PM SVANidhi Yojana 2024 is an important scheme. Its objective is to provide financial assistance to small traders and street vendors. Under this scheme, the government provides loans to small traders so that they can grow their businesses and become self-reliant.
PM SVANidhi Yojana is specially made for street vendors who sell vegetables, fruits, or other goods. By taking advantage of PM SVANidhi Yojana, small traders can not only increase their business but also get relief in loan interest.
This scheme was launched on 1 June 2020. Its main objective was to economically empower the small traders of the district affected due to the COVID-19 epidemic. The government has set a target to benefit 42 lakh street vendors through this scheme.
PM SVANidhi Yojana not only provides financial assistance but also encourages digital transactions. So that small traders can use modern technology.
Purpose of PM SVANidhi (PM Street Vendor’s AtmaNirbhar Nidhi)
The main objective of the PM SVANidhi Yojana is to empower small businessmen financially. To promote their business. The loan given under this scheme is used for various purposes.
- Business Expansion: Small businessmen can use this loan to expand their business.
- Material Purchase: Also used to purchase necessary materials.
- Payment of Expenses: The businessman can use this loan to meet his business expenses.
Benefits of PM SVANidhi Yojana
- Easy loan available: Street vendors can easily get loans under this scheme.
- Interest subsidy: Up to 7% interest subsidy is available on timely payment.
- No Penalty: There is no additional charge for prepaying the loan.
- Digital transactions: Digital transactions will be encouraged. A cashback facility is available for making digital payments.
Eligibility for PM SVANidhi Yojana
- Only street vendors get the benefit of PM SVANidhi Yojana.
- Only those small businessmen who do business by setting up carts or stalls are eligible for this scheme.
- A small business person must have a bank account.
- It is important to have knowledge and experience related to your business.
Documents required for PM SVANidhi Yojana
- Aadhar card
- PAN card
- Bank Account Number
- Address proof
- Passport size photo
- Mobile Number
Application process for PM SVANidhi Yojana
To take a loan under the PM SVANidhi Yojana, go to any nearest government bank. Get the application form of the Prime Minister Samman Nidhi Yojana there. Enter all the required information asked in the form. Attach some necessary documents with it. Submit the form and all the documents to the bank. After submission, your application form will be verified. After verification, the loan amount will be transferred to your bank account.