Prime Minister Narendra Modi recently launched the Pradhan Mantri Vishwakarma Scheme, a government initiative aimed at providing financial assistance and support to local artisans and craftsmen across India. This scheme has a budget of Rs 13,000 crore allocated for five years and intends to benefit approximately 30 lakh families engaged in traditional trades. Here’s what you need to know about the PM Vishwakarma Scheme, including eligibility criteria, required documents, and loan details.
Pradhan Mantri Vishwakarma Scheme Explained!
The Pradhan Mantri Vishwakarma Scheme is a central government initiative launched by the Ministry of Micro, Small, and Medium Enterprises. Its objective is to provide comprehensive support to artisans and craftspeople by offering collateral-free credit, skill training, modern tools, incentives for digital transactions, and market linkage support. This scheme is targeted at artisans and craftsmen involved in 18 specific trades, including carpentry, blacksmithing, pottery, sculpting, cobbling, masonry, toy making, barbering, tailoring, and more.
Eligibility for the PM Vishwakarma Scheme, How to Apply?
To be eligible for the PM Vishwakarma Scheme, artisans and craftsmen must meet the following criteria:
1. Must be engaged in one of the designated family-based traditional trades in the unorganized sector on a self-employment basis.
2. The beneficiary should be at least 18 years old at the time of registration.
3. Should not have availed of similar loans under government schemes.
4. Only one member per family, including the husband, wife, or unmarried children, can benefit from the scheme.
5. Individuals engaged in government service are not eligible for the scheme.
Required Documents for PM Vishwakarma Scheme
To register for the PM Vishwakarma Scheme, the following documents are mandatory:
– Aadhaar card
– Mobile number
– Bank account details
– Ration card (In case of no ration card, Aadhaar card details can be provided)
Loan Amount and Interest Rate
Under the scheme, beneficiaries will receive financial support in two tranches:
1. First Tranche:
– Toolkit incentive of Rs 15,000
– Initial collateral-free ‘Enterprise Development Loan’ of up to Rs 1,00,000
– Loan tenure: 18 months
2. Second Tranche:
– Loan amount of up to Rs 2,00,000
– Concessional interest rate of 5%
This initiative aims to enhance credit accessibility for artisans and improve the quality of their products. It offers a significant boost to local artisans and craftsmen, ensureing and enable – them to expand their businesses and contribute to the growth of India’s traditional industries.