PM Street Vendor’s AtiNimaBhar Fund (PM self) App was launched by the Ministry of Housing and Urban Affairs Central Government On 17 July 2020. People can now download and install the PM Svanidhi Mobile App on their smartphones from the Google Play Store through a direct link. This new PM SVANidhi mobile application aims to provide a user-friendly digital interface for lending institutions (LIs) and their field officials. The new app has been developed for sourcing and processing street vendors’ loan applications. All applicant street vendors can now apply for loans online, do vendor search, through this app or through the previously launched pmsvanidhi.mohua.gov.in under PM Street Vendors Atmanbir Nidhi Yojana. KEC can.
The PM SVANidhi app by MoHUA is a step towards promoting the use of digital technology. This PM Svanidhi app will facilitate field officers of LI like Banking Correspondents (BCs) and Agents of Non-Banking Financial Companies (NBFC) / Micro-Finance Institutions (MFIs), whose proximity with street vendors to ensure maximum coverage is. Prime Minister Street Vendor Atmanibar Scheme.
Read in Hindi: How to apply for Pradhan Mantri Swanidhi Yojana?
launch of PM Svanidhi App In addition to promoting paper-less digital access to micro-credit facilities by street vendors, the plan will also promote the implementation strategy.
PM Svanidhi Mobile App Download Link for Android Users
The Ministry of Housing and Urban Affairs has already launched http://pmsvanidhi.mohua.gov.in/ Website on 29 June 2020. Now MOUUA has launched the PM Sanidhi mobile app which has all the same features as compared to the PM Svinidhi web portal. Here is a direct link to download PM Svanidhi Mobile App from Google Play Store – https://play.google.com/store/apps/details?id=com.mohua.pmsvanidhi&hl=en_IN&gl=US. The official PM Svanidhi App download from Google Play store for Android users will appear as shown below: –
PM SVANidhi – The official mobile application provides end-to-end solutions to facilitate lending institutions – banks / NBFC / MFI etc. to process loan applications of beneficiaries through agents in their area. The new official PM Sva Nidhi App is 3.8 MB in size, the current version is 1.0.1 and it requires 4.4 and Android version for installation.
MoHUA launched on June 01, 2020 ‘PM Street Vendor’s Atmanihar Nidhi (PM-SVNidhi)’, To resume its business, to facilitate collateral free working capital loans to around 50 lakh street vendors for a term of ure 10,000, 1 year. Incentives in the form of interest subsidy (@ 7% per year) and cash-back (₹ 100 per month per month) are being provided to promote good repayment behavior and digital transactions.
The plan extended the next installment of the loan to early or timely repayment. Apart from banks, for the first time NBFCs and MFIs have been included as lending institutions (LIs) to increase the reach of the scheme. To encourage lending, on a portfolio basis, these LIs are being provided with graded guarantee cover through CGTMSE. The plan period is till March 2022.
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Features of PM SVANidhi App
Following are the features of PM SvaNidhi App: –
- Seller search in survey data
- Applicants’ e-KYC
- Processing of loan applications
- real time monitoring
Who should download PM SVANidhi app
The PM SVANidhi app can be downloaded from the Google Play store for use by LIs and their field officials. After the lending process started under PM SVANIDI scheme on 2 July 2020, more than 1.54 lakh street vendors in the States / UTs have applied for working capital loan. Out of these loan applications received from street vendors, more than 48,000 have already been sanctioned loans under the Atmanbir Fund Scheme of PM Street Vendor.
PM SVANidhi was launched by the Ministry of Housing and Urban Affairs (MoHUA) on 1 June 2020. The scheme aims to provide affordable working capital loans to street vendors to resume their livelihoods which have been adversely affected due to the Kovid-19 lockdown.
Atmanbir Scheme of PM Street Vendor
The new PM Street Vendor’s Atmanabir Nidhi Yojana aims to benefit 50 lakh street vendors who were involved in urban areas of peri-urban / rural areas on or before March 24, 2020. Under PM Sarvnidhi Yojana, sellers can avail working capital loans up to Rs. 10,000, which is repayable in monthly installments over a tenure of 1 year.
On timely or early repayment of the loan, interest subsidy @ 7% per annum will be deposited in the bank accounts of the beneficiaries. This interest subsidy on loans under PM SV Nidhi scheme will be provided on quarterly basis through Direct Benefit Transfer (DBT) mode. There will be no penalty for prompt repayment of loan.
The PM Svanidhi scheme promotes digital transactions through cash back incentives up to an amount of Rs. 100 per month. In addition, sellers can achieve their ambition to move up the economic ladder by taking advantage of the facility to raise the loan limit on timely or early repayment of the loan.
More details of the scheme can be seen at https://pmsvanidhi.mohua.gov.in/Home/Schemes
Content Source / Reference Link: https://www.timesnownews.com/business-economy/economy/article/pm-svanidhi-app-launched-to-street-vendors-apply-for-micro-loans/623172
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