PM Svanidhi Yojana: The financial worries of street vendors and hawkers are now over. The government has launched a credit card under the PM SVanidhi scheme, allowing them to borrow money from banks without any collateral. Now, they won't have to pay exorbitant interest to moneylenders to buy goods.

PM SVanidhi Yojana: For those who run shops on the footpath, operate carts, and small street vendors, arranging funds for their businesses is no longer as difficult as before. The government has launched a special credit card under the PM SVanidhi scheme, ensuring that credit card facilities are no longer limited to only high-salaried individuals. Through this initiative, street vendors can connect directly with the banking system without any collateral and spend money according to their needs. The main objective is to protect small business owners from usurious moneylenders and provide them with secure financing.

Card Features and Interest-Free Facility

This new PM SVanidhi credit card is based on the RuPay platform and functions just like a regular credit card. Shopkeepers can use this card to buy goods, pay bills, and make digital payments. Initially, the card limit is set at ₹10,000, which can be increased to ₹30,000 later, depending on the vendor's repayment behavior. The biggest advantage of this card is that if the shopkeeper repays the money within 20 to 50 days, no interest will be charged. This card will be valid for 5 years and can also be linked to UPI for direct payments by scanning a QR code.

Who can benefit from this card?

This credit card is specifically for those who are already beneficiaries of the PM SVanidhi scheme. Vendors who have repaid their second loan on time and are now applying for or have already received their third loan are eligible. The applicant must be between 21 and 65 years old and have a clean banking record, meaning they should not be a defaulter with any bank. This card allows small business owners to purchase goods and, if needed, convert their expenses into low-interest EMIs.

How to Apply and Required Documents

The application process for the PM SVanidhi Yojana is entirely digital and straightforward. Interested vendors can visit the pmsvanidhi.mohua.gov.in website or the PMS mobile app and select the ‘Apply for Credit Card’ option. After verification via mobile number and Aadhaar, the vendor will need to choose their preferred bank and complete the e-KYC process. Applicants should keep documents such as their Aadhaar card, PAN card, vending certificate or identity card, savings bank account details, and proof of address ready during the application process.