The government is set to introduce a microcredit initiative in April 2026, offering collateral-free loans of up to Rs 10,000 annually to gig workers, domestic helpers, and other vulnerable groups. The Ministry of Housing and Urban Affairs is developing this program, inspired by the PM Street Vendors Atma Nirbhar Nidhi, which provides small working-capital loans to street vendors.
The microcredit scheme is designed to assist gig and platform workers, many of whom lack formal credit histories, in purchasing essential assets like two-wheelers for their work. Eligibility for the program is expected to follow a verification process similar to that of PM-SVANidhi, targeting workers registered on the government’s e-Shram portal with government-issued identity cards and a Universal Account Number.
As of November 2025, over 313.8 million unorganised workers and more than 5.09 lakh gig and platform workers were registered on the e-Shram portal. Those verified on the portal will have priority access to the new loans. The restructured Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) Scheme, aiming to benefit 1.15 crore beneficiaries, has extended its lending period until March 31, 2030, with a total outlay of Rs 7,332 crore.
The revamped scheme includes increased loan amounts for the first and second tranches, along with the provision of a UPI-linked RuPay Credit Card for beneficiaries who repay the second loan on time. Furthermore, the scheme’s coverage is expanding to include census towns, peri-urban areas, and other regions beyond statutory towns in a phased manner.
