- PM Vishwakarma Yojana offers loans up to ₹3 lakh without collateral at a low interest rate of 5% per annum.
- Beneficiaries receive skill development training, ₹15,000 toolkit incentives, and digital transaction rewards.
- Simple step-by-step process including registration, training, loan application via CSC centers, and repayment terms up to 30 months.
PM Vishwakarma Yojana is a flagship central government scheme aimed at empowering traditional artisans and craftsmen across India by providing financial support and skill enhancements. Launched on September 17, 2023, by Prime Minister Narendra Modi, this scheme focuses on boosting the income of artisans by extending capital and promoting modern technology usage.
PM Vishwakarma Loan Application Process
Step 1: Registration
Eligible artisans need to register on the PM Vishwakarma Portal. The registration requires Aadhaar based biometric verification. After successful registration, beneficiaries receive a PM Vishwakarma Certificate and a unique ID Card.
Step 2: Skill Development Training
Beneficiaries must undergo basic skill training of 40 hours. Completion entitles them to a toolkit incentive worth ₹15,000 to support their trade.
Step 3: Loan Eligibility
Upon completing basic training, beneficiaries can apply for a first-phase loan of up to ₹1 lakh without any collateral. The second-phase loan of up to ₹2 lakh will be disbursed after successful repayment of the first loan and completion of advanced training.
Step 4: Loan Application
Loan application is processed online through Common Service Centers (CSC). The loan carries a simple, low-interest rate of 5%, and does not require any guarantor or collateral.
Step 5: Loan Repayment
The repayment period for the first phase loan is up to 18 months, while the second phase loan offers a repayment duration of up to 30 months.
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PM Vishwakarma Yojana and its Benefits
This scheme facilitates economic empowerment through multiple benefits designed especially for artisans working in trades such as carpentry, blacksmithing, goldsmithing, and other traditional crafts.
- Loan Facility: Up to ₹3 lakh loan available in two phases — ₹1 lakh in the first phase and ₹2 lakh in the second.
- Low Interest Rate: The loan is offered at a concessional rate of only 5% per annum and is collateral-free.
- Skill Development: Beneficiaries undergo basic (40 hours) and advanced training sessions.
- Toolkit Incentive: ₹15,000 provided after completing basic training to procure necessary tools.
- Digital Transaction Incentive: ₹1 incentive per digital transaction up to 100 transactions per month, encouraging digital payments.
- Training Allowance: ₹500 daily stipend during the training period.
- Marketing Support: Assistance for product branding and promotion to expand market reach.
Scheme Highlights
| Feature | Details |
|---|---|
| Scheme Name | PM Vishwakarma Yojana |
| Target Beneficiaries | Traditional Artisans and Craftsmen |
| Maximum Loan Amount | ₹3 Lakh (₹1 Lakh + ₹2 Lakh phases) |
| Interest Rate | 5% per annum |
| Toolkit Incentive | ₹15,000 |
| Training Allowance | ₹500 per day |
| Minimum Age | 18 years |
| Digital Transaction Reward | ₹1 per transaction (up to 100/month) |
| Scheme Last Date | Till 31 March 2028 |
Eligibility Criteria for PM Vishwakarma Loan Yojana
- Applicant must be an Indian citizen aged 18 years or above.
- Only one applicant per family is eligible to apply.
- Applicants should not have any active loan from similar government credit schemes like PMEGP or MUDRA in the last 5 years or must have cleared any such loans.
- Applicants should be engaged in traditional artisanal businesses such as carpentry, blacksmithing, and goldsmithing.
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Additional Benefits for Beneficiaries
- Issuance of digital identity cards (PM Vishwakarma ID) to recognize artisans officially.
- A daily allowance of ₹500 is provided during training periods to support livelihood.
- Marketing assistance to help artisans promote and brand their products for better market visibility.
Digital Transaction Incentives
The scheme emphasizes digital empowerment by providing ₹1 per digital transaction reward for up to 100 transactions each month, encouraging artisans to adopt cashless payments.
How to Check Loan Application Status
Applicants can check their loan application status by logging into the PM Vishwakarma Portal or visiting the nearest CSC center.
PM Vishwakarma Yojana is a transformative scheme designed to help artisans become self-reliant by supporting their financial, skill development, and technological needs. It facilitates growth not just through monetary aid but also by fostering modern practices and digital inclusion.