PM Vishwakarma Yojana 2023: Check Interest Rate & Eligibility

PM Vishwakarma Yojana 2023: PM Vishwakarma Yojana is run by the Ministry of Micro, Small, and Medium Enterprises (MoMSME) in partnership with the Ministry of Skill Development and Entrepreneurship (MSDE) and the Department of Financial Services (DFS). The scheme was inaugurated by Prime Minister Narendra Modi on September 17, 2023, on the occasion of Vishwakarma Jayanti.

PM Vishwakarma Scheme is expected to benefit approximately 10 crore artisans and craftsmen across the country. Under the scheme, the beneficiary will be given an enterprise development loan of up to 3 lakhs on which 5% interest will have to be paid by the beneficiary an Interest subvention limit of 8% will be paid by MoMSME.

• PM Kisan Beneficiary Status Check by Aadhar Number
• PM Kisan KYC – PM Kisan Samman Nidhi Yojana KYC Status Update

PM Vishwakarma Yojana Details

Article Topic	PM Vishwakarma Yojana Review
Scheme Name	PM Vishwakarma Scheme
Launched Date	17 Sep 2023
Beneficiary	Craftsmen and artisans from SC, ST, and OBC castes.
Contact Us	Email: [email protected] Tel: 011-23061176

What is the PM Vishwakarma Yojana?

The Government of India has launched a new scheme called the PM Vishwakarma Yojana to help the traditional craftsmen and artisans of the country. The PM Vishwakarma Scheme offers them various advantages, such as recognition, skill training, modern tools, collateral-free credit, interest subvention, incentives for digital transactions, and market linkage support. The scheme covers 18 family-based traditional trades such as carpentry, pottery, weaving, metalwork, etc.

PM Vishwakarma Yojana has a budget of Rs 13,000 crore and is fully funded by the Central Government of India. This money will be used to recognize and nurture the artistry of traditional craftsmen and artisans. It aims to provide a support system to these individuals, enabling them to flourish in their art and contribute to the preservation of India’s rich cultural heritage.

Key Features

• Identified as Vishwakarma from certificate and ID card
• Collateral-free Enterprise Development Loan: ₹ 1,00,000 (1st installment for 18 months repayment) and ₹ 2,00,000 (2nd installment for 30 months repayment)
• Concessional interest rate: 5% will be charged from the beneficiary and an interest subvention limit of 8% will be paid by MoMSME.
• The credit guarantee fee will be borne by the Government of India
• Incentive for digital transactions: ₹ 1 per transaction for a maximum of 100 transactions (monthly)
• The National Marketing Committee (NCM) will provide services like quality certification, branding and promotion, e-commerce linkage, trade fair advertising, promotion, and other marketing activities.

Benefits of PM Vishwakarma Yojana

The PM Vishwakarma Yojana aims to provide comprehensive and holistic support to traditional artisans and craftsmen who create and enhance traditional products and services.

• Identification as Vishwakarma through a certificate and an ID card.
• Skills upgradation and training opportunities to improve their capabilities and quality of products.
• Support of better and modern equipment to increase their efficiency and productivity.
• Easy access to collateral-free loans up to Rs 3 lakh at a concessional interest rate of 5% with interest waiver and credit guarantee.
• Promotion of digital transactions to encourage digital empowerment.
• A platform for brand promotion and market engagement to help access new growth opportunities.
• 5-7 days (40 hours) basic training followed by skill verification
• Interested candidates can also enroll for 15 days (120 hours) of advanced training
• Training Stipend: ₹500 per day
• Toolkit Incentive: ₹ 15,000 grant
• A Graded Guarantee cover for all loans sanctioned by the Lending Institutions will be covered by the credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), which will be operated on a portfolio basis.

Eligibility Criteria for PM Vishwakarma Yojana

• Must be an artisan or craftsman who works with hands and tools.
• Should be employed on a self-employment basis in the unorganized sector.
• Must engage in one of the 18 family-based traditional occupations outlined in the scheme.
• The minimum age of the applicant should be 18 years on the date of registration.
• Must be engaged in relevant business on the date of registration.
• Loans should not be taken under similar loan-based schemes of the Central Government or State Government for self-employment/business development. PMEGP, PM SVANidhi, Mudra in last 5 years.
• Registration and benefits under the scheme will be limited to only one member of the family.

Trades initially covered under the PM Vishwakarma

Wood Based

• Boat Maker
• Carpenter

Iron/Metal Based/Stone Based

• Armourer
• Blacksmith (Lohar)
• Hamer and Tool Kit Maker
• Lock Smith
• Sculptor (Moortikar, stone Carver), Stone Breaker

Gold/Silver Based

• Goldsmith (Sonar)

Clay Based

• Potter (Kumhaar)

Lather Based

• Cobbler (Charmakar)/Shoesmith/Footwear Artisan

Other

• Masons (Rajmistri)
• Basket/Mat/Broom Maker/Coir Weaver
• Doll & Toy Maker (Traditional)
• Barber (Naai)
• Garland Maker (Malakaar)
• Washerman (Dhobi)
• Tailor (Darzi)
• Fishing Net Maker

How to Apply Online to the PM Vishwakarma Scheme?

To apply online for the PM Vishwakarma Scheme, you need to follow these steps:

1. Visit the PM Vishwakarma Yojana Official Portal starting from September 17, 2023. www.pmvishwakarma.gov.in
2. Register with your Aadhar Card and mobile number. Fill out the registration form with all of your personal information.
3. Download the PM Vishwakarma Digital ID and Certificate for future use.
4. Now, select the required scheme components and upload the necessary documents. The documents required are:
   1. Voter Identity Card
   1. Proof of Occupation
   1. Bank Account Details
   1. Income Certificate
   1. Caste Certificate (If Applicable)
5. Submit the Application Form for review.

FAQs Related to the PM Vishwakarma Scheme