Are you a street vendor or a business street vendor looking for financial assistance? The PM Sonidi Yojna is a scheme specifically designed to provide loans to street vendors. In this blog post, we will discuss the online process of applying for the PM Sonidi Yojna loan and the benefits it offers to street vendors.
Loan Application Process
Applying for the PM Sonidi Yojna loan can be a bit challenging if you are not familiar with the online process. However, we have simplified the steps for you:
- Click on the link provided in the description to access the complete online application process.
- Fill in the required details, including personal information and member details of any street vendor association you are a part of.
- Provide your bank account details, including the branch and account number.
- If you have an existing loan, you will need to provide the outstanding amount and monthly repayment details.
- Select the loan amount required and the purpose of the loan, whether it is for working capital or to expand your business.
- Review and submit your application.
- After submitting the application, you will be provided with an application number for reference.
Eligibility Criteria
In order to be eligible for the PM Sonidi Yojna loan, you need to meet the following criteria:
- You must be a street vendor or a part of a joint liability group (JLG).
- If you belong to a minority category, you can select the appropriate option during the application process.
- You will need to provide KYC documents, with the voter ID card being the default primary document.
- Your shop's address, including landmarks and pin code, should be provided.
- If you are a member of a street vendor association, you can provide the association's details.
- Bank account details, including the branch and account number, are required for loan disbursement.
Loan Amount and Repayment
The loan amount required and the repayment terms are as follows:
- You can select the loan amount required for a period of 12 months.
- If you make timely repayments, you may be eligible for a second-year loan.
- The loan purpose can be either for working capital or for the purchase of machinery or equipment.
Bank Selection and Loan Disbursement
During the application process, you will be given the option to select a specific bank for loan disbursement:
- If you have a specific bank in mind, you can check if it is listed as an option for loan disbursement.
- Banks and financial corporations (BFCs) are available for selection.
- You can also choose the branch of the selected bank for loan disbursement.
- Accept the terms and conditions provided by the selected bank.
Loan Application Submission
Once you have completed all the necessary steps in the application process, you need to submit your application:
- Click on the submit button to generate an application number.
- Take a screenshot of the application number for future reference.
- Once the lenders receive and review your application, they will contact you regarding further steps.
Loan Status and Online Process
After the completion of the online application process, you can check the status of your loan:
- You can check the status of your loan by providing your application number.
- If your loan is approved, you will receive a confirmation message.
- It is important to note that the loan is subject to the availability of funds and the lender's discretion.
Conclusion
The PM Sonidi Yojna is a government scheme that aims to provide financial assistance to street vendors and business street vendors. By following the online application process, street vendors can easily apply for a loan and expand their businesses. It is important to meet the eligibility criteria and provide accurate details during the application process. We hope this blog post has provided you with the necessary information to apply for the PM Sonidi Yojna loan.