PM Vishwakarma Scheme - Interest Rate, Benefits, Eligibility and How to Apply?

The Pradhan Mantri Vishwakarma Scheme offers financial assistance, training, and support to artisans and traditional craftsmen to grow their livelihoods. 

This article provides details about the Pradhan Mantri Vishwakarma Yojana features, eligibility, benefits, interest rate and online application process.

Pradhan Mantri Vishwakarma Scheme Details

What is the Pradhan Mantri Vishwakarma Scheme?

Launched on September 17, 2023, the PM Vishwakarma Yojana is a Central Sector Scheme designed to offer comprehensive support to artisans and craftspeople working with traditional handicrafts and tools. The scheme will be initially implemented for five years, i.e. from 2023-24 to 2027-28.

It is managed by the Ministry of Micro, Small & Medium Enterprises and seeks to empower artisans and craftspeople by enhancing their skills, improving the quality of their products, and increasing market access. 

This crucial initiative aims to transform India's traditional art forms by providing skill development and modern technology, along with collateral-free loans of up to Rs. 3 lakh. By combining tradition with innovation, the scheme seeks to enhance the quality of craftsmanship and boost artisans' competitiveness in the marketplace.

Pradhan Mantri Vishwakarma Scheme Interest Rate

The Pradhan Mantri Vishwakarma Scheme offers collateral-free 'Enterprise Development Loans' of up to Rs. 3 lakh, disbursed in two instalments: 

These loans are provided at a concessional interest rate of 5%, with the Government of India providing an 8% interest subvention. 

Beneficiaries who have completed Basic Training are eligible for the first loan installment of up to Rs. 1 lakh. The second installment is available to those who have utilized the first installment, maintained a standard loan account, adopted digital transactions in their business, or undergone Advanced Training.

Pradhan Mantri Vishwakarma Scheme Features

• The scheme aims to uplift the Vishwakarma community by providing financial assistance and opportunities for economic growth.
• The scheme supports artisans in achieving economic stability and self-reliance.
• Beneficiaries will have the chance to improve their financial well-being and livelihoods.
• The initiative helps in reducing unemployment and creating new job opportunities.
• Artisans will receive support to enhance their craftsmanship, enabling them to focus on their trade rather than manual labour.

Pradhan Mantri Vishwakarma Yojana Scheme Benefits

The PM Vishwakarma Scheme offers a range of benefits to artisans and craftspeople to enhance their skills, financial stability, and market reach:

• Recognition: Artisans receive a PM Vishwakarma certificate and ID card for formal recognition.
• Skill Upgradation: Includes Basic Training (5-7 days) and Advanced Training (15+ days) with a stipend of Rs. 500 per day.
• Toolkit Assistance: An e-voucher worth up to Rs. 15,000 is provided at the start of Basic Skill Training.
• Credit Support: Collateral-free loans of up to Rs. 3 lakh in two phases (Rs. 1 lakh with 18-month tenure and Rs. 2 lakh with 30-month tenure), at a 5% interest rate, with an 8% government interest subvention. 
• Incentive for Digital Transaction: Beneficiaries earn Rs. 1 per digital transaction, up to 100 transactions per month for each digital pay-out or receipt.
• Marketing Support: Assistance with quality certification, e-commerce onboarding (GeM), branding, publicity, advertising and other marketing activities to strengthen value chain integration.

Pradhan Mantri Vishwakarma Scheme Eligibility

Before applying for the PM Vishwakarma Yojana, it is essential to understand the eligibility criteria for artisans and craftsmen who can avail loans at concessional interest rates. The eligibility requirements for the scheme are as follows:

• Workers or artisans must be engaged in self-employment in the unorganised sector.
• Workers or artisans must be working with hands and tools.
• Workers or artisans must be working in one of the 18 family-based traditional trades covered under the scheme (listed in the below section).
• Applicants must be 18 years of age or older.
• Applicants must be actively involved in the relevant business at the time of registration. 
• Applicants should not have already benefited from schemes like PMEGP, PM Swanidhi, or Mudra in the last 5 years.
• Only one member per family (including husband, wife, and unmarried children) can apply for the scheme's benefits.
• Government employees (Central/State) and their immediate family members (spouse and unmarried children) are not eligible for the scheme.

Traders Covered Under the Pradhan Mantri Vishwakarma Scheme

The below table provides the artisans and craftspeople who are eligible under this scheme: 

Pradhan Mantri Vishwakarma Scheme Documents Required

To register for the Pradhan Mantri Vishwakarma Yojana, one must have the following documents: 

• Aadhar card
• Mobile number
• Bank account details
• Ration card
• Aadhaar card of all family members, in case ration card is not available
• Bank account opening, in case the applicant does not have a bank account 

Pradhan Mantri Vishwakarma Yojana Scheme Registration

The registration of the PM Vishwakarma Scheme involves both online and offline process: 

• Visit the nearest Common Service Centre (CSC) to enroll through the PM Vishwakarma Yojana portal.
• The CSC officials will login to the PM Vishwakarma Yojana portal by selecting ‘CSC - Register Artisans’ option under ‘Login’.
• Next, complete your mobile verification and Aadhaar e-KYC in the CSC.
• Fill out the ‘Artisan Registration Form’ and submit it on the portal with the CSC officials.
• Additionally, CSC officials will help you register on the Udyam Assist Platform as MSME entrepreneurs.
• Once registered, login to PM Vishwakarma Yojana portal and download your PM Vishwakarma Digital ID and Certificate.
• Access the Vishwakarma portal to apply for various benefits under the scheme.

The verification process includes approval at the Gram Panchayat/ ULB level, District Implementation Committee, and Screening Committee to ensure authenticity and eligibility.

Pradhan Mantri Vishwakarma Scheme Status Check

You can track the status of your application or registration by logging into the PM Vishwakarma Yojana portal. Once your application is fully verified and approved, you will be officially registered as a ‘Vishwakarma’ and can download your Vishwakarma Certificate and ID card.

The Pradhan Mantri Vishwakarma Yojana Scheme is a transformative initiative aimed at preserving India's rich artisanal heritage while empowering traditional craftsmen with financial aid, skill development, and market access. 

As the scheme continues to expand, it will play a crucial role in strengthening India's micro and small enterprises, preserving cultural traditions, and boosting employment opportunities for generations to come. As of September, 2024, more than 8 lakh artisans have received skill training, and over 6 lakh beneficiaries are provided with loans and modern equipment to enhance their productivity.