PM SVANidhi Credit Card: Eligibility, reward points, cashback, how to apply; all details here

Prime Minister Narendra Modi on Friday, January 23, said that the launch of credit cards and the disbursement of loans under PM SVANidhi empower individuals and ensure a better quality of life.

“The launch of credit cards and disbursement of loans under PM SVANidhi adds momentum to our efforts of empowering people and ensuring a better quality of life,” PM Modi said in a social media post on X.

In June 2020, the Ministry of Housing and Urban Affairs (MoHUA) launched the PM SVANidhi (Prime Minister Street Vendor's AtmaNirbhar Nidhi) scheme to provide affordable working capital loans to street vendors without any collateral requirements. It was launched during the COVID-19 pandemic, primarily to help street vendors restart businesses.

“Launched in June 2020, the PM SVANidhi scheme was formulated to assist the street vendors to overcome the adverse effects of financial constraints and to restart their lost businesses during the pandemic. However, since the inception of the scheme, it has proved to be more than financial support for street vendors and has given them a sense of identity & formal recognition for their contribution to the economy,” a PIB release said in December 2025.

In August 2025, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the restructuring and extension of the lending period under the scheme beyond December 2024 till March 31, 2030 with an outlay of ₹7,332 crore.

“The restructured scheme aims to benefit 1.15 crore beneficiaries, including 50 lakh new beneficiaries,” the release said.

Under the restructured scheme, collateral-free working capital loans of up to ₹15,000 for one year with interest subsidy can be accessed by street vendors. On timely repayment of the first loan, loans with higher amounts, of ₹25,000 in the second and ₹50,000 in the third tranches, can also be facilitated under the scheme.

Credit cards under the PM SVANidhi scheme

The government offers UPI-linked RuPay credit cards to beneficiaries of the PM SVANidhi scheme who have timely repaid the second loan. The credit cards offer immediate access to credit to the street vendors, helping them meet urgent business and personal requirements.

Eligible street vendors can apply for the PM SVANidhi credit card on the PM SVANidhi (PMS) portal or the PMS mobile app.

Bank of Baroda Credit Card (BOBCard) offers a lifetime free PM SVANidhi credit card, the PM SVANidhi BOBCARD with many benefits, including 1 reward point for every ₹100 on eligible spends. The starting credit limit of the card is ₹10,000.

The scheme also offers many other benefits, including cashback up to ₹1,200 on regular sales with a maximum of ₹100 per month and cashback up to ₹400 on wholesale purchases of ₹2,000 or more (₹20 per transaction with a maximum of ₹100 per quarter).

“Through sustained digital inclusion, financial literacy, and capacity-building support, PM SVANidhi empowers one of the most vital segments of the urban informal economy, reaffirming the Central Government’s commitment to a resilient, self-reliant, and inclusive growth trajectory where every citizen has the opportunity to thrive,” the PIB release said.