PM Vishwakarma Yojana: Get loan of Rs 3 lakh at just 5% interest; here is how to apply

The PM Vishwakarma Yojana was launched by Prime Minister Narendra Modi on September 17, 2023. It offers a unique financial support scheme to traditional artisans and craftsmen across the nation.

This Vishwakarma Yojana is aimed at empowering individuals engaged in traditional trades by providing them with low interest loans. It helps them enhance their livelihood, and preserve India’s rich heritage of skilled crafts.

Rs 3 lakh loan is available at low interest rate under this scheme

Under this scheme, eligible beneficiaries can get a loan of up to Rs 3 lakh at a minimal interest rate of 5 per cent. The loan will be disbursed in two stages: Rs 1 lakh in the first phase and Rs 2 lakh in the second. It will help artisans to expand their business in a phased manner. 

This financial assistance will help traditional workers scale up their businesses as they can invest capital in purchasing new tools and improving their craft skills. 

Under the PM Vishwakarma Yojana, beneficiaries also have the opportunity to undergo training and receive access to modern technology, which will further increase productivity and market reach.

Eligibility and application process

To apply for the PM Vishwakarma Yojana, artisans must be registered under the scheme. They must have a valid ID, and they should belong to any of the traditional trades specified by the government, such as blacksmithing, carpentry, or pottery.

Applicants can register through the official PM Vishwakarma portal or visit the nearest Common Service Center (CSC) for assistance. After filling in for registration, artisans must submit necessary documents, including proof of identity, trade certification, and bank details.

After verification, eligible applicants will receive loan approval and disbursement in their bank accounts. Regular repayments will help beneficiaries access higher loan amounts under the scheme.