₹50,000 Loan with Aadhaar Card: No Guarantee Needed Under PM Svanidhi Yojana

The PM Svanidhi Yojana (Prime Minister Street Vendor’s AtmaNirbhar Nidhi) is a government-backed scheme to provide financial support to street vendors for their economic upliftment. This scheme was introduced in 2020 during the COVID–19 pandemic. PM Svanidhi Yojana helps street vendors support ₹50,000 Loan with Aadhaar Card.

Features of the PM Svanidhi Yojana

1) Loan Amount
The scheme allows street vendors to take loans in three steps:

• ₹10,000 as the first step loan.
• ₹20,000 as the second loan, upon timely repayment of the first loan.
• ₹50,000 as the third and final step after successfully repaying the second loan.

2) No Collateral Required

Vendors can easily obtain loans on this scheme without collateral or security.

3) Simple Documentation

The documentation process is simple. Just required an Aadhaar Card to get the loan.

4) Low-Interest Rate

PM Svanidhi Yojana provides loans at lower interest rates. The affordable interest helps borrowers to pay the monthly installment easily.

 5) Repayment Flexibility

• Loans can be repaid in monthly installments over 1 year.
• Early repayment offers higher loan eligibility.

Also Read: How to secure MSME loan without collateral

Eligibility Criteria

To get the ₹50,000 loan under the PM Svanidhi Yojana, vendors must meet the following criteria:

Street Vendor Registration
The applicant must be a registered street vendor as per the local urban authority.

Aadhaar Linked to Mobile and Bank Account

Aadhaar must be linked to the vendor’s mobile number for OTP verifications. Also, a bank account linked with Aadhaar is essential for loan disbursal.

Age Required

To get the loan, the borrower’s age must be 21 years or above.

Repayment History
Vendors must have repaid the previous loan amounts ₹10,000 and ₹20,000 on time to qualify for the ₹50,000 tranche.

Documents Required for PM Svanidhi Yojana

• Identity Proof: Aadhaar Card / Voter Card / Pan Card
• Proof of Residence: Aadhaar Card / Voter Card
• Vintage Proof: Trade License / MSME Certificate
• Other Documents: Bank Account
• Vendor Card: Identity Card issued by the Urban Local Bodies (ULB)

Benefits of the PM Svanidhi Yojana Loan

Check out the benefits of the PM Svanidhi Yojana loan below:

Financial Empowerment: The PM Svanidhi Yojana loan helps street vendors expand their businesses and improve their livelihoods.

No Middlemen Hassles: Transparent loan process directly through banks or government portals. No middlemen are required to obtain the loan.

Promotes Financial Inclusion: Get an affordable 50,000 loan on an Aadhaar Card to encourage vendors to join the formal financial system.

Also Read: How to get business loan up to 30 lakh

How to Apply

1. Loan Application

You can digitally apply for a PM Svanidhi Yojana loan through the PM SVANidhi official portal: www.pmsvanidhi.mohua.gov.in and click on the “Apply for Loan” button.

2. Verify with Aadhaar

Borrower must verify with Aadhaar link mobile number through Aadhaar OTP.

3. Complete Application

You must fill out the application form with personal information, business details, and bank account details.

4. Upload Documents

Borrowers have to upload all the required documents as scanned copies.

5. Submit Application

The final step is to submit the application form after completing all steps.

FAQs