The Narendra Modi government at the Center has launched many great schemes to help small businessmen, especially street vendors, get back on their feet. One of these is the Pradhan Mantri Street Vendors Atmanirbhar Nidhi (PM SVANidhi), which has given new hope to lakhs of street vendors. Although this scheme was started during the Corona period, many major changes have been made to it over time. Under this scheme, not only is a loan of up to Rs 50 thousand available without a guarantee, but a credit card linked to UPI is also given.

A loan is available without a guarantee.
The purpose of the PM SVANidhi Yojana is to provide financial assistance to street vendors so that they can improve their small businesses. Under this scheme, vendors get a working capital loan of up to Rs 10 thousand without any guarantee, which has a tenure of one year. If the vendor repays this loan on time, he can get a loan of Rs 20 thousand for the second time and up to Rs 50 thousand for the third time. That is, the loan amount gradually increases, which strengthens the business of vendors.

Apart from this, the government has made special arrangements to give more incentives to those who repay the loan. If you repay the loan installment on time, you get an interest subsidy of 7 percent every year. Not only this, if you do digital transactions, then cashback of up to Rs 1200 can also come to your account. All this is so that vendors not only take loans, but also adopt digital payments.

Gift of a UPI-linked credit card.
In this year's budget, the central government made the PM Swanidhi scheme more attractive by announcing a UPI-linked credit card. The limit of this credit card will be up to Rs 30 thousand. But not everyone will get this card. This facility will be available only to those street vendors who have repaid the three loans received earlier under the scheme - Rs 10 thousand, Rs 20 thousand, and Rs 50 thousand - on time. That is, if you have repaid the loan with hard work and honesty, then you will get more financial help through a credit card. The credit rating of the vendors will also be looked at for this credit card. The government believes that this will not only help the vendors to increase their business, but they will also move further in the world of digital transactions.

Efforts to make the scheme more comprehensive

Under the PM Swanidhi scheme, the responsibility of identifying eligible street vendors and collecting new applications lies with the states and local bodies (ULBs). But the government is also working continuously at its level to make this scheme reach more people. Camps are being organized from time to time, awareness campaigns are being run, and vendors are being told about this scheme. The government's goal is that more and more street vendors take advantage of this scheme and become self-reliant.

This scheme is a big support for small businessmen

PM Swanidhi Yojana is not just a loan scheme, but it is a big support for those small businessmen who work hard day and night to feed their families. Through facilities like unsecured loans and credit cards, the government is not only providing financial help to these vendors, but is also making them a part of digital and self-reliant India. If you are also a street vendor and want to take advantage of this scheme, then contact your nearest bank or local body and get more information about this scheme.

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