Great news! Now you can avail the PMSVANidhi Loan from SBI digitally, without having to visit an SBI branch. The government had launched a scheme – PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) to empower Street Vendors by not only extending loans to them, but also for their holistic development and economic upliftment. The scheme intends to facilitate collateral free working capital loans of up to INR10,000/- of one-year tenure, to approximately 50 lakh street vendors, to help resume their businesses in the urban areas, including surrounding peri-urban/rural areas. Click here to check all details of PM Svanidhi Scheme.
Now, the largest bank in India – SBI has launched a simple process for street vendors through which they can get Rs.10,000 loan in an easy manner. State Bank of India has allowed e-signing of PM SVANIDHI agreement. Borrowers can easily sign the loan agreement through his mobile only and he/she need not visit branch. Click here to check all details of PM Svanidhi Scheme.
How will this work?
- Receive the Link: As a borrower, you will receive a link on your mobile number registered with the bank. This link will allow you to complete the loan application process online.
- Provide Aadhaar and OTP: Once you click on the link, you will be asked to enter your Aadhaar number and an OTP (One-Time Password) for verification purposes. This step ensures the security of your personal information.
- Digitally Sign the Agreement: After completing the verification process, you will be prompted to digitally sign the loan agreement. This can be done online, eliminating the need for physical paperwork.
- Loan Disbursement: Once you have digitally signed the agreement, the disbursement of the loan will be initiated. With just a single click of your mouse, the loan amount will be transferred to your designated account.
By digitizing the loan application and disbursement process, SBI aims to make it more convenient for customers like you to access financial assistance. This innovative approach allows you to complete the entire process from the comfort of your own home or office.
