Street Vendors Thrive With Over Rs 17,800 Crore Loans Through PM SVANidhi

The PM SVANidhi scheme has delivered over Rs 17,800 crore in collateral-free loans to more than 1.12 crore street vendors in India since 2020, enhancing their financial and digital inclusion. The program aims for continued support and expansion until March 2030, benefitting marginalized groups.

The PM SVANidhi initiative, since its inception in June 2020, has disbursed over Rs 17,800 crore in loans, empowering more than 1.12 crore street vendors across India. The Ministry of Housing and Urban Affairs highlights this scheme as pivotal for boosting financial inclusion and empowering street vendors economically.

As the scheme marks its sixth anniversary, it is reported that over 75.5 lakh vendors have accessed formal credit, embracing digital payments and benefiting from social security aids across urban areas. Originally launched to ease the COVID-19 pandemic's financial strain, PM SVANidhi provides collateral-free loans starting at Rs 15,000, combined with interest subsidies and credit support.

The initiative also promotes digital integration, evidenced by 55 lakh recipients conducting approximately 841 crore digital transactions. Beyond financial aid, beneficiaries enjoy incentives like cashback and digital lending tools, with a significant percentage experiencing elevated creditworthiness and financial independence. Ongoing until March 2030, the initiative supports marginalized communities, highlighting its broad and inclusive impact.