There are many schemes of the Central Government in which money is provided to the beneficiaries through loans or credit cards. One such scheme is the PM SVANidhi Yojana. Under this scheme, the beneficiaries not only get loans but also get credit cards.
What is PM SVANidhi Scheme?
Under the PM SVANidhi scheme, which was launched during the Corona period, loans are given to street vendors in three different installments. These three installments are up to Rs 15,000, Rs 25,000 and Rs 50,000. In addition, the scheme also provides interest subsidy, credit guarantee assistance and UPI-linked RuPay credit cards up to Rs 30,000 for eligible vendors.
When was the PM SVANidhi Scheme Launched?
This scheme was launched in June 2020. It was implemented as a joint initiative of the Ministry of Housing and Urban Development, Department of Financial Services. Last year, the government approved the extension of the PM SVANidhi scheme. The loan disbursal period under it has been extended till March 2030.
Credit Card Issued Under PM SVANidhi Scheme
Credit cards issued to street vendors under PM SVANidhi scheme can have a maximum credit limit of up to Rs. 30,000. However, initially the operating limit of the card will be 10,000. This limit can be gradually increased up to 30,000 based on the card usage and payment record. One of the major benefits of this card is the interest-free credit period. Depending on the prevailing policy of the card issuing institution, the customer may get an interest-free period of 20 to 50 days. If the remaining amount is paid within this period, the interest will be waived. The validity of the credit card under the scheme will be up to five years from the date of issue. This means that street vendors will get the opportunity to use this credit facility for a long time.
PM SVANidhi Credit Card can be Linked with UPI ID
In addition, the credit card can be linked to the beneficiary’s UPI ID. This will allow street vendors to use the available limit of their credit cards to make payments through UPI. The restructured PM SVANidhi scheme comes with an exciting new benefit a UPI-linked RuPay Credit Card for eligible vendors. This card is available to vendors who have successfully and timely repaid their second tranche loan. It gives them quick access to credit for urgent business needs or personal emergencies without the hassle of applying for a new loan every time.
- It is a domestic RuPay card linked to the vendor’s UPI ID
- It also comes with digital cashback benefits on transactions
Eligibility Criteria for PM SVANidhi
Any person who sells daily necessities, goods, food items or other items from a temporary structure on the road, footpath, etc. or from one place to another by moving from one place to another. The items sold by them include vegetables, fruits, ready-to-eat street food etc.
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