Government extended the PM SVANidhi Scheme

Tags: Government Schemes

Government extended the PM SVANidhi Scheme

The Government of India has extended the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme beyond March, 2022.

Important facts

  • The extension of the lending period will be till December 2024.

  • Introduction of 3rd loan of upto ₹50,000 in addition to 1st & 2nd loans of ₹10,000 and ₹20,000 respectively.

  • To extend ‘SVANidhi Se Samriddhi’ component for all beneficiaries of PM SVANidhi scheme across the country.

About PM Svanidhi Yojana 

  • PM Svanidhi Yojana was launched on June 1, 2020.

  • This scheme was started with the aim of providing financial support to small shopkeepers and hawkers.

  • Under the PM Svanidhi Yojana, people who sell goods on the street tracks or do other small jobs can take a loan of up to ₹ 10,000 from the bank.

  • After repaying the loan taken in the first instance, the beneficiary can get a loan of up to ₹ 20,000 in the second time and up to ₹ 50,000 in the third time.

  • The tenure of the Svanidhi scheme was earlier till March 2022, but the government has extended the deadline of the Svanidhi scheme till December 2024.

  • So far 53.7 lakh applications have been received under this scheme, out of which 36.6 lakh applications have been approved and 33.2 lakh loans have been disbursed.

  • An amount of Rs 3,592 crore has been disbursed under the scheme so far.

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