Bhopal (Madhya Pradesh): The Prime Minister SVANidhi (PM SNY) scheme has brought significant relief to over 1.25 lakh footpath vendors and hawkers in the state capital. With rollout of the upcoming third phase, beneficiaries will soon be eligible for loans up to Rs 50,000 along with a new credit card facility.
Launched in June 2020 during the COVID-19 lockdown, PM SNY initially provided loans of Rs. 10,000 to help street vendors revive livelihoods. With phase three, loans increase to Rs. 50,000, and a credit card with a maximum limit of Rs. 30,000 is expected by the end of 2025. Usage will be regulated, with restrictions on alcohol and other prohibited items.
Impact in Bhopal
According to BMC’s DAY-NULM wing, 112,539 people applied for loans under phase one. Of these, 80,400 vendors received Rs. 10,000, 26,513 availed Rs. 20,000, and 6,620 who repaid earlier instalments on time moved up to the highest slab of Rs. 50,000.
Beneficiaries like Pintu Vishwakarma and Priyanka Joshi, who were previously street vendors, have now established their own shops in Bhopal.
Higher loan amounts in phase 3
Phase one ended on December 31, 2024, and phase two continues until March 31, 2030. Under revised central guidelines, banks now offer Rs. 15,000 instead of Rs. 10,000 and Rs. 25,000 instead of Rs. 20,000. Phase three will offer Rs. 50,000 along with a credit card facility. Since September, around 2,704 new beneficiaries have received loans across various categories.
Applications continue at ward offices
Applications are being accepted at ward offices across Bhopal. Municipal officials report a strong response, with expanded benefits providing vendors greater financial stability and opportunities for growth.
Officialspeak
“Under new guidelines, banks are offering higher loan amounts, and soon phase three will provide up to Rs. 50,000 along with a credit card facility,” said Harshit Tiwari, Additional Commissioner, BMC.
