The PM SVANidhi Yojana (PM SVANidhi Yojana 2024) launched for street vendors in the year 2020 during the Corona period has been a big hit. Under this scheme, people who do hawking in the cities are given a guarantee-free loan ranging from Rs 10 thousand to Rs 50 thousand. The Union Ministry of Housing and Urban Affairs has distributed 94.31 lakh loans worth Rs 13,422 crore to street food vendors till December 8, 2024, under the PM SVANidhi Yojana. The special thing is that no scam has come to light in this scheme till now nor is this loan sinking. Out of these 94.31 lakh loans, street food vendors have also repaid 40.36 lakh loans. In a written reply to a question, Minister of State for Housing and Urban Affairs Tokhan Singh told the Rajya Sabha on Monday that no fraud-related complaint has been received against the agencies or companies disbursing loans under the Pradhan Mantri Street Vendors Atmanirbhar Nidhi (SVANidhi) Yojana. The objective of the PM SVANidhi Yojana is to empower street vendors to compensate for the losses caused by the COVID-19 epidemic.

States have been divided into categories.
The Union Minister said that all the states have been divided into three categories on the basis of their size - large states, hilly and northeastern states, and small states and union territories. Each state has been given a target for loan disbursal according to its size and category, on the basis of which their performance is assessed and ranked. In July 2024, Madhya Pradesh secured the first position in the 'Best Performing State' category under the PM SVANidhi Yojana.

Who is entitled?

Only Indian citizens can avail the benefit of the Pradhan Mantri Street Vendors Atmanirbhar Nidhi (SVANidhi) Yojana. An Indian citizen who has been doing business on the footpath for at least 2 years can take a loan under the Pradhan Mantri Svanidhi Yojana (PM Svanidhi Yojana Online Apply) to expand his business. At the same time, people who want to start their new street food business can also take a loan under this scheme.

Initially, beneficiaries can get a loan of Rs 10,000 for one year. If the beneficiaries repay the loan on time, they get an interest subsidy of up to 7%. Beneficiaries also get a cashback of up to Rs 1200 every year on making digital payments.