantee or benefits under this scheme.

The central government launched the Pradhan Mantri Svanidhi Yojana (PMSVY) for street vendors to help them get their lives back on track after the pandemic worsened their plight.

Street vendors, whether they sell vegetables, tea stalls, fruit and flower vendors, or small roadside businesses, are an integral part of our daily lives. However, when they need money to restart or rebuild their businesses, they face the biggest challenge. During the pandemic, when everyone faced a livelihood crisis, these same vendors were the hardest hit. The silence that prevailed on city streets during the pandemic worsened the plight of these daily-earning street vendors. To restore the lives of street vendors and make them self-reliant, the Central Government launched a scheme for street vendors, which continues to be a major relief for millions of street vendors. Let us now explain which scheme will provide you with a credit card and the benefit of ₹50,000 without any guarantee.

PM Svanidhi Scheme offers a loan of up to ₹50,000

Due to the deteriorating conditions of street vendors during the COVID-19 pandemic, the Central Government launched the Pradhan Mantri Svanidhi Yojana for street vendors with the aim of restoring their lives and making them self-reliant. Under this scheme, street vendors receive loans in different phases. Under this scheme, street vendors receive a first loan of ₹10,000. Upon timely repayment, they can receive a second loan of ₹20,000 and a third loan of up to ₹50,000. All these loans are completely guarantee-free. This means there's no need for any collateral or mortgage. The unique feature of the PM SVANidhi scheme is that it offers loan borrowers an interest subsidy of up to 7 percent. This subsidy is deposited directly into the beneficiary's bank account, significantly reducing the loan burden.

UPI-Linked Credit Cards Will Also Be Available

The government has further strengthened this scheme by adding a UPI-linked credit card facility. Under this scheme, eligible street vendors will receive a credit card with a limit of up to ₹30,000. This facility will be provided to vendors who have repaid their previous loans on time. This will not only help expand their business but also promote digital transactions. The PM SVANidhi scheme also offers cashback to encourage digital payments. You can earn a cashback of ₹50 to ₹100 per month for digital transactions.

How to Apply for the PM SVANidhi Scheme?

• Applications for the Pradhan Mantri Svanidhi Yojana can be made both online and offline.
• For online applications, you can fill out the form by visiting the official portal pmsvanidhi.mohua.gov.in.
• For offline applications, you can contact your nearest bank, municipal office, or Common Service Center.