Get a Loan Upto 50000 Under PM SVANidhi Yojna Scheme: Helping Street Sellers And Strengthening India's Economy

 Street vendors are an essential part of daily life and play an important role in ensuring the availability of goods and services at affordable prices right at the doorstep of city dwellers. They are known as vendors, hawkers, thelewala, and rehri wala. They usually work with little capital and during the lockdown period, they lost a major financial income. Therefore, there is an urgent need to provide street vendors with loans for working capital to resume their business. This is where the government loan scheme PM SVANidhi comes into action.

Key Features

Certain features of the PM SVANidhi Yojana help the govt. scheme in achieving all of its goals. Some of its key features are:

• Financial aid: The govt. scheme provides street vendors with loans with highly subsidised interest rates to help them improve their standard of living.

• Collateral: Street vendors can apply for the loans given under PM SVANidhi Yojana without depositing any kind of collateral.

• Bonus: Street vendors who use digital transactions instead of cash transactions receive a cash bonus of Rs. 1200. This helps the government promote cashless transactions among them and contributes to India’s mission of digitisation.

• Credit score: Street vendors can improve their credit score by timely repaying their loans. A good credit score makes them eligible to apply for higher loans.

Eligibility Criteria

Interested applicants first need to ensure that they fit into the PM SVANidhi eligibility criteria or not to avoid rejection of applications. The eligibility criteria for the SVANidhi Scheme are as follows:

• The applicant should be a citizen of India.

• He should be doing some business on the footpath for at least 2 years.

• The already operating street vendor must have an identity card or a vending certificate issued by the local authorities.

• Those who do not have a certificate will receive a temporary certificate from the local authorities

• However, new people can also take advantage of this scheme.

If you are selling within the local authority boundaries, then you will need a LOAR, i.e. a letter of recommendation from LB or TBS.

Application Process

Interested and eligible people can apply for the scheme through both, offline and online platforms. Both of the procedures are explained below in detail.

Offline Procedure

• For offline applications, Go to a bank or microfinance institution near you.

• Then get the required information about the PM SVANidhi Yojana.

• Later, take the application form for the PM SVANidhi Loan Scheme from the bank or microfinance institution and carefully fill in all the required information on it.

• Deliver the form to the bank with a copy of the documents.

• A few days after your application is reviewed, the entire loan amount will be transferred to your account.

Online Procedure

• Go to the official website of PM SVANidhi.

• On the home page, you will see many options such as applying for a Rs 10000 loan, applying for a Rs 20000 loan, etc.

• If you want to get the first loan, click on Apply for Loan 10K.

• Apart from this, you can choose the option at your convenience for other loans.

• After you click on Apply for Loan 10K, a new page will open on your screen where you need to enter your mobile number and captcha code.

• After that, complete the OTP verification by clicking on Request OTP.

• After verification, you need to fill out the loan application form.

• After completing the form properly, upload all the documents and click “Final Submit”.

How To Track The Application Status Of The SVANidhi Scheme?

Applicants can track the status of their respective applications by following the steps mentioned below in detail:

• Please visit the official website of PM SVANidhi.

• Login to your respective accounts with your ID and password.

• Navigate to the ‘track application status’ and view your application’s status.

Conclusion

COVID-19 was very hard for the street vendors; they lost their money and business. With the PM SVANidhi Yojana, we will surely be able to improve the lower classes of people and make them more efficient so that the country runs well.

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