PM Vishwakarma Yojana Highlights
|Interest Rate||5% p.a.|
|Loan Amount||Up to Rs 3 lakh|
|Loan Tenure||4 years|
|Benefits||Skill upgradation, toolkit incentive, credit support, marketing support, incentive for digital transactions and recognition of PM Vishwakarma Certificate and ID Card|
Note: Updated as of 26 October 2023
Interest Rate of PM Vishwakarma Yojana
The interest rate of PM Vishwakarma Yojana is fixed @ 5% p.a. The interest subvention will be to an extent of 8% and paid upfront to the banks by the MoMSME.
Loan amount & Repayment Tenure of PM Vishwakarma Yojana
|Tranche||Loan Amount||Repayment Tenure|
|1st Tranche||Up to Rs 1 lakh||18 months|
|2nd Tranche||Up to Rs 2 lakh||30 months|
Borrowers should note that the first loan tranche will be sanctioned on completion of 5-7 days of their basic training provided by MSDE. The second loan tranche will be available to skilled borrowers who have fully repaid the first tranche loan, maintained a standard loan account and adopted digital transactions in their business or have taken advanced training. Moreover, the second loan tranche will not be sanctioned before 6 months after the disbursement of the first tranche loan.
PM Vishwakarma Yojana Benefits
Borrowers will get a Digital ID, PM Vishwakarma Digital Certificate and PM Vishwakarma ID Card to avail of the following benefits under this scheme:
The PM Vishwakarma Kaushal Samman scheme offers training programs to borrowers at vocational training centres. The borrower will receive a training stipend (Rs 500/day) after the completion of 5-7 days of basic training into the Aadhaar linked bank account through DBT (Direct Benefit Transfer). Interested candidates can also apply for Advanced Training for 15 days at designated training centers. During the training period, board and lodging will be provided free of charge.
The scheme offers toolkit incentives of up to Rs 15,000 to the borrowers who have taken Skill Assessment under the ‘Skill Upgradation’. The incentive amount is offered through e-RUPI/e-vouchers for the purchase of improved tools from designated centres.
Access to Affordable Credit
The scheme offers collateral-free loans to all eligible applicants. Even individuals having no credit history can avail loan under this scheme.
- The borrowers will get marketing support on their preferred areas from NCM (National Committee for Marketing). The support includes creating physical and online presence for the products and services, brand building, packaging, design and development, Trade Fairs advertising, contacts to exporters, product quality, and listing products on e-commerce portals.
- The cost of the following areas will be reimbursed by the NCM
- Quality certifications
- Onboarding on e-commerce platforms
- Participation in trade fairs
Incentive for Digital Transactions
The scheme offers incentives for the promotion of UPI digital transactions. The incentive amount of Re. 1 per eligible digital transaction (up to 100 eligible transactions monthly) will be credited to the Aadhaar-linked bank account of the beneficiaries through Aadhaar Payment Bridge System (APBS).
Eligibility of PM Vishwakarma Yojana
- The applicant should be an artisan or craftsperson engaged in any one of the 18 specified family-based traditional trades (mentioned below) in the unorganized/informal sector, on a self-employment basis
- The minimum age of an applicant should be 18 years on the date of registration
- The applicant should not have availed loans under similar central/state credit-based schemes for self-employment or business development, e.g. PM SVANidhi, PMEGP, MUDRA, in the past 5 years. However, the applicants of MUDRA and SVANidhi who have fully repaid their loans can apply for a loan under PM Vishwakarma. The 5 years is calculated from the date of loan sanction.
- An applicant employed in any government service (Central/State) and his/her family members (spouse and their unmarried children) are not eligible for the scheme
- The registration and benefits of this scheme are restricted to only one member of the family
Trades covered under Vishwakarma Yojana
- Carpenter (Suthar/Badhai)
- Boat Maker
Iron/Metal Based/Stone Based
- Blacksmith (Lohar)
- Hammer and Tool Kit Maker
- Sculptor (Moortikar, Stone Carver)
- Stone Breaker
- Goldsmith (Sonar)
- Potter (Kumhaar)
- Cobbler (Charmakar)/Shoesmith/Footwear Artisan
- Masons (Rajmistri)
- Basket/Mat/Broom Maker/Coir Weaver
- Doll & Toy Maker (Traditional)
- Barber (Naai)
- Garland Maker (Malakaar)
- Washerman (Dhobi)
- Tailor (Darzi)
- Fishing Net Maker
Registration Process for availing PM Vishwakarma Yojana
Eligible applicants can register online on PM Vishwakarma registration portal (www.pmvishwakarma.gov.in) or can visit Common Service Centres (CSCs) for applications.
Fees & Charges of PM Vishwakarma Yojana
No fee is charged from the applicant for the enrolment process. The entire cost of enrolment done through CSC, registration and issue of certificate or ID card is borne by the Government. Also, no prepayment penalty is charged after 6 months of loan disbursement
Documents Required for PM Vishwakarma Yojana
- Aadhaar Card
- Mobile Number
- Bank Account Details
- Ration Card (In case the applicants do not have a ration card, they will have to provide the Aadhaar number of all their family members)
- If case of the absence of a bank account, an applicant will be first required to open an account for which CSC will look after the handholding process