PM Vishwakarma Scheme: People involved in traditional trades and crafts can get financial support under the PM Vishwakarma Scheme. The scheme is aimed at artisans and craftspeople who use their hands and traditional tools to earn a livelihood.
Those working in traditional family-based occupations in the unorganised sector can register under the scheme, subject to the prescribed eligibility conditions. Eligible beneficiaries can receive loans of up to ₹3 lakh to support their work.
Who Can Get a Loan Under PM Vishwakarma?
The scheme covers artisans and craftspeople engaged in activities identified under the government programme. Applicants must be at least 18 years old at the time of registration.
The financial assistance is intended for people involved in traditional occupations where work is carried out using hands and tools. Loans are available only for the trades and activities covered under the scheme.
One of the key features is that the loan does not require collateral or security.
Loan Amount, Interest Rate and Repayment
Under the scheme, a total loan amount of ₹3 lakh is provided in two stages.
The first tranche is ₹1 lakh, which has a repayment period of 18 months. Before receiving the first tranche, applicants have to complete the required verification process and undergo five days of basic training.
After verification, beneficiaries receive a digital ID, a PM Vishwakarma Digital Certificate and a PM Vishwakarma ID card, which provide access to the benefits available under the scheme.
The second tranche amounts to ₹2 lakh and comes with a repayment period of 30 months.
The applicable interest rate for borrowers is 5% after taking the subsidy into account.
Eligibility and Registration Process
Applicants must meet the scheme’s eligibility requirements. A person who has already taken a loan under a similar Central or State Government scheme during the previous five years is generally not eligible. However, loans that were previously repaid under schemes such as Mudra and SVANidhi may be treated as exceptions.
Only one member of a family can register and receive benefits under the scheme. The scheme allows eligible family members, including the husband, wife and unmarried members, to avail themselves of the benefit subject to the applicable conditions. Government employees are not eligible for the scheme.
To register, applicants need to visit a Common Service Centre (CSC). The registration process is then completed through the dedicated portal. Biometric authentication is used for every registration.
Disclaimer: This article is intended for general informational purposes only and is based on the details provided in the source material. Eligibility conditions, loan terms, interest rates, training requirements and other scheme provisions may be subject to applicable government rules. Applicants should verify the latest information through official government channels or the authorised registration centre before applying.