Rs.50,000/- Loan without Surety| PM Svanidhi Scheme Benefits

Written by Sravan

Published on:

The Central government of India for the purpose of Street vendors a Special scheme has been launched i.e. PM Svanidhi scheme or PM Street Vendor’s AtmaNirbhar Nidhi.

Under PM Svanidhi Scheme, the Street vendors can get a Loan of Rs.50,000/- rupees without providing any security or surety.

The nature of loan will be provided is Working Capital Term Loan. It means the Working capital in the form of Term loan will be sanctioned to the street vendors.

The urban Street vendors are eligible to avail a Working Capital Loan of

1. Upto Rs.10,000/- ; Maximum 12 Months (1st Tranche)
2. Upto Rs.20,000/- ; Maximum 18 Months (2nd Tranche)
3. Upto Rs.50,000/- ; Maximum 36 Months (3rd Tranche)

Here, the word Tranche means “Instalment”

Steps:
1. Open www.pmswanidhi.mohua.gov.in
2. There you can see two “Loan status” options.
a) Rs.10,000/- rupees loan and
b) the second one is Rs.20,000/- rupees loan.

3. If you are applying first time, then Click on Rs.10,000/- rupees loan option.
4. If you are applying for the second time then select Rs.20,000/- loan option
5. Then a new window will be opened.
6. In the application form, you should enter your Aadhaar number or Mobile number
7. Then, you will get OTP to your registered mobile number and enter it.
8. Now, all the necessary documents should be uploaded.
9. Finally check all the submitted documents and details. Once everything is checked, then, you can submit the application.

1. From when PM Svanidhi scheme is applicable

PM Svanidhi scheme launched on June 1,2020 to help street vendor who are impacted negatively during COVID-19 lockdown to help more 50 Lakh street vendors.

2. Who is eligible for PM SVANidhi scheme?

This scheme is available only to the street vendors who are selling foods in urban areas. 

3. To which street wonders this scheme is not applicable

Rural street vendors who are selling food in a rural areas are not eligible for this PM SVANidhi scheme.

4. Who is eligible for PM SVANidhi 20,000 loan?

The Urban Street vendors who have made on time payments or early repayments, then, they will be again eligible for the next cycle of Working capital loan with an enhance limit of Rs.20,000/- rupees.

5. What is the limit of PM SVANidhi scheme?

1. Upto Rs.10,000/- ; Maximum 12 Months (1st timers)
2. Upto Rs.20,000/- ; Maximum 18 Months (2nd timers)
3. Upto Rs.50,000/- ; Maximum 36 Months (3rd timers)

6. What is Tranche in PM SVANidhi scheme

The word Tranche in PM SVANidhi scheme is nothing but “Instalment / Share”

7. What type of Loan will be provided ?

The nature of loan will be provided is Working Capital Term Loan.

8. Does vendors who have repaid the first loan they can be eligible to get the another loan?

When vendors who have repaid the first loan they can be eligible to get the another loan of Rs.20,000/- rupees with a Maximum tenure of 18 months.

9. What is the SVANidhi Scheme for 50,000?

Street vendors who have repaid 1st and 2nd tranche loans of Rs.10,000 and Rs.20,000 rupees are eligible to get Rs.50,000 rupees loan with a maximum tenure of 36 months.

Author is a Qualified CMA with rich industry experience for more than 6 years. He is an All India Ranker (AIR-101) in CMA and also a Semi-Qualified Chartered Accountant having a quite good experience in teaching the subjects of Accounting and Costing to the commerce aspirants.

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