PM SVANidhi scheme upgraded to help more street vendors
The government just approved PM SVANidhi Scheme 2.0—a credit scheme with a ₹7,332 crore budget running till March 2030.
It's designed to support about 1.15 crore street vendors (including five million new ones) with bigger working capital loans: the first loan jumps from ₹10,000 to ₹15,000 and the second from ₹20,000 to ₹25,000; the third stays at ₹50,000.
What's new in version 2.0?
This upgrade means more street vendors—including those in smaller towns and peri-urban areas—can get access to formal credit and digital tools.
Vendors who repay their second loan will get a UPI-linked RuPay Credit Card for instant credit and can earn up to ₹1,600 cashback on digital transactions.
Plus, there's training on entrepreneurship, financial literacy, digital skills, and marketing, with hygiene and food safety training for street food vendors in partnership with FSSAI.
Since its June 2020 launch, over 96 lakh loans have already gone out—this new version aims to help even more people build stable livelihoods and join India's growing digital economy.