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New Delhi: On June 1, 2020, the Central Government launched the Prime Minister’s Street Vendors Self-Reliant Fund (PM Swanidhi) scheme for the street vendors and hawkers who became unemployed during the Corona period.
Under the scheme, till 20 July 2023, Rs 6492 crore has been released to 38.53 lakh beneficiaries. The Central Government has also launched the PM Swanidhi Yojana Application to make the benefits of the scheme accessible to more and more people.
Street vendors are contributing to the country’s economy by becoming self-reliant through PM Swanidhi Yojana. According to the latest data of the scheme, till July 20, 2023, 38.53 lakh beneficiaries have taken advantage of this scheme. 50.63 lakh loans have been given to these beneficiaries, whose amount was Rs 6492 crore. There are 15.79 lakh women and 230 transgender among the beneficiaries of the scheme.
Benefits of PM Swanidhi Yojana
The objective of PM Swanidhi Yojana is to provide the facility of working capital loan i.e. cost capital loan to the street vendors to start and expand their business without any guarantee.
To provide working capital loan facility up to Rs.10,000 without any guarantee for a period of one year. Facility of 2nd installment of Rs.20,000 and loan of Rs.50,000 on timely repayment of this loan.
Incentivizing regular repayment through interest subsidy @ 7% per annum.
Incentivizing digital transactions through cashback up to Rs 1,200 per year.
Method of application for PM Swanidhi Yojana
Registration can be done on the official website of PM Swanidhi for application under PM Swanidhi scheme. Apart from this, application can also be done by downloading the PM Swanidhi mobile application.
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