We all know the conditions of the world in corona pandemic 2020. There are lots of street vendors who have lost their work and suffering from the financial crisis. The Central government has introduced PM SVANidhi yojana scheme 2020 to give financial assistance to the street vendors. This Yojana is presented on the 1st of June 2020. The government will provide the loan of rupees 10,000 so that they can start their business without any financial crisis.
The beneficiary can apply for the loan for Pradhan Mantri street vendor SVANidhi Yojana at their nearest bank. The government will not impose any rate of interest in this amount. There are almost 5 million Street vendors will get the benefit of this Yojana. Pm SVANidhi is also known as PM Street vendor’s self-Reliant fund Yojana. Now the street vendors can renew their business without any delay. They can start their livelihood in this pandemic also.
PM SVANidhi yojana scheme 2020 details
- Name of the Yojana: PM SVANidhi yojana scheme 2020
- Application status: active
- Mode of application: offline
- Benefits of the Scheme: financial support
- Launched by: PM Narendra Modi
- Beneficiaries: street vendors
- Objective: grant loan to the street vendors who have lost their job in corona pandemic
- Beneficiary state: all state of India
- Official site: http://pmsvanidhi.mohua.gov.in/
Objectives of PM SVANidhi yojana scheme 2020
The government has introduced PM SVANidhi yojana scheme 2020 in the time of corona pandemic. The primary purpose of this Yojana is to provide financial support for new business. The people did not need to pay penalties if they repay their loan on time. The timely repayment of the loan can increase the credits score. The loan amount will also increase with the increase of credit score.
PM SVANidhi yojana scheme 2020 rules
There are four rules of PM SVANidhi yojana scheme 2020 and those are:
1) Rate of interest: the government did not keep any interest on the loan amount.
2) Credit guarantee: the credit guarantee guarantees the load of PM SVANidi yojana scheme 2020 for both micro as well as small enterprises.
3) Short process: the process of the loan is not so long as it is easy and quick.
4) Claim settlement: the government has also set the claim settlement responsibility under this Yojana. The loan will be hand over to the CGPSE if the street vendors are not able to repay their loans.
PM SVANidhi yojana scheme 2020 eligibility criteria
The government has set some eligibility criteria for PM SVANidi yojana scheme 2020 and those are:
- Applicant must be street vendors
- It is for all the street vendors either they belong from urban areas or rural areas
- The street vendors who are doing their business before the 24th march
PM SVANidhi yojana scheme 2020 beneficiaries
- Shoe bunches
- Paan shops
- Laundry shops
- Vegetable sellers
- Tea car
- Book and stationary locators
- Artisan products
- Fruit sellers
Features of the PM SVANidhi yojana scheme 2020
- The government has introduced a mobile app and web portal for the registration
- There will be no interest or penalties for the load if the person has repaid it on time.
- The beneficiaries will get the benefits of loan amount Rs 10,000
PM SVANidhi yojana scheme 2020 benefits
There are many benefits of PM SVANidhi yojana scheme 2020 so, check the below to know the benefits:
- The government will provide the loan to the people who run their shop on the hawker track or roadside cart. Saloon, Paan shops, laundry, fruits seller, vegetable sellers are eligible for this Yojana.
- The street vendors will get the benefits of loan up to Rs 10,000
- No guarantee is required for this Yojana. The government will provide loans in comfortable conditions.
- There are no provisions of penalties under this Yojana.
PM SVANidhi yojana scheme 2020 application
The street vendors who want to apply for this Yojana need to follow the below steps:
- First of all, go to the PM SVANidhi yojana portal or mobile app
- Click on the option PM SVANidhi application form.
- Fill the application form available on the screen and then upload the necessary documents.
- Submit the application form.
- You will get the loan of Rs 10,000 after the verification of the documents.
Note: In the offline process, you need to fill and submit the application form to the nearest bank. The concerned authorities will verify the documents and will update you via text message or email.