PM Svanidhi Yojana : The government is implementing the Pradhan Mantri Swanidhi Yojana for general traders and hawker citizens. By which they are provided loans for their business. Small and low income traders in the country who are ready to plant or carry out small business are eligible to apply for the benefit of this scheme.

This scheme provides small amount of loans for business expansion and only small and medium businessmen can avail it. How will you benefit from Pradhan Mantri Swanidhi Yojana 2024 and what is the application process to avail the benefit?

PM Svanidhi Yojana 

Under the Swanidhi Yojana, the central government will provide loans of up to Rs 50,000 to street vendors (small street vendors) in the country to start up their own business. This self-financing scheme is as Pradhan Mantri Street Vendors Self-Reliant Fund. The benefit of this scheme will made available to all small street vendors in the country.

PM Svanidhi Yojana 

The central government launched the Pradhan Mantri Swanidhi Yojana to provide financial assistance to small vendors and hawkers in India.

• Eligible traders and hawkers are eligible for loans up to ₹10,000.
• This loan will help them to expand their business and buy new materials.
• The interest rate on loan under this scheme is 7% per annum, Interest rates are low In comparison to other markets.
• Merchants conducting digital transactions receive discounted interest rates on loans.
• Efforts are underway to connect small traders with the banking system.
• The aim is to encourage new job creation and promote entrepreneurship in the country.

PM Svanidhi Yojana Benefits

1. Under this scheme, eligible street vendors can get loans ranging from ₹10,000 to ₹50,000.
2. If the borrower repays the loan on time, they will get a discount on the interest.
3. No penalty will charged if you repay the loan on time.
4. This loan will help street vendors to expand their business and purchase new materials.
5. This scheme aims to improve the lifestyle of street vendors.

Eligibility for PM Svanidhi Yojana

• Must a citizen of India.
• Must small trader or hawker.
• Your business should be minimum 6 months old.
• Annual income should not exceed ₹1.5 lakh.
• Must have a valid current account with any bank.
• Aadhaar card and PAN card is a must for your business.

PM Svanidhi Yojana documents

1. Aadhar Card
2. PAN card
3. bank account
4. Proof of income
5. Resident Certificate etc.

PM Svanidhi Yojana Online Apply

• To access this scheme, first visit the official website at pmsvanidhi.mohua.gov.in.
• Go to the homepage and click on Apply Instant Loan 10k, Apply 20k Loan and Apply 50k Loan.
• Now register your mobile number, an OTP will sent to your mobile via SMS.
• The registration form will display after OTP verification.
• Take a print out of this.
• After this fill the complete form, scan and upload all required documents.
• Go to the self-financing centers designated by the central government and submit all the necessary documents along with the forms
• All the verification, the loan amount will credited to your bank account.