PM SVANidhi SBI Integration to Ease Processing of Loan Applications (Download PDF)

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PM SVANidhi SBI Integration to Ease Processing of Loan Applications

  • Integration between PM SVANidhi Portal and the State Bank of India (SBI) portal has been launched.
  • PM Samadhi portal is a part of PM՚s Street Vendor՚s Atma Nirbhar Nidhi (PM SVANidhi) scheme.
PM SVANidhi SBI Integration
PM Street Vendor՚s Atmanirbhar Nidhi

Benefits of Integration

  • The integration will facilitate seamless flow of data between the two portals i.e.. PM SVANidhi Portal and SBI՚s eMudra Portal.
  • The data flow will be done in a secure environment.
  • It will expedite the loan sanctioning and disbursement process.
  • It will benefit the street vendors seeking working capital loans under the scheme.
  • Similar integration with other banks will also be explored.

PM SVANidhi Scheme

  • The scheme was launched on June 1,2020.
  • The aim of the scheme is to provide affordable working capital loan to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdown.
  • This scheme aims to benefit over 50 lakh Street Vendors who had been vending on or before 24 March, 2020, in urban areas as well as those from surrounding peri-urban/rural areas.
  • A working capital loan of up to ₹ 10,000 can be availed by the street vendors under the scheme.
  • The loan is repayable in monthly instalments in the tenure of one year.
  • An interest subsidy@7 % per annum will be credited to the bank accounts of beneficiaries through Direct Benefit Transfer on quarterly basis on timely/early repayment of the loan.
  • There will be no penalty on early repayment of loan.
  • The scheme promotes digital transactions through cash-back incentives up to an amount of ₹ 1,200 per annum.
  • The vendors can fulfil their aspiration of climbing up the economic ladder by availing the facility of enhanced credit limit on timely/early repayment of loan.

- Published/Last Modified on: March 15, 2021

Economy, Agriculture/Agro Industries, Govt. Schemes/Projects

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