Read More About PM Vishwakarma Yojana Here!
PM Vishwakarma is a new scheme and is aimed to provide full support to the traditional artisans and craftspeople. This scheme will help them to grow their products and services.
What are the objectives of PM Vishwakarma Yojana?
Objectives of this scheme is listed as below. Have a look.
- Artisans and craftspeople will be recognized as ‘Vishwakarma‘ and will be eligible to get benefits under this scheme.
- They will be provided ample training in their field and skill upgradation opportunities.
- They will be provided knowledge and support to use better and modern tools to enhance their productivity and quality.
- They will be provided easy collateral free loans along with interest subvention.
- Encourage the use of digital transaction, via QR, UPI and Soundboxes.
- Provide a platform for brand promotion to explore new markets and opportunities.
What is the Eligibility Criteria for PM Vishwakarma?
- There is a list of 18 family-based traditional trades in the un-organized sector, that has been recognized to get benefits under this yojana.
- Minimum age on the date of registration is 18 years.
- The beneficiary of PM Vishwakarma Yojana should be engaged in the trade on the date of registration.
- The beneficiary must not have availed loan facility under any other govt. schemes for the same activity in past 5 years. (Example: PMEGP, PM SVANidhi, Mudra, etc.)
- The benefits of this scheme is limited to one member of the family. Family is defined here as, husband, wife and unmarried children.
- Any person in a govt. service and their family will not be eligible under this scheme.
What are the benefits of PM Vishwakarma?
PM Vishwakarma Yojana has the following major benefits.
- Vishwakarma will be recognized and will be provided certificate and ID Card.
- 5 to 7 days (40 hours) of basic training.
- Interested candidates will also be provided Advanced Training of 15 days (120 hours).
- Candidates will be paid stipend of Rs. 500 per day.
- Candidates will be provided tool kit grant of Rs. 15,000.
- Business Development loan will be provided in 2 stages. Stage 1: Rs 1 Lakhs to be repaid in 18 months and then Stage 2: Rs. 2 Lakhs to be repaid in 30 months.
- Interest Subvention will be paid by MoMSME.
- Interest rate of 5% will be charged from beneficiary.
- Credit Guarantee fee will be borne by GoI.
- 100 Digital transactions per month will be rewarded with Re. 1 per transaction.
- National Committee for Marketing (NCM) will provided extended marketing, promotion and branding support along with e-commerce onboarding and trade fairs.
What Trades are eligible for PM Vishwakarma Yojana?
- Carpenter (Suthar),
- Boat Maker, Armourer,
- Blacksmith (Lohar),
- Hammer and Tool Kit Maker,
- Locksmith,
- Goldsmith (Sunar),
- Potter (Kumhaar),
- Sulptor (Murtikar) / Stone Carver, Stone Breaker,
- Cobbler (Charmkar) / Shoesmith / Footwear Artisan
- Mason (Raajmistri),
- Basket Maker / Basket Waver / Mat Maker Broom Maker
- Doll / Toy Maker (Traditional),
- Barber (Naai),
- Garland Maker (Malakaar),
- Washerman (Dhoobi),
- Tailor (Darzi),
- Fishing Net Maker
- Manufacturers of Brass, Bronze, copper utensils, figurines, etc.
Who will provide loan to Vishwakarma?
The institutions that are eligible to provide loan facility to the recognized Vishwakarma are listed below.
- Scheduled Commercial Banks
- Regional Rural Banks (RRBs)
- Small Finance Banks
- Co-operative Banks
- Non-Banking Finance Companies (NBFCs)
- Micro Finance Institutions
For more information visit the Official Website Here.
What collateral security is required to take loan under this scheme?
No collateral security is required for PM Vishwakarma Yojana loans.
Is PM Vishwakarma loan eligible for guarantee coverage?
Yes, these loans are eligible for guarantee coverage and the guarantee fee is not to be paid by the beneficiary. The guarantee fee will be paid by Government of India (GoI) .
Is there any penalty for non repayment of PM Vishwakarma loans?
No. If there has been a regular repayment in the PM Vishwakarma loan account for at least 6 months, then there is no penalty to be imposed.
When will the beneficiary receive toolkit incentive of Rs. 15,000?
The beneficiary of PM Vishwakarma Yojana will receive the toolkit incentive of Rs. 15,000 only after Skill Verification at the start of Basic Training.
How can someone get benefit under PM Vishwakarma Yojana?
To get the benefits you can visit your nearest Common Service Centers, MSME-Development and Facilitation Offices (MSME-DFO) or District Industry Centers (DIC).
How many members of a family can apply for PM Vishwakarma Scheme?
A family consists of Husband, Wife and Unmarried children (till age of 18 only). And only 1 member per family is eligible for this scheme.
Can someone who took the benefits of PM Vishwakarma Yojana can also apply for PMEGP?
Yes. But only after they have completely repaid the loan under PM Vishwakarma Yojana.