PM SVANidhi Yojana: 1.15 Crore Street Vendors To Get Loans, Cashback & Support Till 2030

New Delhi: The Prime Minister Street Vendors’ AtmaNirbhar Nidhi (PM SVANidhi) scheme was launched in 2020 by the central government. Its aim is to provide easy loans to small traders and street vendors so that they can continue their businesses and become self-reliant. The special feature is that these loans are given without any guarantee.

New cabinet approval

In a cabinet meeting chaired by Prime Minister Narendra Modi, the scheme has been restructured and extended. Earlier, it was valid till December 31, 2024, but now it will continue till March 31, 2030. This means street vendors will get longer financial support.

Budget and beneficiaries

For the restructured scheme, a budget of Rs 7,332 crore has been set. In addition, 50 lakh more people will be added to the scheme. After this, the total number of beneficiaries will rise to 1.15 crore. The scheme will be implemented jointly by the Ministry of Housing and Urban Affairs (MoHUA) and the Department of Financial Services (DFS).

Loan amount and digital facilities

The loan amounts have also been revised. The first loan will be Rs 15,000, the second loan Rs 25,000, and the third loan Rs 50,000. Those who have taken the second loan will also get a UPI-linked RuPay credit card, which can be useful during emergencies.

To promote digital payments, street vendors will get up to Rs 1,600 cashback on retail and wholesale transactions.

Training and skill development

Apart from loans, the scheme will now also provide training to vendors. They will be taught entrepreneurship, financial literacy, and digital skills. In partnership with FSSAI, vendors will also receive training on hygiene and food safety standards.