PM Svanidhi Yojana is a government scheme in India that offers loans to individuals who want to start their own small businesses. Read more details like Eligibility Criteria, and application process below.
The scheme was launched by the Prime Minister of India, Narendra Modi, as part of the government’s efforts to support the country’s micro, small, and medium enterprises (MSMEs).
Under the PM SVANidhi scheme, street vendors can apply for a loan of up to Rs. 10,000 to start or resume their vending business. The loan can be used for buying equipment, raw materials, and other supplies.
The scheme also offers a repayment tenure of up to 12 months, with a moratorium period of 6 months.
Eligibility Criteria For the PM SVANidhi Yojana
The applicant must be a street vendor, defined as someone who sells goods or provides services on the street or footpath.
The applicant must have valid Identity Proof (Aadhar Card) and residence proof.
The applicant must have been vending on the street or footpath for a minimum of 6 months prior to the date of application.
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How to Apply for PM Svanidhi Yojana
The application process for the PM SVANidhi scheme is straightforward and can be done online through the official website of the Ministry of Housing and Urban Affairs. Interested individuals can follow the below steps to apply for a loan:
- Visit the official PM Svanidhi website: Applicants can visit the official PM Svanidhi website (https://pmsvanidhi.mohua.gov.in/) to get information about the scheme and the application process.
- Register on the website: To apply for a loan, individuals must first register on the PM Svanidhi website by providing their personal and business details.
- Fill out the loan application form: After registering, applicants must fill out the loan application form, providing information about their business idea, financial details, and any previous business experience.
- Upload required documents: Applicants must upload a set of required documents, including ID proof, address proof, and a recent photograph.
- Wait for loan approval: After submitting the loan application and required documents, applicants must wait for their loan application to be processed and approved.
Once the application is submitted, the Ministry will verify the details and documents provided. If the applicant is found to be eligible, the loan amount will be disbursed directly to their bank account.
Conclusion
The PM SVANidhi Yojana is a valuable initiative for street vendors in India who are looking for financial assistance to restart or expand their businesses. With its easy application process and flexible repayment tenure, this scheme can help street vendors get back on their feet and continue providing their goods and services to the community.
