PM SVANidhi

PM SVANidhi is an official mobile application launched by the Ministry of Housing and Urban Affairs (MoHUA) to facilitate collateral-free working capital loans up to ₹10,000 for street vendors. The app empowers lending institutions like banks, NBFCs, and MFIs to efficiently process loan applications through their field agents. \n\nThe scheme provides incentives such as a 7% per annum interest subsidy and monthly cash-back rewards, encouraging timely repayments and promoting digital transactions. Additionally, enhanced loan tranches are available for early repayment. Graded guarantee coverage by CGTMSE supports lenders to extend reach, benefiting approximately 50 lakh street vendors. The scheme is operational until March 2022, enabling street vendors to resume and expand their businesses.