PM Svanidhi Yojana apply online | How to apply PM Svanidhi Yojana loan 2024

Summary

The video script outlines the application process for the Indian government's PM Street Vendor's Atma Nirbhar Nidhi Yojana, which offers loans up to ₹5,000,000 without collateral and with government subsidies. It guides viewers on how to apply online, emphasizing the importance of accurate information to avoid application rejection. The script details the steps, including mobile number verification, personal and business information input, and the selection of loan amounts and purposes. It also discusses the benefits of choosing a fixed location for vendors and the option to apply through a dedicated bank or multiple banks, concluding with the submission of the application and the potential for loan approval.

Takeaways

• 😀 The PM Street Vendor Scheme offers loans up to ₹5,000,000 without any collateral and with government subsidies.
• 📱 Applying for the loan is done online, and the video provides a step-by-step guide on how to apply.
• 🔗 A link to the official website for the PM Street Vendor Scheme is provided in the video description.
• 🏦 Street vendors, including those without a street vendor license, can apply for the loan without providing security.
• 🆓 There is no need to provide an LR number, which was a previous barrier for many applicants.
• 📋 The application process involves providing personal details, selecting the district, ward, and other personal information.
• 📱 Mobile number verification is required, and the number should be linked to the Aadhaar card for data verification.
• 🏠 Information about the vendor's activity, such as the type of vending activity and the location, is necessary.
• 📅 The duration of vending activity and the days of the week the vendor operates must be specified.
• 🕒 Timings of vending activity, such as the start and end times of the day, need to be selected.
• 💼 The application also asks for details about the vendor's business, such as the use of digital payments and any outstanding amounts.
• 💵 The loan amount can be between a minimum of ₹50,000 to a maximum of ₹5,000,000, and the reason for the loan must be specified.
• 📄 After filling out all the details, the application can be saved and submitted, and the video explains how to do this.

Q & A

What is the maximum loan amount provided under the PM Street Vendor's Scheme?

The maximum loan amount provided under the PM Street Vendor's Scheme is ₹5,000,000.

Is there any requirement for collateral to avail the loan under this scheme?

No, there is no requirement for collateral to avail the loan under the PM Street Vendor's Scheme.

What is the process to apply for the loan online as described in the script?

The process involves visiting the official website linked in the video description, filling out the application form with accurate information, and submitting it online.

Why do many applications get rejected as mentioned in the script?

Many applications get rejected because people fill out the form with incorrect information, leading to disqualification.

What is the new option introduced for vendors who do not have an LR number?

A new option called 'Apply for EORAM (Easy Option and Refinance against Mortgage) loan' has been introduced, allowing vendors without an LR number to apply.

What is the significance of linking the mobile number with the Aadhaar card during the application process?

Linking the mobile number with the Aadhaar card ensures that the data entered is verified through Aadhaar, which is mandatory for the application process.

What are the various loan options available under the PM Street Vendor's Scheme?

The loan options available are up to ₹1,000,000 with 0% interest and up to ₹5,000,000 with an interest rate that needs to be repaid within 12 months to 36 months.

What is the requirement for street vendors who do not have a street vendor's license?

For those who do not have a street vendor's license, they can apply under the 'Apply for EORAM loan' option, which does not require an LR number.

How does the verification process work for the mobile number and Aadhaar card?

The mobile number is verified through an OTP sent to the number, which must be linked with the Aadhaar card. The verification ensures the data is fetched through Aadhaar.

What additional documents are required to be uploaded during the application process?

Applicants may need to upload documents such as a copy of their bank passbook, proof of business activity, and any other documents specified in the application form.

How does the script guide applicants to select their business activity and place of business?

The script instructs applicants to select their business activity from a list of categories and to specify whether their business has a fixed location or is mobile.