PM Svanidhi Yojana 2024: Providing Up to ₹50,000 Loan to Start Small Businesses

Under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi Scheme, beneficiaries can avail loans of up to ₹50,000 at affordable interest rates, along with interest subsidy benefits. Applicants who repay the loan on time can receive interest subsidies of up to 7% without any penalties.

Who Benefits from PM Swanidhi Yojana 2024?

The PM Swanidhi Yojana primarily benefits street vendors, including those selling vegetables, food items, or engaging in other ready-to-use businesses. The loan amount is disbursed in different installments, with the first installment being ₹10,000. Upon repayment, subsequent installments are provided, along with additional amounts post repayment.

Benefits and Features of PM Swanidhi Yojana

  • Facilitating loans to street vendors to boost their businesses.
  • Loan amounts ranging from ₹10,000 to a maximum of ₹50,000.
  • Interest subsidies for timely repayment and no penalties imposed.
  • Aimed at encouraging small businesses to bring about lifestyle changes for street vendors.

Documents Required for PM Swanidhi Yojana

To avail of the PM Swanidhi Yojana benefits, essential documents such as Aadhar card, PAN card, bank account details, income proof, and proof of residence are required.

How to Apply for PM Swanidhi Yojana?

Applicants interested in the Pradhan Mantri Swanidhi Yojana need to visit their nearest government bank branch and request the application form. Fill in all the required details accurately and submit all the necessary documents. Upon verification, if everything is in order, the loan will be approved, and the loan amount will be transferred to the applicant’s account within a short period.

The PM Svanidhi Yojana, launched by the Government of India, aims to provide financial support to street vendors, particularly in the wake of the COVID-19 pandemic. This scheme offers street vendors access to affordable loans to restart or expand their businesses, thereby contributing to their economic empowerment and livelihood security.

Understanding PM Svanidhi Yojana

The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM Svanidhi) Yojana is a special micro-credit facility initiated by the Ministry of Housing and Urban Affairs in collaboration with state governments, urban local bodies, and other stakeholders. It targets street vendors who have been affected by the economic disruptions caused by the pandemic and aims to provide them with the necessary financial assistance to resume their businesses.

Objectives of PM Svanidhi Yojana

  1. Financial Inclusion: The scheme aims to bring street vendors into the formal financial system by providing them with easy access to credit facilities.
  2. Livelihood Restoration: It seeks to revive the livelihoods of street vendors who have faced economic hardships due to the pandemic-induced lockdowns and restrictions.
  3. Poverty Alleviation: By supporting street vendors in expanding their businesses, the scheme aims to uplift them economically and contribute to poverty alleviation.

Key Features of PM Svanidhi Yojana

  1. Loan Amount: Street vendors can avail of loans ranging from ₹10,000 to ₹50,000, depending on their eligibility criteria.
  2. Interest Subsidy: Beneficiaries who repay their loans on time are eligible for an interest subsidy of up to 7%, encouraging timely repayments.
  3. No Collateral: The scheme offers collateral-free loans, making it accessible to street vendors who may not have assets to pledge as security.
  4. Flexible Repayment: Repayment of the loan can be made in weekly or monthly installments, providing flexibility to borrowers based on their cash flow.
  5. Digital Application Process: The application process for the scheme is digitized, allowing street vendors to apply online or through designated common service centers.
  6. Eligibility Criteria: To qualify for the scheme, applicants must be street vendors engaged in vending activities on or before March 24, 2020, and possess the required documents.

How to Apply for PM Svanidhi Yojana

  1. Registration: Street vendors can register for the scheme through the official PM Svanidhi portal or by visiting designated centers.
  2. Document Submission: Applicants need to submit essential documents such as Aadhar card, vendor certificate, bank account details, and business proof.
  3. Loan Approval: Upon verification of documents and eligibility, loans are sanctioned and disbursed directly to the beneficiary’s bank account.
  4. Monitoring and Support: The scheme includes mechanisms for monitoring the utilization of funds and providing support services to beneficiaries for the growth of their businesses.

Impact of PM Svanidhi Yojana

Since its launch, the PM Svanidhi Yojana has had a significant impact on the lives of street vendors across India. By providing them with access to formal credit, the scheme has empowered street vendors to expand their businesses, improve their standard of living, and become self-reliant. Moreover, the scheme has contributed to the revitalization of local economies by boosting the activities of street vending.


The PM Svanidhi Yojana stands as a testament to the government’s commitment to inclusive growth and economic empowerment. By addressing the financial needs of street vendors and facilitating their integration into the formal economy, the scheme not only supports livelihood restoration but also fosters entrepreneurship and self-sufficiency among vulnerable sections of society. As the scheme continues to evolve and expand its reach, it holds the promise of catalyzing socio-economic development at the grassroots level and creating a more inclusive and resilient urban landscape.