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

The Pradhan Mantri Vishwakarma Yojana is a Central Sector Scheme aimed at providing comprehensive support to artisans and craftspeople engaged in traditional handicrafts. Managed by the Ministry of Micro, Small & Medium Enterprises, the scheme seeks to empower these workers by enhancing their skills, improving the quality of their products, and increasing market access. 

With the goal of integrating artisans into the formal economy, it offers financial assistance, training, and modern tools to ensure sustainable livelihoods while preserving India’s rich heritage of craftsmanship.

What is the PM Vishwakarma Scheme?

Launched on September 17, 2023, by Prime Minister Narendra Modi, the PM Vishwakarma Yojana is a Central Sector Scheme designed to offer comprehensive support to artisans and craftspeople working with traditional tools. 

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 (US$ 3,593). By combining tradition with innovation, the scheme seeks to enhance the quality of craftsmanship and boost artisans' competitiveness in the marketplace.

The Scheme supports artisans and craftspeople working in 18 traditional trades, including Carpenter (Suthar/Badhai), Boat Maker, Armourer, Blacksmith (Lohar), Hammer and Tool Kit Maker, Locksmith, Goldsmith (Sonar), Potter (Kumhaar), Sculptor (Moortikar, stone carver), Stone Breaker, Cobbler (Charmkar)/Shoesmith/Footwear Artisan, Mason (Rajmistri), Basket/Mat/Broom Maker/Coir Weaver, Doll & Toy Maker (Traditional), Barber (Naai), Garland Maker (Malakaar), Washerman (Dhobi), Tailor (Darzi), and Fishing Net Maker.

PM Vishwakarma Scheme Interest Rate

The PM Vishwakarma Scheme offers collateral-free 'Enterprise Development Loans' of up to Rs. 3 lakh, disbursed in two instalments: Rs. 1 lakh and Rs. 2 lakh, with repayment periods of 18 months and 30 months, respectively. 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 tranche of up to Rs. 1 lakh. The second tranche is available to those who have utilized the first tranche, maintained a standard loan account, adopted digital transactions in their business, or undergone Advanced Training.

PM Vishwakarma Scheme Features

The PM Vishwakarma Yojana aims to uplift the Vishwakarma community by providing financial assistance and opportunities for economic growth.

• 140 members of the Vishwakarma community from Tamil Nadu and other states will receive financial aid.
• 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.

PM Vishwakarma 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 Development: 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 (18-month tenure) and Rs. 2 lakh (30-month tenure)—at a 5% interest rate, with an 8% government interest subvention. The second tranche is available after maintaining a standard loan account and adopting digital transactions or completing Advanced Training.
• Digital Transaction Incentive: Beneficiaries earn Re. 1 per digital transaction, up to 100 transactions per month.
• Marketing Support: Assistance with quality certification, branding, e-commerce onboarding (GeM), and promotional activities to strengthen value chain integration.

Additionally, artisans will be registered on the Udyam Assist Platform as MSME entrepreneurs. Enrolment will be conducted through Common Service Centres (CSCs) using Aadhaar-based biometric authentication on the PM Vishwakarma portal. 

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

PM 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 engaged in self-employment in the unorganized sector using hand tools or working in one of the 18 family-based traditional trades listed in the scheme are eligible.
• Applicants must be 18 years of age or older.
• The person must be actively involved in the relevant business at the time of registration and 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.

PM Vishwakarma Scheme Documents Required

To participate in Vishwakarma Yojana, one must have the following Required Documents: 

• Aadhar card
• Voter ID card
• PAN card
• Domicile certificate
• Passport size color photograph
• Work-related documents
• Bank account details
• Income certificate
• Caste certificate. (if related)
• Phone number
• Email id

PM Vishwakarma Yojana Registration

The official website for the PM Vishwakarma Scheme is pmvishwakarma.gov.in, where artisans and craftsmen can register and access scheme benefits, including financial support, skill training, and modern tools.

• Visit the nearest Common Service Centre (CSC) to complete mobile verification and Aadhaar e-KYC.
• Fill out the Artisan Registration Form through the provided link.
• Once registered, download your PM Vishwakarma Digital ID and Certificate.
• Access the Vishwakarma portal to apply for various benefits under the scheme.

PM Vishwakarma Scheme Status Check

After logging in, you can track the status of your application or registration on the official website. 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.

Registered “Vishwakarmas” are also eligible to apply for various benefits offered under different components of the scheme.

The PM Vishwakarma 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. By integrating artisans into the formal economy, the scheme ensures sustainable livelihoods and economic security for thousands across the country. With comprehensive support, including training, credit assistance, and digital incentives, it fosters self-reliance and innovation in the crafts sector. 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.