PM SVANidhi for Street Vendors

Description

The PM SVANidhi app is a Government of India initiative designed to facilitate the loan application process for street vendors, not a direct lending platform. It connects street vendors with the domestic lenders, providing them with a streamlined process to apply for loans under the PM SVANidhi scheme. The app serves as a loan facilitator, making it easy for vendors to apply, track their application status, and access various other benefits and services.

This Android-based mobile app offers a simple and user-friendly interface for both PM SVANidhi beneficiaries and non-beneficiaries to access different features related to the scheme. By using the app, street vendors can apply for loans, update their details, and obtain relevant information regarding the scheme.

Key Features:

Apply for Loans: Seamlessly apply for loans under the PM SVANidhi scheme with options for ₹10K, ₹20K, ₹50K.

Track Application Status: Stay updated on the progress of your loan application and check the status in real-time.

Update PMS Linked Mobile Number: Easily update your registered mobile number to receive important updates and notifications.

IEC Materials: Access useful learning materials, videos, user manuals, and important announcements related to the PM SVANidhi scheme.

Cashback History: Keep track of your cashback history and view how much cashback you have earned.

Digital Onboarding: Share your UPI/VPA or QR code to become digitally active in the PM SVANidhi scheme.

E-commerce: Explore business opportunities with popular e-commerce platforms like Zomato, Swiggy, Amazon, and Flipkart.

Download LoR Certificate: Easily download your Letter of Recommendation (LoR) certificate as proof of eligibility.

LoR Search: Search and access information related to the Letter of Recommendation (LoR).

SRN Search: Track your application status using your Street Vendor Registration Number (SRN).

ULB Search: Access information about Urban Local Bodies (ULBs) with the ULB search feature.

Complaints and Grievances: Record voice-based complaints, which will be converted to text and forwarded to the selected entity for resolution.

Loan Details:
Loan Amount:
1st Loan: ₹5,000 to ₹10,000
2nd Loan: ₹15,000 to ₹20,000
3rd Loan: ₹30,000 to ₹50,000

Minimum and Maximum Period for Repayment:
1st Loan: 6 to 12 months
2nd Loan: 6 to 18 months
3rd Loan: Up to 36 months

Maximum Annual Percentage Rate (APR):

The APR, which includes only the interest rate, is between 8% to 24%, as set by the respective lenders.

Representative Example of the Total Cost of the Loan:

For example, a loan of ₹10,000 with an interest rate of 10% per annum would have a total repayment cost of ₹11,000 (₹10,000 principal + ₹1,000 interest) over the loan tenure. The PM SVANidhi scheme does not charge any application or processing fees. The interest rate is subsidized by the government, reducing the financial burden on the vendor. Additionally, vendors are eligible for digital cashback, further lowering the cost of the loan.

This mobile app acts as a loan facilitator, helping street vendors connect with lenders and apply for loans, while also providing access to a wealth of other resources, features, and services designed to help vendors improve their businesses and livelihoods.