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Tata Capital > Blog > Generic > Vishwakarma Loan Scheme: PM Vishwakarma Yojana 3 lakh government loan explained

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Vishwakarma Loan Scheme: PM Vishwakarma Yojana 3 lakh government loan explained

Vishwakarma Loan Scheme: PM Vishwakarma Yojana 3 lakh government loan explained

The PM Vishwakarma scheme is a testament to the government’s dedication to the welfare of skilled professionals, affirming its commitment to the principles of ‘Aatmanirbhar Bharat’ and ‘Skill India.’ By extending accessible financial aid and promoting entrepreneurship among the artisans and craftspeople, this scheme is poised to create a thriving ecosystem that celebrates and preserves India’s diverse artistic traditions while fostering economic growth at the grassroots level.

This 3-lakh loan government scheme aims to enable artisans to sustain their traditional crafts and explore avenues for expansion and modernization, thereby contributing to the nation’s economic development. Understanding the PM Vishwakarma Scheme is crucial for artisans, craftspeople, aspiring entrepreneurs, and policymakers to ensure its positive impact on the socio-economic fabric of India.

Vishwakarma Scheme: What is PM Vishwakarma Yojana and how does it work?

The PM Vishwakarma Loan Scheme is an initiative by the Indian government to provide crucial financial support to artisans, skilled professionals, and entrepreneurs involved in traditional crafts and artistic endeavors. This government loan scheme 2023 encompasses several critical features designed to facilitate the growth and development of this vital sector.

Some of the primary components of the 3-lakh loan government scheme include:

• Recognition of all Indian artists and craftspeople as Vishwakarma and providing commercial advantages to them

• Periodic training in business and industry-related skills to enhance effectiveness

• Modernization of manufacturing equipment for improved efficiency, productivity, and product quality

• Provision of collateral-free, low-interest loans and interest rate rebates to beneficiaries

• Digital empowerment through education and digital transactions

• Promotion of Vishwakarma’s goods and increased sales through market involvement

Vishwakarma Scheme eligibility: Who can apply for a 3-lakh loan?

Below are the Vishwakarma Scheme eligibility criteria:

1. Must be an Indian citizen engaged in traditional crafts, such as pottery, weaving, woodwork, metalwork, and other forms of indigenous artistry

2. Have a valid Aadhaar card and a bank account

3. Age must be between 18 and 35 years

4. Completed at least six months of training in their respective field

5. Must not have defaulted on previous loans or government schemes

 6. A viable business plan for the loan amount they are applying for

Trades covered under the Vishwakarma Yojana

Here are the trades covered under this 3-lakh loan government scheme:

1. Wood-based trades: Carpenters and boat makers.

2. Iron/metal-based/stone-based trades: Armorers, blacksmiths (Lohar), hammer and tool kit makers, locksmiths, sculptors and stone breakers

3. Gold/silver-based trades: Goldsmiths

4. Clay-based trades: Potters

5. Leather-based trades: Cobblers and shoesmiths/footwear artisans

6. Architecture/construction trades: Masons

7. Other trades: Doll and toy makers, barbers, garland makers, washers, tailors, and fishing net makers

Documents required for PM Vishwakarma Loan Scheme

Below are the documents required to avail of the PM Vishwakarma Loan Scheme:

1. Aadhar card

2. Voter ID card

3. PAN card

4. Domicile certificate

5. Email ID

6. Passport size color photograph

7. Work-related documents

8. Bank account details

9. Income certificate

10. Caste certificate

How to apply online for the PM Vishwakarma Loan Scheme

To apply online for PM Vishwakarma Yojana, follow these steps:

1. Go to the official website of the PM Vishwakarma Scheme.

2. Create an account if you’re a new user or log in using your existing credentials.

3. Complete the online application form by providing your personal information and contact details.

4. Choose the relevant skill development program or course you wish to apply for.

5. Upload the necessary documents per the specified requirements, including proof of identity and educational certificates.

6. Review and edit your application for any errors or missing information.

7. Finally, submit the application form online.

PM Vishwakarma Loan interest rate, amount & repayment details 2026

The PM Vishwakarma Loan Scheme offers collateral-free loans of up to Rs. 3 lakh to eligible beneficiaries. Under the PM Vishwakarma Loan Scheme, the credit is disbursed in two tranches.

The first tranche offers a loan of up to Rs. 1 lakh with a repayment period of 18 months. Once the first tranche is repaid, beneficiaries become eligible for the second tranche of up to Rs. 2 lakh, which comes with a longer repayment period of 30 months.

The loan is offered at a concessional interest rate of 5% per annum. The remaining interest is supported through an interest subvention of up to 8%.

In addition to credit support, beneficiaries also receive an incentive of Rs. 1 per digital transaction, for up to 100 transactions per month.

Key features of the PM Vishwakarma Scheme

Here are the key features of the PM Vishwakarma scheme:

1. Budget allocation: In the 2023-2024 budget address, Finance Minister Nirmala Sitharaman allocated a substantial sum of Rs. 13,000 crore for the implementation of the PM Vishwakarma Yojana, emphasizing the government’s commitment to supporting the development of the artisan community.

2. Direct benefits and diverse community focus: The 3-lakh loan government scheme is tailored to benefit Vishwakarma workers across various communities. Recognizing the diverse nature of the Vishwakarma community, the program is designed to cater to the specific needs and challenges faced by artisans from different backgrounds and regions.

3. Empowerment through practical training: A vital component of the scheme is providing practical training to artisans and craftsmen, particularly in regions such as Kargil. This training initiative aims to equip them with the necessary skills and knowledge to enhance their craftsmanship, modernize their techniques, and effectively navigate the evolving market demands.

4. Facilitation of loans: The government’s provision of loans ranging from Rs. 1 lakh to Rs. 2 lakh, with a contribution of 5% to these loans, serves as a significant financial boost for artisans. This financial aid is instrumental in supporting their businesses, facilitating the acquisition of modern tools and equipment, and promoting overall growth and sustainability within the sector.

5. Employment generation and financial stability: By focusing on creating employment opportunities within the community, the PM Vishwakarma Yojana aims to stimulate economic activity, improve livelihoods, and enhance the financial stability of Vishwakarma workers and their families, thereby fostering a more sustainable and inclusive socio-economic environment.

6. Inclusivity and reach: The comprehensive nature of the scheme ensures that a significant portion of Vishwakarma workers, including millions of traditional tool-using craftsmen and traditional artists, can benefit from the program. Furthermore, the scheme’s outreach extends to Scheduled Castes, Scheduled Tribes, OBCs, women, tribals, and other marginalized and disadvantaged groups, promoting inclusivity and equal access to the benefits for all eligible beneficiaries.

How to check PM Vishwakarma loan status online & download certificate

To download your PM Vishwakarma certificate, log in to the official PM Vishwakarma Loan Yojana portal using your registered mobile number or login credentials.

Once the verification process is completed and your application is approved, you will be registered as a “Vishwakarma” on the portal. You can then log in to the portal and download your Vishwakarma Certificate and ID card.

To check the loan status under the Vishwakarma Loan Scheme, you can refer to your linked bank account statement or contact your bank branch directly, as loan processing and updates are handled by the bank. 

Common mistakes to avoid in the PM Vishwakarma Loan application

Here are some mistakes you must avoid when you apply for the PM Vishwakarma Loan:   

1. Incorrect trade selection: Make sure you select a trade that is covered under the Vishwakarma Loan Scheme, as incorrect trade details can lead to rejection.

2. Multiple applications from the same family: Understand the Vishwakarma Scheme eligibility rules. Only one member per family is eligible, so confirm that your spouse or unmarried children have not applied.

3. Incorrect documents: Submit all required documents correctly to avoid rejection.

4. Skipping training: Complete the mandatory basic training, as it is required to receive the toolkit incentive and the first loan tranche.

Conclusion

The PM Vishwakarma Scheme is a significant step towards promoting the growth and development of traditional artisans and craftspeople in India. The scheme’s focus on providing financial aid, training, and modernization support will boost the economy and preserve India’s rich artistic traditions.

If you want a loan to expand your business, relying on a trusted source to provide financial assistance at competitive interest rates is essential. That’s where Tata Capital comes in. As a leading financial service provider, Tata Capital offers a hassle-free, 100% online loan application process to make your dreams come true.

Visit the Tata Capital website today!

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FAQs

What is the PM Vishwakarma Yojana loan interest rate and maximum amount in 2026?

As per the PM Vishwakarma Yojana details, eligible beneficiaries can get a loan of up to Rs. 3 lakh. It is given in two tranches, Rs. 1 lakh first and Rs. 2 lakh later, at a concessional interest rate of 5% per annum, with interest subvention support of up to 8%.

Who is eligible for the PM Vishwakarma 3 lakh government scheme?

Artisans and craftspeople engaged in self-employment in notified traditional trades in the unorganized sector are eligible for the 3-lakh loan government scheme. Additionally, applicants must be at least 18 years old, only one member per family can apply, and no government loan should have been taken out in the last five years.

How do I apply online for the PM Vishwakarma scheme?

You need to log in to the PM Vishwakarma Loan Portal through a Common Service Centre (CSC). Complete mobile verification and Aadhaar e-KYC. Post that, submit the Artisan Registration Form and register on the Udyam Assist Platform.  

How can I check PM Vishwakarma loan application status and download my certificate?

Log in to the PM Vishwakarma Yojana portal using your registered credentials. Once your application is verified and approved, you can download your Vishwakarma Certificate and ID card. For loan updates, check your bank statement or contact your bank branch.

What documents are required for the Vishwakarma loan scheme to apply online?

You need an Aadhaar card, a registered mobile number, bank account details, and a ration card for the Vishwakarma loan scheme if you apply online. If you do not have a ration card, you need to submit the Aadhaar cards of all family members. Additionally, applicants without a bank account must first complete bank account opening formalities.

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