PM Vishwakarma Yojana: The central and state governments in India are running several schemes to empower people economically. One of these is the Pradhan Mantri Vishwakarma Kaushal Samman Yojana, launched by the central government in 2023. The main objective of this scheme is to provide a new identity, improved skills, and financial assistance to artisans and workers associated with traditional trades.
Today, many artisans and small business owners are benefiting from this scheme through training, tools, and low-interest loans. If you want to start your own small business or expand your existing one, this scheme can be very helpful. The government provides loans of up to ₹3 lakh at very low interest rates.
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Benefits of the Scheme
The Pradhan Mantri Vishwakarma Yojana is not limited to just loans. First, beneficiaries receive advanced training related to their work, which improves both their skills and the quality of their work. During the training, the government also provides a daily stipend of ₹500 so that there are no income difficulties during the training period.
In addition, toolkits worth up to ₹15,000 are provided to purchase necessary tools for work. Regarding loans, in the first phase, a loan of up to ₹1 lakh is available, which has to be repaid within 18 months. Upon timely repayment, an additional loan of up to ₹2 lakh can be availed in the second phase for a period of 30 months. In this way, a total of up to ₹3 lakh in assistance can be obtained.
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Who can avail the loan?
The Pradhan Mantri Vishwakarma Yojana loan is available to those who are associated with traditional professions and want to start or expand their business. This scheme includes 18 types of trades. These include fishermen, hammer and toolkit makers, locksmiths, masons, basket, mat and broom makers, doll and toy makers, barbers, blacksmiths, stone carvers, sculptors, cobblers and shoemakers, stone breakers, washermen, tailors, boat builders, and garland makers.
It is worth noting that the loan provided under this scheme is offered at an interest rate of approximately 5%. If you are associated with any of these professions and meet the eligibility criteria, you can apply for this scheme and get assistance to expand your business.