What is PM Vishwakarma Yojana where you will get Rs. 3 Lakh loan at just 5% Interest Rate – Know How to apply

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In order to uplift, the traditional artisans and craftsmen across India, the Indian Government has recently launched the Pradhan Mantri Vishwakarma Yojana (PMVY). This scheme provides a loan facility of up to ₹3 lakh at a low interest rate of 5%, aimed at supporting the Vishwakarma community that includes skilled workers such as carpenters, blacksmiths, goldsmiths, potters, and other traditional artisans who depend on their craftsmanship for income. In this Blog, we will dive into the details of the PM Vishwakarma Yojana Scheme and its working mechanism.

What is PM Vishwakarma Yojana?

The PM Vishwakarma Yojana is a government initiative designed to provide comprehensive support to artisans and craftsmen, offering collateral-free loans along with skill training to enhance their livelihoods. Under the Pradhan Mantri Vishwakarma Yojana Scheme around 2.59 crore individuals have applied for benefits under this scheme, with approximately 23.97 lakh registrations already completed. The Central Government is offering collateral-free loans to artisans at a very low interest rate. Through this scheme, registered applicants can access loans ranging from ₹1 lakh to ₹3 lakh at just 5% interest. Initially, the scheme provides a ₹1 lakh loan. After successful repayment within 18 months, beneficiaries become eligible for an additional ₹2 lakh loan, both at the same 5% interest rate.

Additionally, registered applicants receive a ₹15,000 voucher to purchase essential tools for their trade, allowing them to buy equipment specific to their profession. Beneficiaries under this scheme also receive professional training, covering a variety of trades, including carpentry, goldsmithing, blacksmithing, masonry, stone sculpting, and barbering.

Features of PM Vishwakarma Yojana Scheme

1.Collateral – Free Loans – The scheme offers collateral-free loans to artisans and craftsmen, ranging from ₹1 lakh to ₹3 lakh, with an affordable interest rate of just 5%. This makes it accessible and financially manageable for beneficiaries.

2. Two – Phase Loan Structure – The loan structure is designed in two phases. Beneficiaries can first access a loan of ₹1 lakh, and after successfully repaying it within 18 months, they become eligible for an additional ₹2 lakh loan, all at the same 5% interest rate.

3.Purchase Voucher for Tools – Registered applicants are given a ₹15,000 voucher to buy tools related to their trade, which helps enhance their work efficiency.

4. Skill Development and Training – The scheme offers professional training in a variety of traditional crafts, including carpentry, blacksmithing, goldsmithing, masonry, stone sculpting, and barbering. The goal of the training is to improve artisans’ technical skills, helping them increase both their productivity and income.

5. Employment – The scheme is designed to offer comprehensive support to artisans, enhancing their economic stability while also promoting traditional crafts across India.

6.Wide Inclusivity and Accessibility – The scheme’s comprehensive structure ensures that a wide range of Vishwakarma workers, including numerous traditional artisans and craftsmen, can benefit. It also extends to marginalized and disadvantaged communities, such as Scheduled Castes, Scheduled Tribes, OBCs, women, and tribals, promoting inclusive access and equal opportunities for all eligible beneficiaries.

PM Vishwakarma Yojana Scheme Eligibility Criteria

Here are the eligibility requirements for the PM Vishwakarma Scheme:

1. The applicant must be an Indian citizen involved in traditional crafts like pottery, weaving, woodwork, metalwork, or other indigenous arts.
2. A valid Aadhaar card and an active bank account are required.
3. The applicant’s age should be between 18 and 35 years.
4. The applicant must have completed a minimum of six months of training in their respective craft.
5. The applicant must not have any defaults on previous loans or government schemes.
6. A feasible business plan must be presented for the loan application.

Documents Required

The following documents are required to apply for the PM Vishwakarma Yojana Scheme:

1. Aadhaar card
2. Voter ID card
3. PAN card
4. Domicile certificate
5. Email ID
6. Passport-sized color photograph
7. Work-related documents
8. Bank account details
9. Income certificate
10. Caste certificate

How to Apply for PM Vishwakarma Yojana Scheme?

1. Visit the official PM Vishwakarma Scheme website.
2. Register for a new account or log in with your existing credentials.
3. Fill out the online application form with your personal and contact details.
4. Select the appropriate skill development program or course you wish to apply for.
5. Upload the required documents, such as proof of identity and educational certificates, as specified.
6. Review your application to ensure all information is correct and complete.
7. Submit the application form online.

What is the Last Date to Apply for PM Vishwakarma Yojana?

There is no last date for PM Vishwakarma Yojana application form. PM Vishwakarma Yojana online registration window is opens 24*7, applicants can enroll themselves at any time free of cost.

How PM Vishwakarma Yojana is a Game-Changer for Artisans?

India’s artisans are essential in preserving the nation’s rich heritage and culture, but they often struggle with financial barriers that hinder their growth and competitiveness in the modern market. The PM Vishwakarma Yojana helps overcome these challenges by:

• Easing financial burdens with accessible loans.
• Assisting artisans in upgrading their skills and tools.
• Establishing a framework to support the branding and promotion of traditional crafts.

Final Thoughts

The PM Vishwakarma Yojana is a well-timed program designed to empower artisans who are essential to India’s cultural heritage. By offering affordable loans, skill training, and market access, the government aims to rejuvenate India’s handicraft sector, promote self-employment, and improve the livelihoods of skilled artisans. If you or someone you know could benefit from this initiative, be sure to check eligibility and apply – it could provide the support your craft business needs to grow.

Sources: msn.com

About Post Author

Ruchi Srivastava

http://insightfulpeek.com

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