Prime Minister Narendra Modi has launched the ‘PM SVANidhi Credit Card’ for street vendors across the country. The launch event took place in Thiruvananthapuram, Kerala, on January 23, 2026. This new facility aims to bring small traders and street vendors into the formal banking system by offering them easy credit without interest.
What is the Credit Limit?
The card comes with an initial credit limit of Rs 10,000. If the beneficiary repays the amount on time, the limit will be gradually increased up to Rs 30,000. This is a revolving credit facility, which means vendors can use the money, pay it back, and use it again.
Key Features and Rules
- Interest-Free Period: Vendors will get an interest-free period ranging from 20 to 50 days, depending on the issuing bank’s policy.
- No Cash Withdrawal: This card is strictly for digital transactions via UPI. Cash withdrawals from ATMs are not allowed to encourage digital payments.
- Charges: While there is no interest if paid on time, a late fee or additional charge will apply if the bill payment is delayed by even a single day.
Who Can Apply?
The credit card is available to those street vendors who have successfully repaid their second tranche of loan under the PM SVANidhi scheme. The card is linked to the RuPay network and is valid for five years.
