New Delhi: The Ministry of Housing & Urban Affairs (MoHUA) launched the mobile application of PM SVANidhi on 1st June, 2023, specifically designed for street vendors (SVs). This innovative mobile app allows SVs to conveniently apply for loans and request a Letter of Recommendation (LoR) under the PM SVANidhi Scheme. Additionally, SVs can effortlessly track the status of their loan applications and access their cashback history through this user-friendly mobile app.
As per the decision made by the Cabinet Committee on Economic Affairs on April 26, 2022, the PM SVANidhi Scheme has set targets of 42 Lakh, 12 Lakh, and 3 Lakh for the 1st, 2nd, and 3rd loans respectively, to be achieved by December 2024.
The objective of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme is to provide collateral-free working capital loans to street vendors, enabling them to restart their businesses. As of July 20, 2023, the scheme has successfully disbursed 50.63 lakh loans, amounting to ₹6,492.02 Crore, benefiting 38.53 lakh street vendors.
The PM SVANidhi Scheme is available to all urban street vendors, and its lending period has been extended from March 2022 to December 2024, facilitating the inclusion of more vendors under the ambit of the scheme.
