The nationwide lockdown imposed in our country led to a continuous rise in poverty levels and increased unemployment. In response, the Modi government launched a novel scheme known as PM SVANidhi Yojana. This initiative is designed to empower marginalized individuals, specifically street vendors and hawkers, enabling them to provide for their families effectively. The scheme extends financial assistance through loans, which can act as a catalyst for their businesses. In this article, we will delve into the specifics of PM SVANidhi Yojana, its advantages, eligibility criteria, and the application process.
Understanding PM SVANidhi Yojana
PM SVANidhi Yojana is a program initiated by Prime Minister Modi that offers loans to daily wage earners, with a particular focus on street vendors and hawkers who suffered significant financial setbacks during the COVID-19 pandemic.
The Aims of PM SVANidhi Yojana
This scheme, introduced by the Modi government in 2020 during the lockdown, primarily aims to provide employment opportunities for those who were rendered jobless. It provides financial support, allowing them to embark on new business ventures and enhance their financial well-being.
Key Advantages of PM SVANidhi Yojana
- Extensive Reach: Being launched by the Prime Minister, PM SVANidhi Yojana extends its benefits to all residents of India.
- Inclusivity: The program aspires to encompass 50 lakh individuals across the country.
- Loan Amount: Beneficiaries can access loans, with a minimum amount of Rs 10,000 and a maximum of Rs 50,000.
- Progressive Loan Disbursement: As borrowers repay their loans punctually, they become eligible for subsequent loans of Rs 20,000 and Rs 30,000.
- No Penalties: Notably, the scheme refrains from imposing penalties if loan repayment encounters hurdles.
- Interest Subsidy: Those who adhere to regular installment payments receive a 7 percent subsidy.
- Availability: PM SVANidhi Yojana benefits will be accessible until 2023.
Interest Rate for PM SVANidhi Yojana
Loans provided under Pradhan Mantri SVANidhi Yojana by the government bear an annual interest rate of 7%. This implies that borrowers will be subject to a 7% interest charge on their loans.
Cashback Incentive
To promote digital transactions, the government offers cashback incentives of up to Rs 1200 to street vendors and hawkers who engage in digital transactions of at least Rs 25.
Eligibility for PM SVANidhi Yojana
To qualify for Pradhan Mantri SVANidhi Yojana, applicants must be Indian citizens. The scheme has allocated a budget of Rs 5,000 crore and is targeted at specific groups such as vegetable vendors, fruit vendors, hawkers, barber shops, cobblers, and laundry shops. Beneficiaries should also demonstrate a genuine need for financial assistance.
Mandatory Documents for PM SVANidhi Yojana
To complete the application for the scheme, the following documents are essential:
- Aadhar Card: To verify your identity.
- Domicile Certificate: As proof of Indian citizenship.
- Income Certificate: Providing details about your annual income.
- Bank Account Information: To facilitate direct fund transfers.
- BPL Card: As evidence of being below the poverty line.
- Passport Size Photo: For identification purposes.
- Mobile Number: To receive scheme-related notifications and information.
Accessing PM SVANidhi Yojana via the Official Website
For those interested in applying and seeking additional information regarding Pradhan Mantri SVANidhi Yojana, the official website is PM SVANidhi Yojana Official Website.
Online Registration for PM SVANidhi Yojana
To complete the online registration for Pradhan Mantri SVANidhi Yojana, visit the official portal, and access the online registration form using the provided official links.
Initiating an Online Application for PM SVANidhi Yojana
To submit an application for Pradhan Mantri SVANidhi Yojana, log in to the official website. Carefully review the provided information and complete the form accurately, ensuring that you attach the required documents before submission.
Logging In to PM SVANidhi Yojana
Once your application for the scheme is submitted, you can log in to the official website using your registration or application number.
Latest Updates on PM SVANidhi Yojana
Pradhan Mantri SVANidhi Yojana has already benefited over 12 lakh street vendors and hawkers. The government intends to extend loans to approximately 1.50 lakh more beneficiaries under this scheme.
The PM SVANidhi Yojana App
To simplify the application process, a mobile app, Pradhan Mantri SVANidhi, is available for download from the Google Play Store. This app streamlines the application for loans under the scheme.
e-SVANidhi Yojana in Uttar Pradesh
Uttar Pradesh has introduced the e-SVANidhi scheme under Pradhan Mantri SVANidhi, providing loans to 11,000 beneficiaries, including those covered by PM SVANidhi Yojana and women’s self-help groups. An investment of Rs 32.48 thousand crores has been allocated for this purpose.
Contacting PM SVANidhi Yojana Support
The government has issued a helpline number, 16756557, for Pradhan Mantri SVANidhi Yojana. This helpline is designed to provide necessary information and guidance for those who may be less familiar with online processes, making it accessible to all.
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PM SVANidhi Yojana Support FAQs
What is PM SVANidhi Yojana?
Why was PM SVANidhi Yojana introduced?
The scheme was introduced in 2020 during the lockdown to provide employment opportunities for those who became unemployed due to the COVID-19 pandemic. It enables them to start new businesses and improve their financial well-being.
Who can benefit from PM SVANidhi Yojana?
What is the loan amount available under this scheme?
Beneficiaries can access loans ranging from a minimum of Rs 10,000 to a maximum of Rs 50,000.
Are there penalties for delayed loan repayments under PM SVANidhi Yojana?
No, the scheme does not impose penalties if borrowers encounter difficulties in repaying their loans.
Is there an interest subsidy for timely loan repayments?
Yes, individuals who make regular installment payments receive a 7 percent interest subsidy.
Loans offered under the scheme come with an annual interest rate of 7%, meaning borrowers will pay 7% interest on the loans they take.
How can I apply for PM SVANidhi Yojana?
To apply for the scheme, visit the official website (PM SVANidhi Yojana Official Website) and complete the online registration form, ensuring that you attach the necessary documents before submission.
Is there a mobile app for PM SVANidhi Yojana?
You can reach out to the scheme's support through the helpline number 16756557, which is designed to provide essential information and guidance, especially for those unfamiliar with online processes.
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