The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has digitally onboarded more than 55 lakh beneficiaries, who have conducted over 841 crore digital transactions worth nearly Rs 9 lakh crore. These beneficiaries have also received around Rs 800 crore through digital cashback incentives and interest subsidies. The scheme has been extended until March 2030 due to its significant impact and achievements.
PM SVANidhi, initiated in June 2020, is a unique micro-credit program aimed at street vendors, supported by government-backed credit guarantees. It has become a nationwide movement promoting financial empowerment, digital inclusion, and social security for millions in India’s informal sector. The scheme not only offers collateral-free loans but also promotes digital adoption, enhances access to credit, and expands social security coverage.
Under PM SVANidhi, vendors have seen improvements in business sustainability and earnings, with nearly 95% accessing formal institutional credit for the first time. Beneficiary incomes have witnessed an average annual rise of almost 20%, significantly enhancing their living standards. The scheme has also facilitated housing stability, better access to essential services like healthcare and education, and increased social inclusion, particularly benefiting women and marginalized communities.
PM SVANidhi provides collateral-free working capital loans in three stages of Rs 15,000, Rs 25,000, and Rs 50,000, along with interest subsidy and credit guarantee support. Vendors who repay the second tranche successfully are eligible for UPI-linked RuPay Credit Cards with limits up to Rs 30,000. Additionally, cashback incentives of up to Rs 1,600 are offered to encourage digital transactions and financial literacy among street vendors.
