PM SVANidhi Credit Card Launched: UPI-Linked Credit Facility for Street Vendors
Prime Minister Narendra Modi on Friday launched the PM SVANidhi Credit Card from Kerala, describing it as a major step toward empowering the poor and strengthening inclusive growth across the country.
PM SVANidhi Credit Card Linked With UPI
The newly launched PM SVANidhi Credit Card is a UPI-linked, interest-free revolving credit facility designed specifically for street vendors, street cart operators, and pavement vendors. The card enables beneficiaries to access instant credit for daily business needs through digital payments.
Prime Minister Modi said the initiative, which originated in Kerala, will benefit poor and marginalised sections across India and reflects the government’s commitment to financial inclusion and self-reliance.
What Is the PM SVANidhi Credit Card?
The PM SVANidhi Credit Card is available to street vendors who have successfully repaid their first two PM SVANidhi loans. Key features include:
- Initial credit limit of ₹10,000, extendable up to ₹30,000
- Interest-free revolving credit
- Validity of 5 years
- Issued by banks
- Can be linked directly with UPI for easy digital transactions
The card provides flexible, on-demand credit to help vendors manage daily expenses and working capital requirements.
About the PM SVANidhi Scheme
The PM SVANidhi (Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi) scheme was launched on June 1, 2020, by the Ministry of Housing and Urban Affairs. It aims to support street vendors through micro-credit facilities.
Under the scheme:
- Vendors receive an initial unsecured loan of ₹10,000
- Subsequent loans of ₹20,000 and ₹50,000 come with a 7% interest subsidy
- Vendors adopting digital payments are eligible for cashback of up to ₹100 per month
The scheme has played a key role in promoting digital transactions and strengthening the livelihoods of street vendors across India.
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