Centre Offers Major Relief to Street Vendors

The PM SVANidhi scheme, implemented by the Central Government, is providing financial support to street vendors looking to run or expand small businesses. Launched in June 2020 to support vendors who lost their livelihoods during the COVID-19 pandemic, the scheme provides collateral-free loans in stages. The scheme is currently set to remain operational until March 31, 2030. Eligible beneficiaries can avail themselves of loans of up to ₹90,000 in three stages—₹15,000 in the first stage, ₹25,000 in the second and ₹50,000 in the third. The maximum loan limit was previously ₹80,000 and has reportedly been increased to ₹90,000.

According to government figures, more than 75.5 lakh beneficiaries have benefited from the scheme so far, with over 1.12 crore loans worth more than ₹17,800 crore being provided. To encourage digital transactions, beneficiaries can also receive cashback and interest-related incentives. Eligible beneficiaries may also get a RuPay credit card linked to UPI. Aadhaar and other identification documents may be required while applying for the loan. However, eligibility criteria, required documents and loan limits may vary according to the latest scheme and bank guidelines. Applicants are advised to verify the latest details through the official PM SVANidhi portal or the concerned bank before applying.