PM Svanidhi Loan Status Check 2024 Online at pmsvanidhi.mohua.gov.in by Application No. and Mobile No.

PM SVANidhi-Shri Piyush Goyal launches PM Street Vendor’s AtmaNirbhar Nidhi Scheme launched by the Govt. of India to empower street vendors with affordable loans. This initiative is important since it helps vendors get back on their feet and restart their businesses in the wake of COVID-19. The e-type of service will help bring transparency and ease to accessing the status of loan applications for a large number of beneficiaries. By using the PM SVANidhi Loan Status Check, vendors can easily track their loan applications for both pre-application and post-disbursement levels so that they will be notified every time about their progress in real-time. The online tool is a part of the larger digital campaign underway to ease and expedite financial assistance for informal sector workers, thereby building confidence and dependency among street vendors spread throughout India.

About PM Svanidhi Loan

Feature	Details
Launch Date	June 2020
Objective	To provide affordable loans to street vendors impacted by the COVID-19 pandemic, helping them revive their businesses.
Loan Amount	Initial working capital loan of up to ₹10,000.
Repayment Tenure	1 year
Interest Subsidy	7% per annum, credited quarterly if the loan is repaid on time.
Digital Incentives	Monthly cashback of ₹50 to ₹100 for vendors conducting transactions digitally.
Eligibility	Vendors who were vending in urban areas as of or before March 24, 2020. Vendors from peri-urban and rural areas are also eligible under the expanded scope.
Subsequent Loans	On timely/early repayment of the initial loan, eligible for a higher loan amount in subsequent years.
Application Process	Can be applied online via the PM SVANidhi portal, through common service centers, or municipal bodies.
Implementation	Collaborative effort among municipal bodies for vendor verification and banking institutions for loan disbursement.
Aim	To stabilize the economic condition of street vendors, integrate them into the formal economy, and encourage digital transactions.

Launched in June 2020 to help street vendors hardest hit by the COVID-19 pandemic-induced economic slowdown, PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) is a special micro-credit scheme. The micro-credit facility is intended to push for easy and affordable payments that will go a long way towards reviving street vending. Under the scheme, working capital loans up to ₹10,000 are offered at a subsidized interest rate that is repayable in one year. One highlight of PM SVANidhi is the 7 percent annual interest subsidy credit on a quarterly basis to their savings-cum-loan accounts for prompt repayment. Further, cashback incentives up to ₹100 per month under the scheme also foster a habit of digital financial management among vendors by encouraging them to do more digital transactions.

Key Features of PM SVANidhi Loan

The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Loan offers several key features designed to support street vendors in revitalizing their businesses post-COVID-19 disruptions. Here are the prominent features of the scheme:

1. Upfront Working Capital Loan of Rs 10,000: Vendors will have access to an upfront working capital loan, and they can utilize this in their business.
2. Interest Subsidy: There is a provision of 7% annual interest subsidy on credit to be available from the date of disbursement, for providing timely repayment and credited by the system directly into individual beneficiary accounts linked with Aadhaar.
3. Tenure for Repayment: Vendors can avail a one year flexible tenure to pay back the loan, giving them enough time to plan expenses and make repayments in small instalment.
4. Incentives for Digital Transactions : The scheme encourages digital transactions through incentives. Vendors can get a monthly cashback of Rs 50 to R s100 on making digital transactions.
5. Higher Quantum of Loans against the initial loan: If a timely or early repayment happened, vendors can avail subsequent higher quantum in their loans. The objective of this facility is to assist you in building a consistent support system and adopt healthy financial habits.
6. Eligible Street Vendors: Any street vendor doing business on or before 24th March, 2020 and identified as per the following criterion by the concerned ULB (Model MIDI-cum-ID card for instance)
7. Applications Process: Vendors can apply for this loan via an easy online portal, common service centers, or directly at municipal offices in their area.
8. Formal Financial System: Through this scheme, street vendors can be brought to the formal financial system by creating banking facilities available in their areas as well as providing credit and minuscule loans.
9. Support For Socio-Economic Upliftment – By financially supporting street vendors, the scheme supports for their socio-economic benefits and helps them continue to function in an urban economy efficiently.

These features collectively aim to empower street vendors by providing them with the necessary financial support, encouraging the adoption of digital transactions, and integrating them into the formal economy.

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Benefits of PM Svanidhi Loan

The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Loan provides numerous benefits designed to support and uplift street vendors, particularly in the wake of the economic disruptions caused by the COVID-19 pandemic. Here are the key benefits of the scheme:

1. Credit: The scheme in the form of micro-credit that stands up to INR 10,000 is important for a street vendor who does not have access to formal banking and credit. This is capital they can use to rebuild and reinvigorate their businesses.
2. Interest Subsidy: A full 7% annual interest subsidy on the loan amount until final repayment. To ensure timely repayments to use and reduce the overall financial burden of beneficiaries As long as the loan repayments are not in arrears, these subsidies will be paid into a retail account on a quarterly basis.
3. Facilitation of Digital Transactions: PM SVANidhi pushes for a digital push by creating awareness about financial literacy and the use of apps amongst street vendors. Digital transactions by merchants will be incentivised through additional cashbacks to encourage them to shift to the digital economy.
4. Get Street Vendors on the Credit Map: Accessing this loan and following its repayment schedule can get street vendors onto the credit map. A credit history ensures improved chances of additional access and coverage from loans under the scheme or any other financial resources.
5. Higher Loan: In the second year, an increased loan amount was announced for those vendors who paid their loans promptly. From a vendor perspective, this form of escalating credit is what helps prospectively create the business that says sustainable growth.
6. Simple and convenient application process: The easy-to-fill loan forms can be electronically filed online or offline at retail offices or common service centers. It is simple to access, and therefore, vendors in different locations can also implement it.
7. Socio-Economic Safeguard: With the financial security it offers, coupled with business incentives, this helps to secure their status among street vendors and protect them from impoverishment.
8. A channel for formalization: PM SVANidhi acts as a platform where street vendors who are functioning informally can be integrated into the formal economy. This is beneficial for vendors; it gives them access to much-needed financial services and social security benefits (which come with an empanelment under the scheme), but it also helps urban local bodies manage street vending more effectively.
9. Government-backing and awareness: The scheme has unrivaled government backing, which encompasses help in navigating the application and repayment process as well as promoting its benefits and facilities.

Through these benefits, PM SVANidhi not only aids in immediate financial relief and recovery for street vendors but also contributes towards their long-term financial inclusion and business sustainability.

Eligibility Criteria

Criteria	Details
Street Vendor Status	Must be a street vendor, vending in urban areas as of or before March 24, 2020.
Urban Local Body (ULB) ID	Vendors must be identified by the Urban Local Bodies (ULBs) or possess a certificate of vending.
Vendor Categories	Includes stationary as well as mobile vendors.
Vendor Certificate/ID	Possess a vendor certificate or an identity card issued by ULBs.
Peri-Urban and Rural Areas	Vendors from surrounding peri-urban and rural areas are also eligible under the expanded scope.
KYC Documentation	Must complete KYC (Know Your Customer) documentation, including Aadhaar and Voter ID.
Self-Declaration	If not identified by ULB, a letter of recommendation or a self-declaration by vendor associations.
Digital Transactions	Encouraged to adopt digital transactions for additional benefits and incentives.

Required Document

Document	Details
Aadhaar Card	Must be linked with the applicant’s mobile number.
Voter ID Card	Used as an additional identification document.
Certificate of Vending	Issued by Urban Local Bodies (ULBs) to identify the applicant as a recognized street vendor.
Letter of Recommendation	Required if the vendor is not identified by ULB, provided by a vendor association or local body.
Self-Declaration Form	In absence of a vendor certificate, a self-declaration form can be submitted.
KYC Documents	Includes documents for Know Your Customer (KYC) compliance such as PAN Card, Passport, etc.
Bank Account Details	Bank passbook or statement showing account number and IFSC code for loan disbursement.
Digital Transaction Proof	Optional, but beneficial for cashback incentives (e.g., screenshots of digital transactions).

Check PM Svanidhi Loan Status Check 2024 Online at pmsvanidhi.mohua.gov.in

To check the PM SVANidhi Loan Status online for 2024, follow these steps:

• Visit the official PM SVANidhi portal at pmsvanidhi.mohua.gov.in.

• On the homepage, locate and click on the “Login” button.
• Enter your registered mobile number and the OTP received on your phone, then click “Submit.”
• Once logged in, navigate to the “Check Application Status” section.
• Enter your application ID or registration number in the provided field.
• Click on the “Submit” button to proceed.
• Your current loan application status will be displayed on the screen.
• Review the status details carefully to understand the progress of your application.
• If additional information or action is required, follow the instructions provided on the status page.
• Log out of the portal once you have checked your loan status to ensure your information remains secure.

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Conclusion

It is an important tool for street vendors who want to get financial aid through the PM SVANidhi scheme, so they can check their loan status. This online tool enables them to track the status of their loan applications instantaneously; hence, they not only have visibility but also transparency. Its capacity to help dealers keep watchful over loan progression and make quick corrective moves due to the to the process of simplification This not only creates faith in the system but also makes it more efficient to execute as well.

PM Svanidhi Loan Contact Details

Contact Information	Details
Helpline Number	1800-11-1979
Email Support	[email protected]
Official Website	pmsvanidhi.mohua.gov.in
Postal Address	Ministry of Housing and Urban Affairs, Nirman Bhawan, Maulana Azad Road, New Delhi-110011
Local ULB Office	Contact your local Urban Local Body office for assistance.
Common Service Centers (CSCs)	Visit nearby CSCs for application support and queries.