How to Apply for PM SVANidhi Scheme Online – Eligibility, Benefits & Latest Updates

The PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) Scheme is a flagship initiative of the Government of India, launched in June 2020. It provides collateral-free loans to street vendors, hawkers, and small shopkeepers to help them grow their businesses.

PM SVANidhi Scheme – An Overview

The scheme was introduced by the Ministry of Housing and Urban Affairs (MoHUA) to support vendors affected by the pandemic and to promote digital transactions.

• First Loan: ₹10,000 (repayable in 1 year)
• Second Loan: ₹20,000 (after repayment of first loan)
• Third Loan: ₹50,000 (for consistent borrowers)

The scheme also provides cashback rewards for making digital payments via UPI and QR codes.

PM SVANidhi Scheme Eligibility

Applicants must meet the following criteria:

• Must be a street vendor or hawker working in urban or peri-urban areas.
• Must have a Certificate of Vending or Identity Card issued by Urban Local Bodies (ULBs).
• Vendors without documents can apply using a Letter of Recommendation (LoR) from ULBs.
• Minimum age: 18 years.

PM SVANidhi Scheme Benefits

This scheme offers several important advantages:

1. Collateral-free loans up to ₹50,000 in 3 stages.
2. Low interest rates compared to informal borrowing.
3. Cashback rewards for digital transactions.
4. Helps in building a credit history for future loans.
5. Linkage with government welfare schemes like PMSBY (insurance) and PMJJBY.

How to Apply for PM SVANidhi Scheme Online

Follow these steps to apply online:

1. Visit the official portal: pmsvanidhi.mohua.gov.in
2. Click on “Apply for Loan”.
3. Enter your Aadhaar-linked mobile number.
4. Fill in the application with personal, business, and bank details.
5. Upload required documents – Aadhaar, Voter ID, Vending Certificate/LoR.
6. Submit and track your application online.

PM SVANidhi Scheme Latest Updates

• Digital payment cashback scheme expanded for vendors using UPI/QR.
• Loan upgrading simplified – second and third loans easier after timely repayment.
• Faster loan disbursal through Aadhaar-linked bank accounts.
• Integration with insurance schemes for better social security.