PM SVANidhi Scheme Extension: Loan available for street vendors to start or resume businesses until 2024
Under this program, low-income families can apply for unsecured loans to start or grow a small business until December 2024.
The PM SVANidhi Scheme is a government-supported loan scheme that aims to provide financial assistance to street vendors in India. The scheme was launched in June 2020 with the goal of supporting the economic recovery of street vendors, who were severely impacted by the COVID-19 pandemic.
Under the PM SVANidhi Scheme, street vendors can apply for a loan of up to 10,000 rupees to start or resume their businesses. The loan has a tenure of one year, and the interest rate is 7 per cent per annum. The scheme also provides an incentive of 2,000 rupees to vendors who repay their loans on time.
To apply for the PM SVANidhi Scheme, street vendors need to visit the scheme's website and register for an account. They will need to provide proof of identity, proof of residence, and proof of vendor-ship to complete the registration process. Once the registration is complete, vendors can apply for the loan online.
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The PM SVANidhi Scheme is open to all street vendors who are eligible for the scheme. Eligible vendors include those who are at least 18 years of age and have a valid Identity Proof (ID) and Address Proof (AP). They must also be registered with the local municipal corporation or the local urban development authority, and must not have availed any other loans for the same business.
The PM SVANidhi Scheme has been extended until 2024, giving street vendors additional time to apply for the loan and restart their businesses. The extension of the scheme is a welcome relief for street vendors, who continue to face challenges due to the ongoing COVID-19 pandemic.
In conclusion, the PM SVANidhi Scheme is a government-supported loan scheme that provides financial assistance to street vendors in India. It allows vendors to apply for a loan of up to 10,000 rupees to start or resume their businesses, with an interest rate of 7 per cent per annum. The scheme has been extended until 2024, giving street vendors additional time to apply for the loan and restart their businesses.