PM SVANidhi Scheme (a special micro credit facility for street vendors)
Fund Based- Working Capital Demand Loan (WCDL).
The scheme is a Central Sector Scheme i.e. fully funded by Ministry of Housing and Urban Affairs (MoHUA) with the following objectives:
- To facilitate working capital loan up to Rs. 10,000/- per street vendor.
- To incentivize regular repayment; and
- To reward digital transactions (cash back upto maximum of Rs.1200.00)
The Scheme is available to all street vendors (SV) engaged in vending in urban areas on or before March 24, 2020. The eligible vendors will be identified as per following criteria
- Street vendors identified in survey and in possession of Certificate of Vending / Identity Card issued by Urban Local Bodies (ULBs);
- The Vendors, who have been identified in the survey but have not been issued Certificate of Vending / Identity Card; Provisional Certificate of Vending would be generated for such vendors through an IT based Platform by ULBs.
- Street Vendors, left out of the ULB-led identification survey or who have started vending after completion of the survey and have been issued Letter of Recommendation (LoR) to that effect by the ULB / Town Vending Committee (TVC); and
- The vendors of surrounding development/ peri-urban / rural areas vending in the geographical limits of the ULBs and have been issued Letter of Recommendation (LoR) to that effect by the ULB / TVC.
Upto Rs. 10,000/- per vendor
Rate of Interest
BRLLR + SP + 5.65% p.a. i.e. with monthly rests.
Tenor and Repayment
Maximum up to 12 months, Repayable in 12 EMI starting from one month after disbursement.
Hypothecation of stocks/Goods, No collateral to be obtained.
CGTMSE graded Guarantee Cover available on portfolio basis.
Processing Fees / Guarantee Fee Payable: