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The Modi Government supports street vendors to grow their business. One way is the PM SVANidhi scheme. It started on June 1, 2020, during the COVID-19 pandemic. The scheme gives vendors financial help at low interest.
Vendors can get loans of Rs 15,000, 25,000, or 50,000. The scheme offers a 7% interest subsidy for regular repayment. There is also a cashback of up to Rs 1,600 per year for using digital payments. There are no pre-closure charges on the loans.
Street vendors with a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs) can apply. Vendors who were not included in surveys or new vendors can apply with a Letter of Recommendation (LoR) from ULBs or Town Vending Committees (TVCs).
Applications can be made online on the PM SVANidhi portal or at Common Service Centres (CSCs). Loans are given through banks, NBFCs, microfinance institutions, and SHG banks. Basic KYC documents like Aadhaar or voter ID are required.
The scheme helps street vendors start or grow their businesses easily. It gives financial support, encourages digital payments, and is available to all eligible vendors, even those missed in surveys.