PM SVANidhi Mobile App

June 3, 2023

The PM SVANidhi scheme, launched by the Central government, has provided crucial support to street vendors in India during the challenging times brought on by the pandemic. Recently, the government unveiled a mobile app specifically designed for street vendors to ease their loan application process.

Launching the Mobile App: A Game-Changer

The mobile app for street vendors under the PM SVANidhi scheme was launched recently, providing vendors with a user-friendly platform to apply for loans conveniently. By streamlining the loan application process, the app eliminates unnecessary paperwork and administrative complexities, ensuring a smooth and efficient experience for street vendors seeking financial assistance.

Aiding Street Vendors During Economic Stress

The primary objective of the PM SVANidhi scheme is to provide handholding support to street vendors during pandemic-induced economic stress. Recognizing the vital role played by street vendors in the informal economy, the scheme offers a working capital collateral-free loan of ₹10,000. This financial lifeline enables vendors to meet their immediate business needs and sustain their livelihoods during uncertain times.

Interest Subsidy: Alleviating Financial Burdens

One of the notable features of the PM SVANidhi scheme is the provision of a 7% interest subsidy. This subsidy significantly reduces the financial burden on street vendors, making it easier for them to repay their loans. With subsequent loans of ₹20,000 and ₹50,000 also available, street vendors have access to increased financial resources that can help them expand and stabilize their businesses.

Udyam Registration Certificate: Promoting Formalization

The Udyam Registration Certificate, launched in collaboration with the Ministry of Small and Medium Enterprises, plays a crucial role in promoting the formalization of street vendors’ businesses. This certificate simplifies the process of registering a business and provides street vendors with numerous benefits. By obtaining the certificate, vendors gain access to various government schemes and credit facilities, opening doors to greater opportunities and growth.

Recognizing Exceptional Performance

The PM SVANidhi scheme has witnessed exceptional performance by several lending institutions and states. Recently, Union Housing and Urban Affairs Minister Hardeep Puri felicitated institutions such as the State Bank of India, Bank of Baroda, Union Bank of India, and Andhra Pradesh Grameen Vikas Bank for their remarkable contributions. Their support and dedication have played a pivotal role in ensuring the success of the scheme and reaching out to street vendors in need.

Impact and Achievements

As of June 30, 2023, the PM SVANidhi scheme has sanctioned an impressive 48.5 lakh loan applications, with over 46.4 lakh loans disbursed to street vendors across India. This amounts to a total loan disbursal of ₹5,795 crore, providing much-needed financial stability and empowerment to street vendors. Moreover, the scheme has positively impacted the lives of more than 36 lakh street vendors, offering them the opportunity to sustain and grow their businesses in a challenging economic landscape.

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