PM Svanidhi Yojana: Pradhan Mantri Svanidhi Yojana is for common traders and citizens who setup readymade garments, under which loans are given to them to take the business forward. Small and low level traders of the country who setup readymade garments or do small business are eligible to apply for this scheme.
This scheme is for small scale loans to expand the business and only small and mid level traders can avail it. How to get benefit of Pradhan Mantri Svanidhi Yojana 2024 and what is the application process to get the benefit? Stay with us till the end to know. Follow the below process for fast loan approval.
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PM Svanidhi Loan Scheme Official Portal 2024
Table of Contents
Overview of PM Svanidhi Yojana
| Article Name | Get Rs.50,000 Loan For Starting Your Business, Apply Online |
| Yojana Name | PM Svanidhi Yojana 2024 |
| Launched By | Govt of India |
| Beneficiary | Small Businesses and Street Vendors |
| Benefit | Get Loan Up to Rs.50 Thousands |
| Help Line No. | 1800 11 1979 |
| Official Portal | Click Here |
What is PM Svanidhi Yojana
Under Pradhan Mantri Svanidhi Yojana a loan of up to 50,000 is given at very low interest and interest subsidy is also available. If you repay the loan taken under this scheme before time, you will get 7% interest subsidy and no penalty.
Beneficiary of Scheme
PM Svanidhi Yojana 2024 benefit is mainly for street vendors. Under this scheme, people selling vegetables, food items or setting up ready made stalls of other things can apply. Loan under Pradhan Mantri Svanidhi Yojana is given in installments. ₹ 10000 is given in first installment, if you repay this loan then you get ₹ 20000 in next installment and extra amount is given after you repay this loan.
Benefits and Feature of Scheme
- Under Pradhan Mantri Svanidhi Yojana, government gives loans to street vendors who sell readymade garments to grow their business.
- Under this scheme ₹ 10,000 to ₹ 50,000 is given in the first installment.
- If you repay the loan on time, you get interest subsidy and no penalty.
- This scheme is to promote small businesses so that lifestyle of street vendors can change.
- Documents required for PM Svanidhi Yojana
Documents Requirement
- Aadhaar card
- PAN card
- Bank account
- Income proof
- Residence certificate etc.
How to Apply for PM Svanidhi Yojana?
If you want to apply for Pradhan Mantri Svanidhi Yojana then for this you have to go to any nearest government bank and ask for application form of PM Svanidhi Yojana. You have to fill all the information asked in that application form correctly and submit along with all the documents. After this all your documents will be verified, if everything is found correct then your loan will be approved and in some time loan amount will be transferred to your account.
FAQ Related PM Svanidhi Yojana
What is Pradhan Mantri Svanidhi Yojana?
Pradhan Mantri Svanidhi Yojana is a central government scheme launched in 2020 to provide working capital loans to street vendors so that they can resume their livelihoods which were disrupted due to Covid-19 pandemic and lockdowns.
Who is eligible for PM Svanidhi Yojana?
The scheme is open to all street vendors who were vending as on 24th March 2020. This includes vendors having Certificate of Vending/ID card issued by Urban Local Bodies (ULBs), vendors identified in surveys but not issued a certificate, and vendors from peri-urban/rural areas vending in urban limits who have a Letter of Recommendation from ULB
What are the benefits under PM SVANidhi Yojana?
Under the scheme, street vendors can get an initial working capital loan of up to ₹10,000 for one year. They will also get an interest subsidy of 7% per annum on timely loan repayment and a cashback of up to ₹1,200 per annum for doing prescribed digital transactions.
How to apply for PM SVANidhi loan?
Street vendors can apply for PM SVANidhi loan directly on the scheme portal or through a Common Service Centre (CSC). They need to complete three simple pre-application steps: understand the loan requirements, link their mobile number to Aadhaar and check their eligibility as per scheme guidelines.
