Street vendors across India have availed more than 1.12 crore collateral-free loans worth over ₹17,800 crore under the PM SVANidhi scheme since its rollout in June 2020, the Ministry of Housing and Urban Affairs was quoted as saying by news agency PTI. This highlights the scheme’s impact on financial inclusion and economic empowerment.
The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme completes six years on Monday and so far it has benefited over 75.5 lakh street vendors across urban India, the ministry said. The scheme aims to help eligible applicants in accessing formal credit, adopting digital payments and availing social security benefits.
Launched in the aftermath of the COVID-19 pandemic, the scheme was designed to provide street vendors with access to affordable working capital loans, reducing their dependence on informal sources of credit that often charge high interest rates, the ministry said in a statement.
Details about the scheme
The scheme offers collateral-free loans in three progressive tranches of ₹15,000, ₹25,000 and ₹50,000, along with interest subsidies and credit guarantee support. Additionally, beneficiaries who successfully repay their loans are also eligible for UPI-linked RuPay credit cards with limits of up to ₹30,000.
The ministry noted that digital inclusion has been a major focus of the scheme, with more than 55 lakh beneficiaries onboarded onto digital platforms. These beneficiaries have collectively carried out over 841 crore digital transactions worth nearly ₹8.96 lakh crore.
Impact of the scheme
As part of the scheme, street vendors have also received around ₹800 crore through cashback incentives and interest subsidies, the statement said.
The government said the scheme has significantly expanded access to institutional finance, with nearly 95% of beneficiaries obtaining formal credit for the first time. Meanwhile, approximately 30% of those people subsequently accessed additional beyond PM SVANidhi, reflecting improved creditworthiness, the statement stated.
Independent impact assessments conducted in 2023 and 2025 found that beneficiary incomes increased by nearly 20% annually on average, while gains in housing stability, healthcare, and nutrition were also recorded.
Women account for nearly 46% of beneficiaries, while about 70% belong to marginalised communities, showing the scheme’s inclusive outreach.
The government has extended PM SVANidhi till March 2030. To apply for the scheme, individuals can visit the official PM SVANidhi Portal or use a local Common Service Centre (CSC).
Key points to note while applying for the scheme
The official website of PM SVANidhi scheme mentions a few key points which are necessary for those applying for the scheme. These include:
- The person’s mobile number in the PM-SVANidhi application must match the mobile number linked to their bank account.
- Applicants must ensure that their surname or last name is updated in the bank account.
- The applicants must also ensure that their name, gender, and date of birth on their Aadhaar and bank accounts should be the same.
- They must ensure that the residential address in their bank account is complete, valid, and does not have any special characters. Additionally, address should not include any relationship information such as S/O (Son Of), D/O (Daughter Of), or W/O (Wife Of).
- The applicant’s account should be active and linked with Aadhaar.
- Applicants should make sure that none of your loan accounts are in default.