How to apply for PMSVANidhi Scheme?

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The Ministry of Housing & Urban Affairs initiated the AtmaNirbhar Nidhi (PM SVANidhi) PM Street Vendor scheme on June 01, 2020. In a bid to make this arrangement more available, the Central Government recently unveiled the mobile application of the PM SVANidhi Scheme on July 17, 2020. Over a million street vendors across India will embrace and make payments digitally starting from New Year, having come in track for the ‘Main Bhi Digital (me too digital)’ initiative developed for them by the Centre. This system is intended to help intrepid and hard-working street vendors take their business up by notches with the financial loan.

Key benefits of PM Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) scheme

  • Street vendors can obtain up to Rs 10,000 in a form of working capital loan
  • Regular repayment is facilitated
  • Digital Payments are compensated

Cashback benefits for making digital transactions under PMSVANidhi Scheme

  • Interest rebate @ 7% per annum on the loan’s regular reimbursement
  • Cashback up to INR1200/- per annum on digital transactions approved by the business.

Lesser known facts of PM Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) scheme

  • On or before 24 March 2020, all street vendors are active in transactions in urban areas. The arrangement is also accessible in pre-urban and rural areas for street vendors.
  • Beneficiaries can be determined by the Urban Local Bodies (ULBs) or Town Vending Committees (TVCs). Street vendors must carry the vending/identification certificate provided by ULBs.
  • Under the AtmaNirbhar Nidhi (PMSVANidhi) scheme of Prime Minister Street Vendor, the Repo Linked Lending Rate (RLLR) + 1.45 percent + BSS (0.50) is applicable, i.e. the effective rate at current situation is 7.05 + 1.45 + 0.50 = 9.00 percent.
  • Tenure of the loan is 1 year
  • Loan of the supported goods/assets funded under the scheme.

Steps to apply for PM Street Vendor’s AtmaNirbhar Nidhi (PMSVANidhi) scheme

 



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