PM-SVANidhi Scheme for street vendors: COLLATERAL FREE working capital LOAN - check how to apply online and all other details here

PM-SVANidhi Scheme: The COVID-19 pandemic has adversely affected the lives as well as the livelihoods of the people of the country. One of the sections who faced a huge hit due to the COVID-19 pandemic is the street vendors. However, the Narendra Modi led government has a boon for them in the form of PM Street Vendors' Atmanirbhar Nidhi (PMSVANidhi). One can also login to the official website at pmsvanidhi.mohua.gov.in to apply for the loan.

See Zee Business Live TV Streaming Below:

Recently, Digital India has tweeted from its official Twitter handle about the collateral free working capital loan of Rs 10,000 of one year tenure. The tweet said, "#DigitalIndia | #6YearsOfDigitalIndia | Govt of India, on June 01, 2020, launched ‘PM Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi)’, to facilitate collateral free Working Capital Loan up to ₹10,000, of 1 year tenure, to approximately 50 lakh Street Vendors. @MoHUA_India."

#DigitalIndia | #6YearsOfDigitalIndia | Govt of India, on June 01, 2020, launched ‘PM Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi)’, to facilitate collateral free Working Capital Loan up to ₹10,000, of 1 year tenure, to approximately 50 lakh Street Vendors. @MoHUA_India pic.twitter.com/a1vfqjXNOO

— Digital India (@_DigitalIndia) July 6, 2021

As per the PM-SVANidhi website, this scheme is a Central Sector Scheme which means that it is fully funded by Ministry of Housing and Urban Affairs. The salient features of the loan are as follows:

1) It facilitates collateral free working capital loan up to Rs 10,000 of up to one year tenure

2) It incentivises regular repayment through interest subsidy @ 7 per cent per annum

3) The rewards for digital transactions by cash back up to Rs 1200 per year

4) It facilitates higher amounts for the next cycle of working capital loan, am enhanced limit of Rs 20,000 as second loan and Rs 50, 000 as third tranche on timely or early repayment has been fixed

Now, it can be noted that one can apply for the loan. As per the PM-SVANidhi website, one has to follow three steps before starting the online application process. The steps are as follows:

1) One has to understand the loan application requirements

2) One has to make sure that the mobile number is linked to the Aadhaar

3) One has to check the eligibility status as per scheme rules i

For further information, one can login to the official website of PM-SVANidhi at pmsvanidhi.mohua.gov.in.