How to Apply for PM SVANidhi Loan Online

The Pradhan Mantri Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi) scheme is an initiative by the Government of India to support street vendors who have been adversely affected by the COVID-19 pandemic. This scheme provides micro-loans to street vendors to help them restart their businesses. Applying for the PM SVANidhi loan online is a straightforward process. Here’s a comprehensive guide on how to apply for the PM SVANidhi loan online:

1. Eligibility Criteria:

   • The applicant must be a street vendor or hawker who was operating before March 24, 2020.
   • The vendor must be operating in urban areas, including small towns and cities.
   • The vendor must possess a vending certificate or any other valid proof of vending issued by the Urban Local Body (ULB).

2. Documents Required:

   • Aadhar Card.
   • Bank account details.
   • Proof of vending or business.
   • Details of the family income (if applicable).
   • Other documents as required by the lending institution.

3. Application Steps:

   Step 1: Visit the PM SVANidhi Portal

   • Go to the official PM SVANidhi website. The link to the portal is available on the Ministry of Housing and Urban Affairs (MoHUA) website or through various government portals.

   Step 2: Register on the Portal

   • Click on the “Apply Now” button.
   • If you are a new user, you need to register yourself by entering basic details such as your name, mobile number, and email address. You will receive an OTP on your mobile number for verification.

   Step 3: Fill in the Application Form

   • Once registered, log in to the portal using your credentials.
   • Fill in the online application form with details such as your Aadhar number, bank details, proof of vending, and other required information.

   Step 4: Upload Documents

   • Upload the necessary documents, including your Aadhar card, bank account details, proof of vending, and any other required documents.

   Step 5: Submit the Application

   • Review the details entered in the application form and ensure that all information is correct.
   • Submit the application form. You will receive an acknowledgment receipt with a reference number.

   Step 6: Verification and Loan Approval

   • The application will be verified by the concerned authorities. They may contact you for additional information or documents if needed.
   • Once the verification is complete, the loan amount will be disbursed to your bank account.

4. Key Points to Remember:

   • Ensure that all documents are accurate and up-to-date.
   • Keep your mobile number and email address active for communication purposes.
   • Regularly check the status of your application on the PM SVANidhi portal.

5. Benefits of the PM SVANidhi Scheme:

   • Easy Access to Credit: Street vendors can avail of loans up to ₹10,000 with minimal documentation.
   • No Collateral Required: The loan does not require any collateral, making it accessible for small vendors.
   • Flexible Repayment: The repayment period is flexible, with an option to repay in monthly installments over a period of one year.
   • Interest Subsidy: Vendors who repay the loan on time are eligible for an interest subsidy of 7%.

Applying for the PM SVANidhi loan online is a convenient way for street vendors to access financial support and revitalize their businesses. By following the above steps, vendors can easily complete the application process and benefit from the scheme.