PM Vishwakarma Yojana is a new scheme launched by the Government of India

The PM Vishwakarma Yojana is a new scheme launched by the Government of India to provide financial and skill support to traditional artisans and craftsmen. The scheme has two components: PM Vishwakarma Kaushal Samman Yojana and PM Vishwakarma. You can find more details on their official websites. Do you want to apply for this scheme?

What are the eligibility criteria for this scheme?

The eligibility criteria for this scheme are:

  • You must be an Indian citizen.
  • You must be a traditional artisan or craftsman working in the unorganised sector on a self-employment basis.
  • You must be engaged in one of the 18 family-based traditional trades mentioned in the scheme.

How much financial support is provided by this scheme?

This scheme provides financial support in the form of subsidised loans up to Rs. 2 lakh with a concessional interest rate of 5%. The loans are given in two tranches: Rs. 1 lakh for the first tranche and Rs. 2 lakh for the second tranche. The scheme also offers stipends of Rs. 15,000 to Rs. 1 lakh to eligible individuals. 4. Do you need a loan or a stipend?

How can I apply for a loan under this scheme?

As I mentioned earlier, you can apply for a loan under the PMVY online or offline. Here are the steps to apply online:

  • Visit the official website of PMVY and click on "Apply Now".
  • Fill in your personal details, Aadhaar number, PAN number, bank account details, and mobile number.
  • Select your skill or craft category and sub-category from the drop-down menu.
  • Enter your business details, such as name, address, type, scale, and turnover.
  • Upload your proof of identity, address, skill or craft, and business plan or project report.
  • Review your application and submit it.
  • You will receive an application reference number and a confirmation message on your registered mobile number.

To apply offline, you can visit the nearest CSC or DIC and fill out the application form with the required documents. The CSC or DIC will verify your details and forward your application to the bank for loan approval.

What is the interest rate for PMVY?

The interest rate for the loan under PMVY is 8% per annum. The government will subsidise 4% of the interest, and the borrower will have to pay only 4%. The loan repayment period is up to 5 years. The loan can be used for working capital or the fixed capital needs of your business.

What is the maximum loan amount under PMVY?

The maximum loan amount under PMVY depends on the nature and scale of your business. The loan amount can range from Rs. 10,000 to Rs. 10 lakh. The loan amount will be decided by the bank based on your business plan or project report, credit score, and repayment capacity.