The coronavirus pandemic has created a lot of problems for small business owners who sell things on the streets, such as fruit and vegetable vendors, barbers and shoe repairers. To help these people, the Prime Minister of India, Mr. Narendra Modi has launched the Prime Minister Street Vendors Self-Reliant Fund Scheme “Pradhan Mantri Swanidhi Yojana 2023 | Launched a program called “Pradhan Mantri Swanidhi Yojana 2023”, which is also known as PM Swanidhi Yojana.
Pradhan Mantri Swanidhi Yojana 2023
The program gives these small business owners loans at low interest rates so they can start making money again. The loan is up to Rs 10,000 and needs to be paid back in one year. If they repay it on time, the government will reward them with 7 per cent interest subsidy. This program will benefit more than 50 lakh people. The program has been extended till December 2024 and till now a lot of people have used it to their advantage.
Pradhan Mantri Swanidhi Yojana 2023
Street vendors are people who sell services such as food, clothing, and haircuts on the streets of cities. They are important because they provide cheap goods and services to the people living in the city. Due to the COVID-19 pandemic, many street vendors are struggling to earn money and need help to restart their businesses. They need credit to buy the things they need to sell their goods and services.
Objective of Pradhan Mantri Swanidhi Yojana 2023
A disease named Corona virus is going on in our country. To keep people safe, the leader of our country has said that everyone needs to stay indoors till the end of June. This has made it difficult for people selling goods on the street to earn money. To help them, the government has made a scheme called Street Vendor Self-Reliant Fund (Pradhan Mantri Svanidhi Yojana 2023).
The scheme will give loans to street vendors so that they can start working again and sustain themselves. The target is to help 50 lakh sellers across India. The scheme will give money to street vendors to buy things so that they can sell them and earn money. The scheme also rewards vendors who pay their loans on time and use digital payments.
|Scheme Name||Pradhan Mantri Svanidhi Yojana 2023|
|Start Date||1 June 2020|
|Objective||Lending to Industries|
|Announcement Date||Pradhan Mantri Narendra Modi|
|Scheme Status||Till December 2024|
|Strategy By||Central Government|
Features of Pradhan Mantri Swanidhi Yojana 2023
PM Street Vendor Atmanirbhar Nidhi Yojana is a special scheme for street vendors. It has many useful things that people can easily use. Let’s know about some of their features-
- You can borrow money against this scheme without any promise (granter).
- The first loan can be borrowed up to ₹ 10000 for one year.
- The second term loan can be borrowed up to ₹ 20000 for 18 months.
- First you have to repay the first and second term loan. Only after that he will be able to apply for the third term loan of ₹ 50,000 which has a tenure of 36 months.
- Those who repay their loan on time will get a subsidy of 7% on the interest to be paid back
- This loan looks like interest free loan with cashback and subsidy
- When you use digital (online payment) methods to pay back the money you have borrowed, you can get some money back as an incentive.
- By paying the installments on time or by paying off all your loans before time, you become eligible for a new loan with enhanced limits of Rs.20,000 and Rs.50,000.
- No prepayment penalty will be charged for prepaying the loan
- The amount of interest subsidy will be deposited in the account quarterly (3 months)
- Lenders can submit their claim for interest subsidy on 30th June, 30th September, 31st December and 31st March every year during the financial year
Interest Subsidy & Cashback Chart
Cashback and interest subsidy in loans up to Rs 10,000 is more than the interest charged on Rs 10,000, that is, according to you, the government is bringing interest-free loans this time.
The total interest on Rs 10,000 comes to Rs 1348, but a borrower recovers this interest, almost the government gives Rs 1602 as cashback and interest subsidy.
Beneficiaries of Pradhan Mantri Swanidhi Yojana 2023
- tea vendors
- Street vendors of vegetables
- Laundry shop (Dhobi)
- tea vendors
- Street food vendors
- hawker who sells clothes
- Sellers of chow mein, bread pakora and eggs
- roadside book vendors
- fruit vendors
- barber shop
- Shoe makers (cobblers)
- hollow cutters
Who will give loan in PM Savnidhi Yojana
- Regional Rural Bank
- Small Finance Bank
- Cooperative bank
- Non Banking Finance Companies
- Scheduled Commercial Bank
- Micro Finance Institutions and SHG Banks
PM Swanidhi Yojana 2023 eligibility
- Street vendors who have a marriage certificate or an identity card issued by an urban local body
- Vendors who have been identified in the survey but have not been handed over the wedding certificate or identity card
- Provisional marriage certificate will be generated for such vendors through an online platform which will be available to them within a month
- Vendors who are not surveyed by ULB or who have set up their shops after completion of survey will be issued a Letter of Recommendation (LoR) by ULB or Town Vending Committee (TVC)
- Letter of Recommendation, LoR will also be issued for those vendors who come under the geographical area of ULB/Town Vending Committee.
- If there is no marriage certificate or identity certificate, then there is no Letter of Recommendation, LoR or even within the geographical area, then the seller can apply for Letter of Recommendation.
Documents for PM Savnidhi Yojana / Atmanirbhar Nidhi Yojana
- Vending Certificates
- Vendors Certificate / Vending Identity Card
- LOR (Letter of Recommendation)
- Survey list number
- Voter ID Card
- Bank Account Passbook
- Aadhar card
- Mobile number
- Passport size photo
Pradhan Mantri Swanidhi Yojana Online Application
- First go to the website named PM Swanidhi Yojana Online Portal
- You click on the “(Apply Loan 10k)” button on the main page.
- A form will appear for you to login. By giving your phone number, click on Request OTP.
- “Do you have aadhar card?” Answer “Yes” to the question
- Type of Vendor Category will appear (A,C,D) Select any one according to your eligibility and present documents
- If you have selected Category A, then you have to type the SRN (Survey Reference Number).
- You can find your SRN by visiting a website called Vendor Survey Search.
- If you have chosen C or D, then you have to enter LoR (Letter Of Recommendation) number.
- You have to verify your Aadhaar and then fill a form with all your information. Once you do, you can upload the required documents.
- You need to take pictures (scans) of your important papers and keep them on the computer. Then you will see a new page with all your details.
- Make sure it is correct and hit the submit button. You will get a message about the loan on your phone.
Process to Check Pradhan Mantri Svanidhi Yojana 2023 Application Status
- You have to visit the official website of Swanidhi Yojana.
- The first page of the website will appear on your screen
- You need to select the option that says “know your application status”.
- A separate page will appear on your screen for you to see.
- You will have to type your unique (application) number and (Mobile no,) a secret code (OTP) on this page.
- You need to hit the submit button which says “search”.
- You will be able to see the status of your application on your computer screen.
|Application Status||know your application status|
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