PM-Svanidhi Scheme: Goods news for everyone. During the Corona period, the Narendra Modi government had started many schemes. In this episode, the Pradhan Mantri Street Vendor Atmanirbhar Nidhi (PM-Svanidhi) scheme was also started. This scheme was launched with the main objective of providing relief to street vendors affected by the Covid-19 lockdown.
The aim of this scheme is not only to empower street vendors by giving them loans, but also to work for their overall economic development. Now the government is also giving credit cards under this scheme. The limit of this credit card is Rs 30 thousand. Let’s know the details of the scheme.
While presenting the budget on February 1, Finance Minister Nirmala Sitharaman had announced the provision of credit cards under the scheme. She had said that now the beneficiaries will be given UPI linked credit cards with a limit of Rs 30,000. The KYC documents required to avail the benefits under this scheme are Aadhaar card and voter ID card. Other acceptable documents are PAN card, driving license or MNREGA card.
Loan facility up to Rs 50,000
1. Under the PM Svanidhi Scheme, vendors can avail loans up to Rs 50,000 in three phases.
2. First installment- Loan up to Rs 10,000 for 12 months
3. Second installment- Minimum Rs 15,000 and maximum Rs 20,000 for 18 months.
4. Third installment- Minimum Rs 30,000 and maximum Rs 50,000 for 36 months
There is no need for any collateral or security to avail the loan. The repayment will be in monthly installments. The scheme provides an interest subsidy of 7% per annum, which will be deposited directly into the beneficiary’s account on a quarterly basis. If the loan is repaid before the due date, the entire subsidy will be deposited at once.
Additionally, vendors doing digital transactions will get a cashback of up to Rs 1,200 per year. Those who repay their loan on time and early will be eligible for a higher loan amount in the future.