PM Vishwakarma Yojana

The interest rate of Pradhan Mantri 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

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.

Suggested Read :Business Loan Interest Rates

Borrowers will get a Digital ID, PM Vishwakarma Digital Certificate and PM Vishwakarma ID Card to avail of the following benefits under this scheme:

Skill Upgradation

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.

Toolkit Incentive

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 business loans to all eligible applicants. Even individuals having no credit history can avail loan under this scheme.

Marketing Support

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).

Suggested Read :Business Loan Eligibility

Wood Based

1. Carpenter (Suthar/Badhai)
2. Boat Maker

Iron/Metal Based/Stone Based

Gold/Silver Based

Clay Based

Leather Based

Architecture/Construction Based

Others

Eligible applicants can register online on PM Vishwakarma registration portal (pmvishwakarma.gov.in) or can visit Common Service Centres (CSCs) for applications.

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